Answer: There’s an old cliche that says, “Money can’t buy happiness.” But is that actually true? There’s research to suggest that, up until a certain income level, money certainly can have a positive impact on your happiness. In this article, we’re going to dive into some of the arguments on both sides of the debate.
Is it true that money can’t buy happiness? When it comes to the question of whether money can buy happiness, there’s a lot of research out there. The frustrating but true answer is: It depends. Money is a tool. If you use it correctly, it can absolutely have an impact on your happiness.
But it doesn’t necessarily increase our happiness in the ways you might expect it to. More money isn’t going to improve your mindset, and buying more stuff won’t really bring you more joy.
But money can also buy things like time and experiences which no doubt bring us happiness. It’s also a leading cause of stress (including debt stress) — stress that can be alleviated when we make enough to live comfortably.
Ways in which money can’t buy happiness
That old saying about money not being able to buy happiness has been around so along for a reason. Money can’t fix everything, and there are certainly ways that more money won’t lead to more happiness.
Money can’t change your mindset Your mindset has a significant impact on your happiness, and it’s something that money can’t fix. If you’re a glass-half-empty person without a lot of money, chances are that your mindset will be similar even once you have money.
Money can’t buy relationships, relationships are the most consistent predictor of happiness. When we have people in our lives who we love, we’re more likely to be happy. And ultimately, that’s something that money can’t buy.
Sure, there might be people who want to spend time with you because you have a lot of money. But those won’t be genuine relationships, and they aren’t likely to bring lasting happiness.
Material things don’t make us happy, when we get more money, perhaps as a gift or from a raise at work, many of us immediately jump to thinking about the material possessions we can buy. But those possessions don’t do much to increase our happiness.
Plenty of people have nice clothes or drive nice cars but still aren’t happy. In fact, many people use shopping as an escape when they’re unhappy, thinking it will increase their happiness. But ultimately, it doesn’t work.
You could certainly make the argument that money itself doesn’t make people happy. But there’s plenty of research that shows that when spent on the right things, money can have a dramatic impact on your happiness.
So it’s no surprise that having more money — at least enough to live comfortably and get out of the paycheck cycle — can reduce stress. And when people have less stress in their lives, they can focus on the things that make them happy.
Money can't buy happiness but it can lead you to it!
There are plenty of good points on both sides of the argument of whether money can buy happiness. Sure, the money itself doesn’t make you happy. And buying more possessions likely won’t either. But money is a tool. And when used properly, it can absolutely help you to reach financial goals that make you happier.
For some, that happiness looks like more time with family. For others, it’s simply the stress relief that comes with knowing you don’t have to worry about being late on your bills. It’s not the money that makes you happy — it’s how you use it.
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