Can You Use Money To Buy Happiness?

 

There’s an age old saying that money can’t buy love. Neither can it buy happiness. But is that true?

Well, it seems that it is true that things and having possessions can’t bring happiness, it is not true that money can’t make us happier especially if there’s a lack of it to go through our days. Research have indeed found out that happiness increases as people’s income increases up to a point and then beyond that there’s no longer a correlation. The point is $75K per month. People aren’t happy if they are poor up to if their income reaches $75K and then beyond that, the increase income doesn’t necessary make them happier.

Also, it is found that money can buy happiness if you use it in a certain way. So while you seek to increase your net income with your hard work and dedication to your trade to reach that point, be reminded that you can have happiness now if you use money for these 3 things.

1. Buy Things That Matches Your Personality

Don’t buy massively, buy what fits you personally. Research at Cambridge university shows this is true, that you are happier if you buy things that fits who you are.

2. Buy Experiences

Pay for experiences rather than buy things. Published study in the Journal of Personality and Social Psychology discover that money used to buy experience increases happiness.

3. Give to others.

It is well known and researched into that you’ll be happier if you buy things for others rather than yourself. Plan your budget with portions of it to give away. That’s one of the surest way to ensure a life balanced with joy and happiness.

Well, there you have it, go to give us some perspective about happiness. My recommendation is to work hard, seek for a level of income that is comfortable and that is your level of greatest happiness. At that level, likely its going to be that you can do point 1 of buying things that match your personality. Then the rest, increase your level of income so that you can do Point #3 to give it to others. Be involved in giving to charity and causes that makes you most happy.

That’s the formula for happiness for you.

Earn up to you being able to do point 1 and 2 and then earn the rest so that you can do point 3.

What do you think? Share your opinion about using money to get your happiness?

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7 thoughts on “Can You Use Money To Buy Happiness?”

  1. I think the key to happiness, where money is concerned, is to ensure that one fully understands exactly what their monetary needs and wants are. Once these needs and wants are understood, then ONLY earning sufficient money, by putting in the necessary work effort to acquire these, is optimal. Approaching the use of money this way, frees up non-work effort time for other activities in life (that are not money related), which also leads to (increased) happiness.

    1. That’s a wise thought about having to understand what are our wants and needs. That approach of money goes a long way. Thanks for commenting and adding to this discussion.

  2. To me, it is more the fact that money can buy me security in life enabling to fully enjoy the joys of life without that nagging feeling in the back of mind of “how much is all this gonna cost?”

    I agree wholeheartedly with your no. 2 recommendation of buying experiences. Making great and fond memories with your money seems like it will bring more happiness to anyone. Money can surely lead to happiness if it cannot buy it.

    1. Thanks for your comments and sharing your thoughts.

  3. Money can only buy a short term happiness. When someone gets wealthier, their lifestyles spending increases as well. Hence, the stress will keep piling up when you are required earn more money to feed your lifestyle expenses. At the end, you will be burned out. Money doesn’t equate to happiness.

    1. Thanks for sharing your thoughts. Money is kinda of a bogeyman. It makes people frighten but with the right strategy and right knowledge of what it is, it doesn’t have to be. Money is not happiness but the right management, maybe there is (as you said some short term happiness at least).

  4. Jay makes a great point. Many people’s spending increases as they earn more and just perpetuates the cycle. As long as you have a roof over your head, clothes on your back and food on the table, the rest is just…more. How many news articles have you seen about the truly monetarily wealthy people, making millions of dollars every year, going bankrupt? The key to reducing the stress is to live within your means.

    I agree with your thoughts on buying experiences and giving to others. Making great memories with your family and helping those who are less fortunate really does buy happiness.

    Great article, thanks for sharing.

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