Can Money Buy Happiness?

Apr 27, 2022

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A cliche from the past states, “Money can’t buy happiness.” But is it real? Research suggests that the money you earn can certainly positively impact your happiness up to when you make a certain amount. In this article, we’ll explore some arguments on each side of this argument.

can money buy happiness

Is it true that money can’t buy happiness?

Concerning the issue of whether money can bring happiness, there’s an abundance of research available. The grueling but accurate answer is that it depends. Money is an instrument. If you make use of it properly, it will influence your happiness.

However, it won’t necessarily boost satisfaction like you’d expect it to. Money won’t change your outlook, and spending more money isn’t going to bring you more happiness.

However, money also allows us to buy things like experiences and time that will surely bring us joy. It’s also the leading reason for anxiety (including credit stress) -stress that earning enough money to live comfortably can reduce.

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Ways by which money cannot buy happiness

The old saying about money being unable to buy satisfaction has existed for so long without a valid reason. Money won’t solve every issue. However, there are specific ways in which more money will not bring greater happiness.

1. Money can’t change your mindset.

Your mental state significantly influences your happiness, and that’s something money cannot solve. If you’re a glass-half-full person with no money, your mental outlook will be the same even if you have money.

2. Money can’t buy relationships.

Relationships are the strongest indicator of happiness. If there are those in our lives who we love are more likely to be content. In the end, it’s something that money cannot buy.

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Some would like to be with you because you have plenty of money. But these won’t be authentic relationships and aren’t likely to provide lasting happiness.

The material things in our lives aren’t what makes us happy.

If we receive more money, for instance, as a gift, or an increase at work, many of us instantly start contemplating what we could buy. But these things aren’t much in the way of enhancing our happiness.

Many people wear nice clothes or automobiles but aren’t content. Many people shop to get away from being unhappy, believing that it’ll boost their happiness. However, in the end, it’s not working.

How one can use the money to buy happiness

You can certainly argue that money alone does not make people feel happy. However, there’s plenty of evidence to show that money can significantly influence how you think when it’s spent in the right ways.

1. Money eases stress, and stress decreases happiness.

Research has shown that financial stress is the top primary cause of stress for Americans. It’s also among the main reasons for divorcing and marital tension.

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It’s not a surprise that was having more funds, at the very least, enough to afford a comfortable lifestyle and break out of the cycle of paycheck to paycheck, and lower stress. When people experience lower stress levels in their lives, they can concentrate on things that bring them joy.

2. Money buys time

One of the best gifts money can buy is time. Indeed, money isn’t going to provide us with happiness. However, it can buy us time with those we cherish.

The amount that we earn significantly influences how we spend time with our loved ones. If someone doesn’t make enough money from their job to cover their expenses, they could be forced to take on another job, resulting in less time with their family.

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A person with a lot of money will not just afford to do a single job but can also use their leave to spend more time with family and friends.

Time spent buying is a great way to feel happy in different ways. Do you have any chores you find challenging? Money lets us outsource the duties we don’t want and eliminate the things that make us feel unhappy.

3. Money buys experiences

Research has proven that experiencing experiences can bring us more joy than possessions. If there is more cash at your disposal, you could use it to enjoy occasions like holidays and concerts, festivals, and many more.

Although they might be less durable than physical items, the memory of these occasions lasts longer and can make us feel happier.

4. One can use the money to help other people.

If you earn more income, You can give back more by giving. Studies show that when people can financially support other people, they feel more satisfied than if they invested the money in themselves. The money you earn allows you to give to the causes that matter most to you.

How much do you need to feel content?

Researchers from Princeton University dug into the issue of whether money can be used to buy happiness. Researchers surveyed over 450,000 people to find the relationship between an individual’s well-being and earnings levels.

However, researchers found that money increases your emotional well-being only to a certain amount. A maximum of $75,000 annually and more money can lead to greater happiness.

The lower a person’s income is, less than $75,000, the lower their psychological health. However, earning more than $75,000 annually does not affect happiness.

This isn’t much of a surprise. Based on the data of GoBankingRates, the median figure you’ll need to earn to live in the United States comfortably is $67,690. That means that a person earning $75,000 per year can pay for all their expenses and still have some to spend on pleasure.

Money won’t buy happiness, but it could be a way to get there!

Both sides have plenty of positive arguments regarding whether money can bring happiness. Yes, money won’t make you feel satisfied. Also, buying more stuff likely won’t.

However, money is an instrument. If used appropriately, it can assist you in reaching your financial goals and make you feel more content.

For some, satisfaction results from spending more time spent with family. For others, it’s the peace of mind from knowing that you’re not worrying about being late with your payments. It’s not about the amount that keeps your content -it’s how you use it.

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