Does Money Really Buy Happiness?

Does having more cash mean feeling better?

Once upon a time we lived in a world where money was not so easily earned and the value of one piece of currency determined a person's success for the day. Nowadays the question arises does money really buy happiness or does it provide a basis for happiness?

A new definition to happiness.

"A state of well-being and contentment"

The question that arises a lot of people in today's world is whether or not money buys happiness. The truth? It really depends on how it is used as money is considered a tool and can have a direct impact onto one's true contentment. Money is a big part of our lives and identities and can influence our decisions on a day-to-day basis, however research has shown that a direct link between earning money and feeling happy can be sustained with the amount earned being considered as a key factor in this. According to psychologist Daniel Kahneman and economist Angus Deaton from the University of Princeton, well-being increased with average salaries of up to £50,000 however after that has been achieved, increasing salaries have had no further effect on well-being.

Money has become the new definition of happiness for many people in today's society because it is seen as a means to attain the things that bring happiness and fulfilment. In a consumer-driven world, material goods and experiences are often marketed as sources of happiness, leading individuals to believe that financial wealth is a key determinant of overall happiness. The idea of financial stability and the ability to afford what one desires has become synonymous with happiness in many cultures. Additionally, the widespread belief that financial wealth equates to success has perpetuated the notion that money is the new definition of happiness. However, it is important to recognize that money and material wealth are only part of the equation, and that real happiness comes from a sense of purpose, meaningful relationships, and personal fulfilment.

This being said, could money be the new key to happiness?

Earned wealth vs inherited wealth

For those of us that have aspirations of 'making it' and becoming affluent through our efforts of hard work and talent should know that not only will we make cash, but also becoming more happier. Research into individuals with a net worth of over £8,000,000 has shown that those who have earned there wealth through hard work and determination generally get more of a happiness boost from money in comparison to those who have inherited it.

Earned wealth provides a sense of control and independence, allowing individuals to make decisions about their financial future without the constraints of inheritance. It also provides opportunities for personal growth and development, as people are challenged to take risks and make decisions that shape their financial future.

In contrast, inherited wealth can often lead to feelings of guilt, as it is not always clear whether the wealth was earned through ethical or moral means. Additionally, inherited wealth can create a sense of entitlement, leading individuals to believe that they do not have to work hard to maintain their wealth.

Reasons for this fluctuate based on certain obstacles being involved and the satisfaction of enjoying your own money through hard work should become a key lesson in pursuing your own entrepreneurial goals and finding happiness from it.

Money can't buy happiness but can it lead you towards it.

Having money opens up experiences and can buy a person time and help others, but does that really dictate one's happiness? Sure money lets you buy whatever you want, whenever you want when the available resources are there, but does that not make it a tool at one's own expense. When used properly it can help reach financial goals and makes a person happier.

Happiness can come in all sorts of forms, from spending time with family to completing high stress tasks on time. Having money sets up the fundamentals to being happy, however it does not really influence happiness which is an argument suggested by researchers and related articles. Money can be considered as a stepping tool towards fulfilling a person's happiness as it enables freedom of purchases which improve one's cognitive behaviour.

Consequently, money contains the signs of buying happiness as it opens up freedom to purchases and explore the world in a different light. However, it is also important to understand that happiness can be interpreted differently by people from all sorts depending on culture, religion, ethnicity and gender.

In the end, can money being used to buy happiness be considered as a subjective question? or is it really just a straightforward answer.