“Money can’t buy happiness” is a cliche. Really? According to research, money can boost happiness up to a particular salary level. This article explores all sides of the debate.
Does money provide happiness?
There’s a lot of research on whether money can buy happiness. Yes, it depends. Money helps. It can affect your happiness if used correctly.
It doesn’t boost our happiness as you may think. More money and possessions won’t improve your thinking or offer you joy. Money may buy time and activities that offer us joy. It’s a leading cause of worry (particularly debt stress), which can be relieved by making enough to live comfortably
Happiness you can’t buy
Money can’t purchase happiness because it’s true. More money won’t bring you happiness in all situations.
Money can’t buy happiness.
Money can’t repair a negative outlook. If you’re a glass-half-empty person without much money, your perspective may not change.
Relationships are priceless.
Relationships best predict happiness. Loved ones make us happier. Money can’t purchase that.People may want to hang out with you if you’re wealthy. They won’t be true partnerships or produce enduring bliss.
Material possessions don’t bring happiness.
When we get additional money, as a present or through a raise, we often think about buying things. These possessions don’t make us happy.
People with good clothes and automobiles aren’t always happy. Many individuals shop when they’re upset, thinking it would make them happier. It fails.
That’s true. Money doesn’t make people happy. When spent wisely, money may have a huge impact on happiness.
Money lowers tension, which increases happiness.
According to studies, money is the top stressor for Americans. It creates marital stress and divorce.
Having enough money to live comfortably and break the paycheck-to-paycheck cycle reduces stress. Less stress lets people focus on what makes them happy.
Time costs money.
Time is a priceless commodity. Money can’t purchase happiness, sure. It can buy time with loved ones.Money affects how much time we can spend with family. Someone who doesn’t make enough at their full-time job may need a second career, cutting into family time.
Rich people can work one job and take vacations to spend more time with their families.Buying time might bring some other happiness. Do you have any depleting chores? Money permits us to outsource unpleasant chores.
Experiences cost money.
Research shows that experiences are happier than things. With extra money, you may enjoy holidays, concerts, and festivals.
The memory of these occurrences lasts longer than tangible possessions and makes us happier.
Cash helps others.
With more money, you can give more. According to research, people are happier when they contribute money to others. Money lets you support your favorite causes.
What’s the magic number?
Princeton researchers studied whether money can buy happiness. Researchers questioned more than 450,000 people to find a link between mental health and money.Money does promote emotional wellbeing, but only to a point. More money brings happiness up to $75,000 per year.
Emotional health declines below $75,000. More than $75,000 a year didn’t boost happiness.This amount isn’t unexpected. The typical income needed to live comfortably in the U.S. is $67,690, according to GoBankingRates. So, someone making $75,000 per year could pay all their payments and have some left over.
Money can’t buy happiness, but it can bring it.
Both sides of the money-can-buy-happiness debate have valid points. Money doesn’t bring happiness. More stuff won’t help, either.It’s a tool, though. When used correctly, it can help you accomplish your financial goals.
Some find happiness in family time. Others like the stress relief of not being late on expenses. How you spend money determines your happiness.