Can Money Buy Happiness? 5 Arguments for (and Against)
Can Money Buy Happiness?
Can money buy happiness? It’s one of the most heavily disputed and researched questions of all time. Countless studies have been done, with each seemingly confirming the inconclusiveness of the last. I’ve researched a handful of these studies, and have concluded that there are 5 main ‘happiness influencing factors’ of money. Depending on the person, these factors may or may not have an impact on your happiness levels.
Many of these studies contradict each other on conclusions surrounding these 5 factors (perhaps due to their study group). Let’s take a look at the arguments on both sides and then do a poll to see why you are pursuing more money. In today’s economic climate with layoffs and uncertainty about our financial futures, some introspection regarding this question is sorely needed.
The 5 Influencing Factors Money has on Happiness
1. The Money and Time Argument:
Yes: money allows you more time, and we all seek more time. This could come from having caretakers for kids, an assistant, a personal chef, etc. This control over your time leads to happiness.
No: without our busy lives comes the satisfaction of getting stuff done for ourselves. Take that away and dissatisfaction sets in. You start to lose touch with reality and become unhappy.
2. The Money and Freedom Argument
Yes: Having money allows you to essentially free yourself from the pursuit of more of it. Getting out of the game makes you happy.
No: Having a lot of money only encourages the pursuit of more of it. It’s a never-ending cycle of feeling like you’re just about to make it and then never getting there. Also, if you love your job, money can take away the satisfaction that you get from it. You start to question ‘why do I need to even work?’. As a result, you’re never happy.
3. The Money and Stuff Argument
Yes: Money allows you buy things that bring people closer together (think a backyard patio, grill, rec room). These social interactions lead to happiness. Also, some people get a lot of satisfaction from the pursuit and purchase of ’stuff’ for themselves or others. Having the money to buy more stuff makes them happier.
No: Do you really need expensive stuff to bring people together or make you happy? And does that stuff create a mirage of friendship with others that only leaves you dissatisfied because you didn’t have the interactions before you had the money?
4. The Money and Experiences Argument
Yes: Money allows you the ability to travel, go to sporting and arts events, and experience fine dining. These things lead to positive memories, which influence happiness.
No: The experiences and the satisfaction that they produce are very short lived and don’t add any long-term value and happiness in your life.
5. The Money and Stress Argument
Yes: Having money frees you from the stress of not having money and wondering how you will pay things in the past (if you have debt), present, and future. Being free of this worry can add to your happiness.
No: Money only relieves stress up to the level of covering your basic needs. Once basic needs are covered, no further happiness is gained. Additionally, having a lot of money can actually lead to further stress because you become worried about how to manage, preserve, and grow the money.
Money and Happiness Discussion:
- Do you think money can buy happiness? Why or why not?
- Is your pursuit of more money for the purpose of gaining happiness from it?
- You’re on a personal finance site. Why are you pursuing more money? Take the poll!
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Yes, I do think money can buy happiness if it is used humbly by the right person. For instance, someone who donates money for the good of others, uses money to start a satisfying business venture, quits their job to spend more time with their family – can all lead to happiness.
However, if used the wrong way like buying stuff, showing off to others, being reclusive – those can all lead to unhappiness.
It’s funny though when you look at all the studies of people who win the lottery and very few, if any of them are actually happier afterwards. It really makes you wonder.
I read an article once that basically said that money doesn’t buy happiness. What it does is allow us to experience and make happy memories. For instance if you are planning a trip to Mexico, you will get excited thinking and talking about the plans that you have made. You will create memories on this trip that are different and more exciting than your everyday life. You will recall these memories for years to come through pictures, stories, and feelings. The money did not make you happy directly, but it aided in making you happy. that’s my 2c
Having money can’t buy happiness because humans aren’t wired to just “consume” in some kind of a moral vacuum. It’s in our wiring to be creators and achievers. So, I think the creation of money and the creation of value is what gives us what we want. This creator mentality presents us a social reality that makes a lot more sense.
If you want a website that makes you happy, don’t go only for profits — focus on value. The rest will come.
If you want a relationship that makes you happy, don’t go only for the physical — focus on emotional bonding. The rest will come.
This creator principle is pretty cool when you think about it. Then again, maybe I’ve been reading to many personal growth blogs. Haha.
Where’s the “Money and Philanthropy” argument? Some of the happiest people in the world are billionaires who have the ability to create foundations or give to charity and have a significant impact on hundreds or thousands of less-advantaged. Consider Bill Gates and Warren Buffett, who have given literally billions of their own money (which they earned) to causes like AIDS research, reducing poverty, and expanding education.
On the money side, consider the following quote from “Atlas Shrugged” (Ayn Rand):
“Money is a tool of exchange, which can’t exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce.” – Francisco D’Aconia (fictional character)
This idea of thinking of money as an agnostic “tool” would serve us well. Remove emotion from money, and instead think of money as a representation of what you’ve done or produced. You can choose to perform a service for free, a form of charity, but getting paid for that same service is not inherently “evil”.
I think money buys happiness only to the extent that it’s a means of converting what you do best into something else, be it stuff, charity, time, culture, whatever.
@Philip – very wisely put. Perhaps this is why lottery winners are almost never happier a few years after winning – they didn’t earn their money, they ‘won’ it.
Also, your money for philanthropy point is a good one that is hard to find a counter-argument for, which is why I didn’t include it.
I don’t think money can buy happiness. I think having the monetary means of perusing the things that make you happy would be a more accurate account.
I think Trevor was dead on in his account. Buying those experiences is not what usually makes people happy; it is getting to see new places and experience new things that leave you with a lifetime of memories. The same goes with buying time. It is not having the time that makes you happy. It is being able to play with your children more, etc. that is fulfilling.
I think too many people concentrate on the means and not the outcome. The outcome is what is important, in my opinion.
Statistics show that money doesn’t necessarily make people happier, but what it does, is usually make their lives less stressful. If money problems are not much of a worry for you, then you have more time to focus on things you do enjoy, like friends, family, hobbies, learning new things, etc. This is what leads people to happiness. It’s the time they have to enjoy things they like with the people they like.
Phil, great point. I’m majoring in business with the goal of building a “fortune” and hope to continue giving 10% (at least) to cure world thirst. I must say, it is SO incredible to give a significant some of money to a charity like that. And the Rand quote is also so true.
Yes money especially hitting the lottery for millions can definitely buy happiness in most cases. The only reasons it won’t is if the person has a bad vice like drugs, booze or gambling and destroys themselves with the money or they have been brainwashed with that middle class morality that money is “immoral” and they have been conning themselves through the years while they didn’t have any money that they were so “happy”. I myself had money about 6 years ago and was very happy now that I am in debt and struggling I am not happy and at times miserable. Struggling is not fun. I am happy I am healthy but the stress of not having money makes me sick at times. I think people who never have money convince themselves its ok to work for low wages and get screwed over with high rents and living like a slave and that they are happy and that money can’t buy happiness because they know they will never have money. If you hit the lottery for millions and manage the money right and stay healthy you should be happy never to have to work a job and be able to wake up late, dine at nice restaurants, travel , have a nice car , a nice place to live and never have to worry about any bills. This alone should make one very, very happy! If it doesn’t your crazy or lying.
i do believe money can create happiness in CERTAIN ASPECTS and to a certain level. not having to worry about rent, about buying your children school essentials, clothes, food, etc.., about that 600 dollar car that will one day break down on the way to work and get you fired, etc.. will make you happy to a certain extent. I believe that money can’t make you TOTALLY happy, you have to make the effort to surround yourself with people you love, doing things that you love, enriching the lives of your children and yourself (traveling, going to museums, bonding while camping, fishing, etc…) but IMO, you cannot say money does not bring you happiness until you have crossed a certain threshold of poverty where you can’t afford even the basics. if the money is used wisely, it will have amazing results. however, that is much easier said than done.
money can buy happiness. if you think otherwise then your an idiot
I dont think money can buy you happiness expecially if it in the wrong hands and used in the wrong way,i know someone who won the lottery and her neighbours kept knocking on her door asking for money and getting threting letters which drove her to suicide
Happiness is a state of mind. It comes from within a person. That is why another person can not make you happy, no matter what they do. Money can not buy happiness. Money can buy things that make you feel good but are short lived. I found that in order to be happy in life you have to have a balance in your life of these important aspects of life. 1-Love where you live. 2-Love your work. 3-You have a partner or family or friends you love and care about. 4-You have a partner family or friends that really care about you. You need at least 2 of these four basic life characteristics, to reach the threshold of happiness. If you have all four then you will have the potential for more happiness then if you have only have two. If you only have 1 element then your potential for happiness is minimal. Example: You love where you live, but you hate your work, you don’t have family or friends that care about you and you don’t have someone that you can say you care about in love or affection. You are most likely to be unhappy. If you love where you live and you love your work you can be happy even if you do not have the other two. You can play around with the scenarios, its is very interesting if you evaluate your life in these terms.
My last comment assumes you are healthy and your basic financial living needs are in balance. No health or debt problems.
Money cannot buy happiness on certain cases. You may be wealthy in terms of money but when it comes to friends? Maybe not. In the end, money can keep your friends as long as you’re rich but when you’re not? You can never tell. Being with your family and true friends is priceless. Love is way beyond millions and constant happiness is being with the people you love most.
Money can’t buy happiness, but it can definitely rent a lot of it.
phillip, u r lonely and have no friends. go away. money cannot buy happiness most of the time; it rarely does. it is rarely used for the right purpose. when ppl win the lotto are they happy? money cant buy you friends, a life, wife husband bf or gf, or joy. alll it does is make you content for a few moments then u want more and more and more and more stuff.
cj, just shut up already. “IF MONEY DOESENT BUY U HAAPPINES YOUR CRAZY OR LYING DDrrRRRrrrRR”. its called an OPINION assbag. OPINIONS are tiny little things that ppl should respect, no matter if they agree or not with them. sadly, ppl lately are haveing huge wars over some stupid tiny thing not worth fighting for. (what is this world coming to?!?>!?!) seriously, my hypothesis is that if u have alot of $, u have no friends. no one really loves u, they just pretend to b your bestest buddy to try and cash in on ur stuff. when u go in debt, they leave u. i have SEEN this happen. and money can make ppl more stressful. they have to pay more for stuff, for more ppl, they have to wonder what to do with it… and as for the rich are happy, theres a reason tax cuts for the wealthy fail. they just keep it for themselves, not sharing to the middle and lower class that actually WORK for their money. did the wealthy become happy after their tax cuts? hmm let me thi- NO HELL NO. no proof of that at all
This question is easy.
All other things being equal, would you rather be rich and unhappy or poor and unhappy.
I think that money can buy you happiness in the short term
I think it depends on the person, their circumstances and health. For me, I believe money would definitely make happiness more accessible. When I think about my life. I am afraid and angry (numerous reasons). Money would enable me to distance myself from the people/things that make me angry and get closer to things that make me happy.
I play the lotto. When I have that “what if” fantasy (like every lotto player has), I don’t think about mansions and limos. I think about helping the people I care about who need it. I think about security and stability. I think about donating my life to a cause like Multiple Myeloma, an incurable disease that took my mom. I am so far in debt from college and student loans. This debt will more than likely be hovering over me for the rest of my life. When I think of a world without that beast, I feel elated. Oh the possibilities!
Instead, I grind my teeth, working for the man..stressed, anxious and afraid.
i agree money only inhances your values a nd if u have the wrong values it will inhance things that lead to an unhappy life
Money cannot buy happiness. It can only buy the things that might lead you to happiness, but that is only when you have the right thinking about money.
“Money makes the world go round”. I’m sure we’ve all heard it.As such can you honestly say you would be stressed out if 1 billion dollars was legally dumped into your possession to spend as you see fit? I know I would not be stressed if that happened. I’m gonna agree with CJ and say you are a liar if you say that. Secondly, Joebob, you bash CJ and call him an asshat then call for him to respect opinions. I kinda think that’s the action of a hypocrite. Honestly money would make things a WHOLE lot easier for people. No bills to worry about. Also most likely before you became rich, you would already have friends and family who love you so that would’nt be an issue.SO, you’ve got your friends and family, you’ve got no bills to worry about, and you can buy objects that are pleasing to you, or give money to causes that will make you content on the inside. What’s the problem with having money again? Someone mentioned managing it. You could pay people to do that for your nowadays, then you can pay people to oversee those people, and people to oversee them. Money, in no way will make you stressed, unless undeserving people try to take it away from you. Like a woman you meet after you become rich and fail to get a prenup, or something like that. Other than that, rich folks don’t have the worries of the poor or middle class…..
I honestly do believe that money can buy happiness but I’m filled with greed i never grew up with the best stuff i had about 6 deaths in my family by the time i reached 16 one was my sister and the other was my mom. If i had money my mom would probably get the treatment she needed. My sister R.I.P it was just her time to go she died at the age of 21 of a disease i never really wanted to know what happen it wouldn’t matter anyway but both deaths was about a heart condition they both was had probably ever since they was born. I never had the gaming system i wanted like everyone else had or the fresh cloths every week. I never got a present that i wanted beside one my first PlayStation 1 which my sister gave to me for Christmas before she past away the following year (I didn’t really know these kinds of games existed before i got one) well back to the main point Money can fulfill one’s desire DEPENDING ON THE PERSON At the moment I’m selling weed which isn’t making a lot even with my little needs i don’t have lot of options in life as i know right now my opportunities are slim and each day it seems like just another day that i haven’t been arrested, for the people who just hate drugs and object people using or selling there is nothing no one can tell me to stop i have no choice and for the people that says i do you don’t probably don’t know everyone has a different view of life i see life as a job you do it everyday feed yourself which cost money and find a way to dress yourself which money can help with that problem. This isn’t me saying how sad my life is I’m sure someone’s life is also heading this directions or have it worse but this is my story life. I have friends and i know a lot of people (most by selling sacks) people think i have it good in reality my life is hell i hate my dad we live in the same house we haven’t talked to each other for about 7 months my sister also stays with me she thinks she grown but if she so grown why doesn’t she move the fuck out (i told her that) “i can if i wanted to but you wouldn’t have nothing” I had nothing in the beginning…..i have slept in the park about over 30 times in my lifetime spent over 100 nights over at a friends house or my girls house (i haven’t had a girlfriend for a year, 2 if you count this year) why I’m saying this i can get a house WITH MONEY I CAN MOVE OUT WITH MONEY I’m currently still in high school when i turn 18 i expect myself to move out but I’m not the only one who is expecting me to move out at 18…I Wouldn’t NEED TO SELL WEED TO GET MYSELF OUT OF THIS POSITION. People need money for a lot of reasons this is my reasons who is going to give me money?
NO (seems like me just going off and complaining) well i have not complained i don’t care about getting a 400$ gaming system anymore or getting the new fresh pair of J’s (Jordan’s which are declining in quality cheaper material for more money) it would be nice to get this stuff but it looks like it will never have money to spend for fun…i do have a computer I’m not even going to say what type lets just put it like that lol i probably have it better than other people but in a world where money runs the world it makes US (New generation of adults) harder and more depressing less jobs, less jobs hiring people Life is a bitch put it like that some people have cars hoes everything they want. Money will make me happy probably not other people but money will make me the most happiest person on the world
This article forget one VERY important subject… Health!
6. The Money and Health Argument
Yes. Money can buy you the best healthcare in the world, so in case you get sick or injured you can get the very best treatment in the world.
No. Ehh… The best healthcare wont make you happy?!? I cant really come up with anything here
Ohh and one final argument to all the “No” sayers. If you dont think money wont make you happy, then how come you keep playing the lottery and the stockmarket?
Money is the most important thing in your life. Without money – you are nothing. More money and monthly income you have – more powerful you are. Only poor people convince themselves to believe that money doesn’t make them happy, just not to become upset about it. Money can buy everything, even friends. Just give someone $500 and he will become your slave. Got in prison? No problem, just give every thousand bucks to police officer, lawyer and you are free. The only problem is how not to fuck all your money in the same day, because if you’ll do that, your power will go down. I don’t know how about you, but I think that some normal person life cost about $200′000. He doesn’t worth more. Bum is not a human, so I’ll rate him as $0.
And remember, don’t give your money to someone else with no reason, for example, do not donate your money to some fucking Haiti, Nygeria or where ever it’s possible. Giving money will only make you less happy, which is completely worthless. Save every cent you have and feel how your power is growing up.
Money does not buy happiness. I say this because:
Of course, when we purchase something we are happy. But this “happiness” eventually goes away, it is short-lived.
Sure, I go to the bookstore to get that book I always wanted. Oh and then I make a trip to the electronics store to get that plasma tv. Okay..Im happy. Days later..that [same] happiness is not there anymore.
As for the “experience”, sure money is a way to create happy memories. It’s entirely subjective. I can create happy memories all the time..with or without money.
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