From reading self-help books to magazine articles, we are all too familiar with the idea that money cannot buy concepts like forgiveness, optimism, and relationships, yet the reality remains that for most people, things, like receiving a salary raise and or, even winning the lottery, seem like the key to true happiness. Sure, money can buy us a nice phone, a nice car, and even the house of our dreams, but is it really the answer to all our hopes and dreams? That is, is it really the answer to a truly fulfilling life? A long-debated question, many philosophers have often turned towards science to find out if there really is a correlation between a higher income and higher levels of happiness, frequently arriving to the same conclusion: Money cannot buy happiness. While money can buy us a better diet, a better healthcare, and ultimately even a better neighborhood, in the end, all it really does is boost life satisfaction, unable to buy us optimism, gratitude, and most primarily, love. Playing an integral role in our overall well-being, money will always remain a vital tool in our everyday lives, providing us with the most basic necessities like food and a shelter, but because it cannot buy all the other necessary components for a genuinely fulfilling life, it will ultimately never be able to buy us more than simple life satisfaction.
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Regardless of the fact that money cannot buy things like love and relationships, why is it that often times, people still correlate buying materialism like the latest iPhone or perhaps designer shoes with more happiness? Moreover, why is that buying the car or perhaps even house of our dreams usually result in no more than momentary joy? The answer to this, lies in the endless cycle of the “hedonic treadmill.” Explaining how it is human nature to always yearn for more, the theory expounds how, “Happiness depends on how we feel relative to our peers. That is, if you win the lottery, you may think that moving into a mansion will make you happier but then look out the window and see that all your friends live in even bigger mansions,“ materialism thus resulting in only momentary joy (BBC). This goes to show that beyond basic life satisfaction, money cannot buy happiness, thus resulting in only momentary joy.
That being said, many people- from philosophers to scientists- have long debated whether a higher income can really result in more happiness; Are people with higher wages really happier than those with a lower income? Although money can have its advantages, serving as an essential tool in our everyday lives, is it really the answer to a truly fulfilling life? That being said, what two specific research projects found in 2010, and again in 2015, is intriguing; Money can result in more happiness, but only to a certain extent, its only role limited to providing life satisfaction. In a study led by the Weatherhead School of Management at Case Western University, it was found that an addition of one dollar per work hour had a much greater impact in boosting positive feelings and overall happiness for those in the 20th percentile income than those in the 80th percentile income who unexpectedly received no or even, decreased levels of happiness (CNBC). This shows that while money can certainly result in increased levels of happiness, it is most often only to a certain extent. That is, once a person’s basic necessities have been met for the most principal level of life satisfaction, money ceases to have much of an effect when it comes to happiness, unable to buy us all the other necessary components for a truly fulfilling life. Rather, it’s, “those first few dollars that move someone out of poverty that contributes much more to a person’s happiness than a millionaire earning her next billion” (BBC).
If money is not enough to make a person happy, then what is? While many have long struggled to pinpoint an answer, professor and researcher, Ed Diener, at the University of Illinois, found that there really is no one thing that can truly bring happiness. Rather, it is a collection of factors he narrowed down to five core elements: social relationships, society/culture, a positive thinking style, and money, in which the latter’s only purpose is helping achieve basic life satisfaction (APS). Unable to buy us all the important factors, the only role money plays is through our overall well-being, greatly overshadowed by the more predominant factor, relationships. Running a research project in 2008, Diener found that, “The happiest ten percent of the participants, all had strong, supportive relationships. A strong social network didn’t guarantee happiness, but it was a requirement to be in the happiest group” (APS). Because no amount of money will ever be able to buy or make up for for a lack of relationships, this goes to show that alone, money is not enough to bring a person true happiness. Without a family, strong relationships, and optimism, no amount of money, not even all the wealth in the world, will ever be enough to reach a genuinely, perfect, happy life.
While winning the lottery and never having to work again may sound promising, think again before placing all your hopes and dreams on yet another ticket. Will winning all that money really be the key to eternal happiness? Although winning, and becoming rich beyond our wildest dreams may seem like a dream come true, the reality remains that for most Powerball winners, it is a nightmare. Take former lotto winner, Jack Whittaker, for instance, one of the luckiest people in history to break the world record in 2002 with the largest jackpot ever won by a single ticket. While this certainly sounds like a dream come true for most of us, for Whittaker, it was a curse upon his life (Time). Formerly living in poverty, he had built his way up to a millionaire, by the time he won the lottery. While winning certainly changes his life, transforming him and his family into celebrities overnight, he soon came to consider it his greatest regret in life as the thrill subsided and things took the wrong turn. Attracting the wrong kinds of “friends,” it did not end well for him and his family; Only two years later, and his granddaughter would be killed, with his daughter’s death following three years later. His family falling apart, what was once the luckiest man alive, was now miserable and alone.
“My granddaughter is dead because of the money… she was the shining star of my life, and she was what it was all about for me,” he sobbed (ABC). Losing what was most precious to him, Jack Whittaker later came to consider winning his greatest regret in life, calling it the “curse of the Powerball” (Time). “‘Family is what is dear,’ he said. ‘I don’t know when it’ll end. But you know, I just don’t like Jack Whittaker. I don’t like what I’ve become” (ABC). Still one of the most remarkably wealthy and successful people to be alive, Whittaker came to live the rest of his life in deep remorse and misery, however, as he had finally lost what most mattered to him, his family. Rich beyond his wildest dreams, because Whittaker remained yet miserable, this goes to show how having all the money in the world is simply not enough to bring genuine happiness. Rather, it is a combination of factors in which strong relationships and optimism play the most influential role, with money as a result playing only a small part in our overall well-being.
From buying us nice things to ultimately providing us with the essentials for basic survival, we cannot deny the fact that money plays an integral role in our overall well being but is it really the answer to eternal happiness? While things like winning the lottery may seem like a dream come true for most of us, the reality remains that beyond basic life satisfaction, money cannot buy happiness. That is, while money can certainly buy us a nice phone, a nice car, and ultimately even the house of our dreams, it is important to note that because it cannot buy us all the other necessary components for a truly fulfilling life, however, is it that materialism most often results in no more than momentary joy. Being that, it is not at all too shocking that for even the luckiest man on earth- Jack Whittaker- whose dream of winning the lottery became reality, money simply wasn’t enough to keep him happy after completely losing all his family. Though still rich and successful, Whittaker later came to spend the rest of his life all bitter, and alone. This goes to show that while money can certainly have its advantages, playing an essential role in our everyday lives, in the end, all it really is, is a tool, helping us reach all the basic necessities for our overall well-being but ultimately unable to buy us all the other necessary components for a truly fulfilling life…
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FAQs
Is happiness more important than money essay? ›
When people have the most basic material life, happiness is more important than money for them. If they want to earn more money, and they will lose many things, like family companionship, the companionship of friends and the companionship of children, which influence them to have a happy life.
Why is happiness more important than money? ›Happiness makes you a better person
We only have a short time to make the most of this world. Devoting an entire lifetime to making a million dollars might be one way to spend it, but at what personal cost? To live only for money when it becomes useless in the end or could disappear in one day is a risky investment.
Happiness Comes from Within
It is something that you feel from within. In addition, true happiness comes from within yourself. Happiness is basically a state of mind. Moreover, it can only be achieved by being positive and avoiding any negative thought in mind.
In conclusion, I strongly believe that money can't buy happiness and bring eternal joy into our life because purchasing goods will only result in a limited amount of satisfaction, it cannot buy you the emotions or a past loved one and it also cannot purchase everything in the world to make your life easier.
What comes first money or happiness? ›If you really think about it, happiness comes before money. Although money can bring happiness, the happiness brought only remains temporarily. After this happiness is gone, it can leave people feeling empty again. For example, if one wins the lottery, they will be extremely happy.
Why happiness is important? ›Besides feeling good, positive emotions do good things for our brains and bodies. They lower stress hormones, help ease anxiety and depression, and improve our immune system. Feeling some positive emotions every day has a big effect on our happiness and well-being.
Does your happiness depend on money? ›Money contributes to happiness when it helps us make basic needs but the research tells us that above a certain level more money doesn't actually yield more happiness. Not only did earning more money make participants happier, but it also protected them from things which might make them unhappier.
Can you be truly happy without money? ›Can you be happy without money? Not really. While money may not buy happiness, it's still an important part of life. Financial security allows people to worry less over possible emergencies and provides more opportunities.
Does more money mean more happiness? ›He found that your day-to-day happiness levels do rise when you earn more money. This may come as a surprise to you given one study found that only one-fifth of Americans believe money can buy happiness.
What are the 3 keys to happiness? ›The Three Keys to Happiness
Scientists have found that the three things that make people most happy are PLEASURE (doing things you enjoy), ENGAGEMENT (feeling interested in your activities and connected to others), and MEANING (feeling like what you do matters).
What is happiness best answer? ›
Happiness is a sense of well-being, joy, or contentment. When people are successful, or safe, or lucky, they feel happiness. The "pursuit of happiness" is something this country is based on, and different people feel happiness for different reasons.
Can money buy love or happiness? ›Money might not buy love, but a new study suggests that it is more strongly related to happiness than some people think — particularly when people compare their income with someone else's.
Why money can buy us happiness? ›When you have money, you don't need to focus as much attention on acquiring it in order to meet your basic needs. This frees up your mind to actually savour the experiences of life, according to a 2010 article in Scientific American. Also read:Latest property price forecasts for 2023 revealed.
Can money make you happy and find true happiness? ›The common misconception that money can buy happiness is just that, a misconception. While possessing wealth might reduce some stressors in a person's life, it doesn't seem to have any bearing on how happy they are with their life overall.
What are the 7 Steps to happiness? ›- Experience life. Have you had your eye on a pair of designer shoes that seem to promise everlasting happiness? ...
- Practice gratitude. ...
- Connect with others. ...
- Lend a hand. ...
- Live in the moment. ...
- Surround yourself with goodness. ...
- Be kind to yourself.
- Be optimistic. An optimistic mind-set is key to attaining happiness. ...
- Don't seek it in others. You hold the tools to attaining happiness and only you can obtain it for yourself. ...
- Stop. Breathe. ...
- Reconnect. The world is a happier place when we connect with those around us. ...
- Clear out the clutter.
Not at all. The average millionaire is no happier than the average person who makes $75,000 a year. Many people have trouble reconciling this finding with the fact that they know that they feel happy when they get a raise at work, even a small raise. Or they may even feel happy when they find a quarter on the sidewalk!
What are 5 benefits of happiness? ›- It can improve your relationships: People like being around happy people. ...
- It can enhance your productivity: You produce more when put in a positive mood.
- It can promote better health behaviors: Happier people engage in more exercise.
Close relationships, more than money or fame, are what keep people happy throughout their lives, the study revealed.
What is the power of happiness? ›The Power of Happiness is a 10-day online video training program presented in a way that's easy to understand, but robust enough to overhaul your happiness behavior. This course aims to level up your life satisfaction along with developing your relationships and career.
Why is money not important for happiness? ›
Money can only give you temporary relief from the problems you've in your life. If you're facing many problems in your life, money won't bring peace to your life. Since it's said that money cannot buy happiness and inner peace, people who have a lot of money aren't always happy because they lack inner peace.
What defines happiness? ›happiness, in psychology, a state of emotional well-being that a person experiences either in a narrow sense, when good things happen in a specific moment, or more broadly, as a positive evaluation of one's life and accomplishments overall—that is, subjective well-being.
How much money brings happiness? ›Globally, the study found that the ideal income point for an individual is $95,000 for life satisfaction and between $60,000 to $75,000 for emotional well-being. In North America, the individual income level for life satisfaction was found to be $105,000 per year.
Is it better to make money or be happy? ›Conventional wisdom suggests that “money can't buy you happiness.” And well-known research from 2010 had shown that people tend to feel happier the more money they make only up until a point of about $75,000 a year.
Is it better to make more money or be happy? ›An analysis comparing reported income to reported well-being revealed a strong, positive relationship between the measures. People who earned more money reported greater day-to-day well-being and better overall life satisfaction.
What are the 4 types of happiness? ›- Happiness level 1: Laetus. Happiness from material objects. ...
- Happiness level 2: Felix. Ego gratification. ...
- Happiness level 3: Beatitudo. The happiness from doing good for others and making the world a better place. ...
- Happiness level 4: Sublime Beatitudo.
- Choose happiness. The most important thing to realize about happiness is that it is not an outcome of current circumstances. ...
- Focus on the good. ...
- Stop comparing. ...
- Practice gratitude and generosity. ...
- Don't pursue physical possessions. ...
- Be present in your relationships. ...
- Develop healthy habits. ...
- Look outside yourself.
- Manage your stress levels. ...
- Enjoy yourself. ...
- Boost your self-esteem. ...
- Have a healthy lifestyle. ...
- Talk and share. ...
- Build your resilience.
- Recognize that you have choices. While you can't prevent many of the difficulties that you'll encounter in life, you can control how you respond to them. ...
- Practice gratitude. ...
- Forgiveness. ...
- Mindfulness. ...
- Friendship. ...
- Rest. ...
- Movement. ...
- Sunshine.
The first type, known as eudaimonic well-being, is happiness associated with a sense of purpose or a meaning in life. The second, known as hedonic well-being, is happiness as the result of “consummatory self-gratification” or happiness not associated with a purpose but rather a response to a stimulus or behavior.
What is true happiness example? ›
True happiness is enjoying your own company and living in peace and harmony with your body, mind and soul. To be truly happy, you don't need other people or material things. Happiness is the consequence of personal effort and living a life of purpose.
Is money important in life? ›Money allows us to meet our basic needs—to buy food and shelter and pay for healthcare. Meeting these needs is essential, and if we don't have enough money to do so, our personal wellbeing and the wellbeing of the community as a whole suffers greatly.
Is money the only important thing in life? ›Human beings need money to pay for all the things that make your life possible, such as shelter, food, healthcare bills, and a good education. You don't necessarily need to be Bill Gates or have a lot of money to pay for these things, but you will need some money until the day you die.
How do you turn money into happiness? ›- Buy experiences. Research shows that people tend to get more happiness out of buying experiences rather than material things, Dunn said. ...
- Make it a treat. ...
- Buy time. ...
- Pay now, consume later. ...
- Invest in others.
The last reason why money can't buy happiness is that it doesn't equal character. Money may be able to get you certain things in life, but it will never turn an unkind person into a kind one. If your heart isn't right, then no amount of material possessions will make you as happy and fulfilled as you desire.
Can I be happy without money? ›Can you be happy without money? Not really. While money may not buy happiness, it's still an important part of life. Financial security allows people to worry less over possible emergencies and provides more opportunities.
Is it better to be happy than rich? ›You don't want to be rich — you want to be happy. Many people mistakenly believe that the former leads to the latter. While it's certainly true that money can help you achieve your goals, provide for your future, and make life more enjoyable, merely having money doesn't guarantee happiness.
Is it better to be wealthy or happy? ›A 2010 study by Princeton University indicated that a higher income resulted in greater sense of security and contentment only to a certain point. The study indicated that beyond $75,000, higher income is neither the road to experienced happiness nor the road to the relief of unhappiness or stress.
Does happiness depend on money? ›Money contributes to happiness when it helps us make basic needs but the research tells us that above a certain level more money doesn't actually yield more happiness. Not only did earning more money make participants happier, but it also protected them from things which might make them unhappier.
Does money bring true happiness? ›Money is unlikely to buy happiness, but it may help you achieve happiness to an extent. Look for purchases that will help you feel fulfilled. And beyond that, you can find happiness through other nonfinancial means, like spending time with people you enjoy or thinking about the good things in your life.
How does money affect happiness? ›
When we wonder whether money can buy happiness, we may consider the luxuries it provides, like expensive dinners and lavish vacations. But cash is key in another important way: It helps people avoid many of the day-to-day hassles that cause stress, new research shows.
Can we live a life without money? ›In addition to a decrease in stress over financial concerns, living without money offers many possible benefits such as reducing your environmental impact, increasing your understanding and appreciation of what you have, and helping you live a more purposeful life.
Can money only buy you happiness? ›The best-known theory on this topic is that money can buy happiness, but only up to a point. This comes from a study by two Nobel Laureates, Daniel Kahneman and Angus Deaton (2010) , which found that emotional wellbeing rises with income. However, it rises logarithmically.
What is life without money? ›Life Without Money is written by high-profile activist scholars, including Harry Cleaver, Ariel Salleh and John O'Neill, making it an excellent text for political economy and environmental courses, as well as an inspiring manifesto for those who want to take action.
How much money is enough to be happy? ›Globally, the study found that the ideal income point for an individual is $95,000 for life satisfaction and between $60,000 to $75,000 for emotional well-being.
Are rich people happy than poor people? ›The myth that rich people suffer from depression and are not happy because of money is false. Mental illnesses like depression or anxiety are not caused by money but by a psychological condition. Also, a lot of research confirms that living in poverty can cause more depression than people who have money.
How can I enjoy life without money? ›- Create a Gratitude Journal. Reminding yourself of the things you're grateful for helps you live a happy life, and journaling helps your memory. ...
- Define 'Fun' for You. ...
- Say 'No' ...
- Schedule Fun. ...
- Engage in Cultural Activities. ...
- Set Realistic Goals.
Money allows us to meet our basic needs—to buy food and shelter and pay for healthcare. Meeting these needs is essential, and if we don't have enough money to do so, our personal wellbeing and the wellbeing of the community as a whole suffers greatly.
Are rich people happier than normal people? ›Millionaires are happy, but not extremely happy.
It might seem ludicrous to hear that anyone from this pool of millionaires responded as lower than a “10 out of 10” on happiness. But the results showed that millionaires were around an 8 out of 10 on their self-reported happiness.