Money Talks: How Money Can Buy Happiness!

The International Day of Happiness has come and gone, so today we look at the ubiquitous quote that we have heard all our life. 

“Money can’t buy happiness” is an adage that has been ingrained in our culture for decades, if not more. This simple statement has baffled scientists, economists, and philosophers through the ages, and the answer to “Can money buy happiness?” always comes up contradictory. 

Like ABBA originally sang and Meryl Streep re-mastered in Mamma Mia, “Money Money Money is always funny in a rich man’s world”. Given the economy we live in and the wasteful showcase of money by the rich at every turn, we can all agree that there is more than some truth to this statement. 

It is no secret that there is a strong correlation between financial well-being and overall happiness. This blog is a small attempt to decode the statement and trying to find some answers to one of life’s biggest questions. 

Let’s explore the complex relationship between money and happiness, and how it can be a tool for a more fulfilling life. 

What is Happiness to You?

Before we jump into dissecting how money can make us happy, let us first understand what happiness is. 

Happiness means different things to different people. For some it is a cup of chai with their loved ones, for others, it’s vacationing in Europe. Then there are few for whom happiness is food on the table three times a day. What might give immense happiness to one might leave another feeling nothing. Happiness is a unique experience.

No matter what your definition of happiness is, money plays a small role in it. 

Money & Happiness: The Correlation

People struggling to make ends meet will scoff at “Money can’t buy you happiness”. Possibly because in their case, it does exactly the opposite. 

Research consistently points to a correlation between income and happiness, particularly up to a certain point. This makes sense because when you are not busy trying to earn money to spend on necessities, you have more time to enjoy what life has to offer.  It’s hard to truly feel happy when you’re constantly stressed about making ends meet.

Financial security also allows access to experiences that can increase happiness.  Consider the difference between being stuck in a dead-end job because you need the money and having the freedom to pursue a profession that matches your interests.  This sensation of control over your own life is a major driver of happiness.

Things Money Can Help You “Buy”

Now let us explore a few ways in which money can lead to a more fulfilling life. Here are some concrete ways where financial security makes a difference. 

Freedom from Stress: First and foremost, with money, you don’t have to worry about bills or unprecedented financial emergencies. It offers a safety net and allows you to focus on things that truly matter, like life. 

Time: Nope. Money can’t buy time. That is still true. It does, however, allow you to be more flexible with it. It gives you quality time with your loved ones, you can go to a cafe for food instead of working, or you know, pursue a hobby that you didn’t previously have time for. 

Health: Being healthy costs an arm, a leg, and a kidney. The healthier lifestyle we all dream of does not come cheap, whether in terms of money or time. With financial security, you get access to better healthcare, choose those expensive healthy food options, and live in an environment that can help you strive. Also, gym memberships need MONEY too!

Experiences: Financial resources offer us the freedom to have more experiences. Want to travel? Looking to learn a new skill? Need a six-month break to figure out what you want from life? Or simply clear all your debt? Money can make it all possible.

These are just a few examples of the plethora of things money can “BUY”.  The key takeaway is that financial security empowers you to invest in the aspects of life that bring you the most joy.

Money is Your Fairy Godmother

Haven’t we all wished for a magical swish that could make all our little (and big) dilemmas go away? Money is the wand that grants your wishes without a moment’s delay. 

It frees up time for your passions, allows you to just get up and leave for a romantic getaway at any time, whisks on grand experiences of life, and unlocks doors that are otherwise impossible. Simply put, financial stability brings peace of mind.

Of course, money can’t buy real happiness, but a financially secure life keeps most of life’s worries at bay. Money can be the magic touch that we might just need to finally live the life we yearn for. 

Limitations of Money

Money can get you closer to happiness but it can’t help you buy it. Studies have shown that after a limit, no amount of money matters. Chasing wealth to feel happy will ultimately leave you feeling disappointed. 

While financial security undeniably improves our well-being, it is crucial to acknowledge money’s limitations. While it can purchase experiences and reduce stress, it can’t cultivate genuine connections or a sense of purpose.  Ultimately, true happiness is rooted in meaningful relationships, meaningful pursuits, and a sense of contribution. Money acts as a facilitator on this journey, not the destination itself.

Conclusion

Money’s role in happiness can’t be denied. It’s a modern magical wand that grants you health, adventures, a stress-free life, and a way to pay all your bills. While money can’t buy every form of happiness there is, it does help afford the comforts we need to stay happy. There is happiness in being able to afford something you have always wanted. However, money does have its limits. So see money as your helpful companion who has your back. 

If happiness can truly be found in the most unlikeliest of places, why can’t money be one of them?