Does Money Make You Happy?

Does money really make you happy? It depends on who you ask.

According to The Happiness Index and The Washington Post, the short answer is yes. However, that is a complicated question and involves further discussion. The Washington Post found that “happiness continues to rise with income even in the high range of incomes’ for the majority of people, showing that for many of us, on average having more money can make us increasingly happier.” From the Happiness Index, “A 2017 study looked at the happiness of multimillionaires to see if they were happy. This study looked at 4,000 millionaires in the US and calculated satisfaction with lifestyle scores for these individuals. The study found that here, as with us mere mortals, there is a link between money and happiness.”

So, it shows that on the surface, there is a connection between money and happiness. However, how you came to have that money can influence the results. “The same 2017 study that we looked at before also found that those who inherited their fortune were less happy than those who had earned their millionaire status.” Those who earned their money were far happier than those who inherited it. Earning money can bring a sense of satisfaction and pride, leading to happiness.

What you do with your money can influence your happiness as well. Spending money on “needs” will have a negative connection, whereas spending money on “wants” can bring a positive feeling. Putting money towards bills can bring an entirely different feeling compared to putting money towards charitable giving. Spending money on experiences versus tangible things can bring different feelings as well.

Money will not make you happy just because you have it. What brings happiness is the pride you have from working hard to earn that money or being able to spend it on things you enjoy, such as investing in yourself, investing in others, and/or helping others through charitable giving.

            https://thehappinessindex.com/blog/can-money-make-you-happy/

          https://www.washingtonpost.com/business/2023/03/08/money-wealth-happiness-study/