A popular narrative lately is that people are becoming unhappier because we're all narcissistic and grew up being told that we're special unique snowflakes who are going to change the world and we have Facebook constantly telling us how amazing everyone else's lives are, but not our own, so we all feel like crap and wonder where it all went wrong. Oh, and all of this happens by the of age 23.
Sorry, but no. Give people a bit more credit than that.
For instance, a friend of mine recently started a high-risk business venture. He dried up most of his savings trying to make it work and failed. Today, he's happier than ever for his experience. It taught him many lessons about what he wanted and didn't want in life and it eventually led him to his current job, which he loves. He's able to look back and be proud that he went for it because otherwise, he would have always wondered "what if?" and that would have made him unhappier than any failure would have.
The failure to meet our own expectations is not antithetical to happiness, and I'd actually argue that the ability to fail and still appreciate the experience is actually a fundamental building block for happiness.
If you thought you were going to make $100,000 and drive a Porsche immediately out of college, then your standards of success were skewed and superficial, you confused your pleasure for happiness, and the painful smack of reality hitting you in the face will be one of the best lessons life ever gives you.
The "lower expectations" argument falls victim to the same old mindset: that happiness is derived from without. The joy of life is not having a $100,000 salary. It's working to reach a $100,000 salary, and then working for a $200,000 salary, and so on.
So, I say raise your expectations. Elongate your process. Lay on your death bed with a to-do list a mile long and smile at the infinite opportunity granted to you. Create ridiculous standards for yourself and then savor the inevitable failure. Learn from it. Live it. Let the ground crack and rocks crumble around you because that's how something amazing grows, through the cracks.