- Study On Money And Happiness
- Money Is The Source Of Happiness Essay
- Is Money The Only Source Of Happiness
- Money Buy Happiness
Book: The Lottery
Topics: Essay
Access Full DocumentHowever, money is not the most important contributor to a happy life. If all the hustling and life hacking and goal crushing isn’t providing you greater access to real sources of happiness, then you may be overvaluing money in your life and should really think about what you’re missing. Sources for data are the World Bank and the World Happiness Report 2017. According to the numbers, the relationship between money and happiness is strong early on for countries. Then later, when material elements of Maslow’s hierarchy are met, the relationship gets harder to predict.
Please Sign Up
to get full document.
Please Sign Up
to get full document.
The idea of money being the beginning of felicity is rather interesting. It is a fact that we need money to last in this expensive economic system. and without it we might be given to fight. Money gives us the chance to purchase apparels. nutrient. shelter. and many other necessities of life. But does money genuinely conveying felicity? Some may reason that money can do you happy and others will reason that it doesn’t. Why do some believe that money is the beginning of felicity?
I asked this inquiry to a fellow co-worker and she responded with a personal experience that she faces at place. She said that life at place is normally happy and that reasoning is rare. except for the times when her parents argue about money. She told me that her female parent and male parent are ever stressed about paying the measures and other disbursals that come up each month. She ended with stating. “yes money can do you happy. because it can extinguish many emphasiss and jobs that non holding adequate money can convey. Others feel that money is a beginning of felicity because it allows them to bask the many chances and experiences that life has to offer. With money they are able to purchase epicurean dream places. the newest contraptions and merchandises. dine at the finest eating houses and travel around the universe. Indeed. all these things can be a beginning of felicity. but is it long term felicity? Some may reason that they find happiness by sharing their money with others. They gain personal satisfaction by sharing their luck with those who are less fortunate.
Many affluent people have donated 100s of 1000s of dollars to charities or hold given some of their wealth as gifts to love 1s. A survey conducted by the Journal of Consumer Psychology concluded that people felt happier when they reflected on a clip when they had spent money on others versus a clip when they spent money on themselves. The survey concluded that. “ if money doesn’t make you happy so you likely aren’t passing it right. ” On the other manus. many argue that money does non convey long term felicity. but is a speedy hole that consequences in more jobs.
A study of lottery victors. for illustration. confirmed that lottery victors do see initial elation after winning. but really shortly that general sense of felicity returns to about what it was before they won. The victors even became unhappy when they quit their occupations and experienced lost relationships and a loss of sense of significance and achievement. This was the experience of one individual female parent from the United Kingdom who won 1000000s in the lottery. She lost all of her profitss in two old ages after traveling on excessive shopping flings.
Study On Money And Happiness
She now works as a amah to back up her household and pay back debt that she owes. She stated. “My life is a shambles and hopefully now it (the money) has all gone. I can happen some felicity. It brought me nil but sadness. It ruined my life. ” A survey conducted by the University of Illinois stated that more than 30 per centum of the richest people in America were non every bit happy as the individual who earned a modest income. Why? Because felicity is non defined by our bank histories or the things we possess. Happiness is a quality or province of being. It is a merchandise of what makes you experience fulfilled.
No outside beginning. including money. can give you that. Another survey in Psychology and Economics by the National Academy of Science suggested that people are happier as their income rises but merely to a certain degree. The survey stated that one time they are comfy. which is around $ 75. 000 yearly. the province of felicity degrees off. Sonja Lyumbomirsky. a affluent stock agent said. “Once you’ve reached a degree of comfort and hold had the chance to imbibe the finest vinos. fly in a private jet. and watch the ace bowl from a box place. you ask yourself. what now?
Clearly. holding money has non resulted in true felicity for her. One chief ground that money is non the beginning of felicity is man’s congenital defect of greed. As worlds. we ever want more. We may state. “if merely I made $ 100. 000. 00 a year”. and when we achieve that end. we are no longer satisfied and our desire goes up. There is ne’er plenty. The universe besides defines our success purchase what we have materially and financially. Many spend much of their clip in life seeking to “keep up with the Jones”. so to talk.
And by making so. they frequently find themselves stressed out and unhappy because they are seeking to affect people they don’t like. with money they don’t have. on things they truly don’t demand. Others believe that if they had more money. they could pass more clip with their household or do things they truly want to make. Analyze show. nevertheless. that those who take on more duty or work to gain more money. really have less clip for household. relaxation and diversion. The 2002 Nobel Peace Prize victor. Kahneman PHD. found the undermentioned as a consequence of his research:
1) Increased income has a little consequence on life satisfaction.) The wealthier people are. the more intense negative emotions they experience. 3) When states experience a sudden addition in income. there is non a corresponding addition in its citizens’ sense of good being. Kahneman’s survey did non associate wealth with greater felicity in any manner. Another survey showed that in 1972. 30 per centum of Americans said they were really happy. At that clip. the mean American earned about $ 25. 000. 00 yearly of our national income. In 2004. 32 old ages subsequently. the mean American income had increased to $ 38. 000. 0. nevertheless the per centum of Americans who said they were happy had virtually unchanged. Not merely was this true in America. it was besides true in other states such as Japan.
Japan was fundamentally a developing state in 1958 but had grown to be one of the richest states in the universe after World War . The survey showed that its citizens degree of felicity did non alteration as it economic system grew from a hapless state to a booming state. There are many positions and sentiments on whether money can purchase felicity.
Most will hold. nevertheless. that holding adequate money to populate comfortably will increase our degree of felicity. but holding an copiousness of money does non do one happier than those who have less. Happiness is non defined by the size of our fiscal portfolio but by what makes us experience fulfilled. To some. holding tonss of money is their beginning of fulfilment. to others it isn’t fulfilling. They find more felicity in the smaller things in life such as disbursement clip with their household members and friends. Money has a small function to play in that respect.
Reaching financial independence is the ultimate goal for many of us, almost every personal finance blogger I follow state that their goal is reaching financial freedom. The general assumption is that with more money comes more happiness; some say money does not necessarily buy happiness but it can make things a lot easier. We don’t hear many people argue that money will bring unhappiness, what if I said it does? I am a strong believer that real happiness has zero correlation with money, sometimes money and happiness even have a negative correlation (more money = less happiness). I have stated earlier that money should just be a means to an end and nothing more. Let’s look at some reasons why money does NOT bring happiness.
More Money = More Stress
Always Want More [Greed]
You may believe that once you reach a certain financial target you will be happy and not want more. For example, you may believe that if you made $100,000/year you will be happy and want no more, but the fact is that nothing is ever enough for us as human beings. If you make $100,000/year why not try a little harder and make $150,000/year and buy the bigger house and a new luxury car? We always want more and herein lies our weakness and the source of our unhappiness.
Relativism
It’s not that having a lot of money is important; psychology studies have shown that we do not mind lower income as long as we make more than others. Our happiness is based on keeping up with the Joneses and their happiness is based on keeping up with us, hence it’s a cycle in which nobody will ever reach true happiness.
Less Time To Enjoy Life
The primary reason for reaching financial independence is so that we have more time to do the things we love and enjoy life. However studies after studies have shown that the more people make the less time they spend enjoying their life. With more money come more responsibilities and more stress (isn’t that counter-productive?), now put this together with the previous two points and you have the perfect receipt for unhappiness.
Money Makes Us Unhappy
At this point it should be clear that money has little or no chance of making one happy, but that’s not all. A study by Berkeley actually shows that money brings unhappiness. “In a capitalistic society, people generally believe that – all other things being equal – being rich is better,” Chatman states. “But that is not what we found.” Although the study compares differences between individuals depending upon work values, one can draw inferences to the general population.
Money’s Effect On Happiness Overrated
There is also research showing that money’s effect on happiness is overrated, Princeton Researcher and the 2002 Nobel Prize Winner Kahneman, PhD, says that money does not bring happiness. Kahneman says that people overrate the joy-bringing effect of money, he says:
- Increases in income has a relatively brief effect on life satisfaction.
Money Is The Source Of Happiness Essay
- Psychological studies show that the wealthier people are, the more intense negative emotions they experience. These studies do not link wealth with greater experienced happiness.
Is Money The Only Source Of Happiness
- When countries experience a sudden increase in income, there is not a corresponding increase in citizens’ sense of well-being.
If you truly want to be happy than your happiness should neverbe based on external or material things. True happiness comes from within; a poor man living in the mountains of Afghanistan is often happier than a Wall Street CEO living in a NYC Penthouse.
How much of your happiness depends on money? Is your goal reaching financial freedom so that you can have more time with family and not worry about money…? Does money bring happiness directly or indirectly?
Money Buy Happiness
References:
Kahneman, D. Science, June 30, 2006; vol 312: pp 1908-1910. News release, Princeton University.
Solnick, S.J., & Hemenway, D.(1998). Is more always better? A survey on positional concerns. Journal of Economic Behavior and Organization, 37, 373-383.