Can Money Buy Happiness?

The following is an excerpt from the book DoesYour Bag Have Holes.

Some say that money is not important at all. Money is not most important in our lives, but it is important. Money enables the fulfillment of needs, the needs of others, and to fulfill life’s missions. We all have the following six needs of life and money plays a key role in fulfilling each of these needs.

1. Survival -- Food, water, clothes, and shelter are necessary to stay alive. Each of these needs cost money.

2. Security -- Our need for security can be fulfilled with money. A person who is without debt and has money set a side for emergencies will feel much more security than the person who has debt, can barely pay the bills, and has no extra funds for possible expenditures that might arise, such as car repairs or medical expenses.

3. Family and Friends -- Money can assist us in fulfilling our need for family and friends by enabling us to spend more time with them instead of having to work all the time. Money certainly matters when your children have sporting events or music recitals you have to miss because you can’t take off work due to financial obligations.

4. Personal Growth -- My son began preschool at the age of 4 and his learning and growth has been amazing to watch. It requires money each month for me to pay for his tuition. As I have taken on the challenge of writing this book, I have attended seminars and purchased books about writing and publishing to help me learn and grow. If I did not have money, these options would not have been available.

5. Charity and Service -- “Most of us would like to make a positive impact on the lives of others and on our world. If we do not feel that this is in some way happening, we tend to experience a sense of emptiness, low self-worth, futility, and sometimes even depression.” (Herb Miller, Money Is Everything, (Nashville: Discipleship Resources, 1994) p. 19) We each have been given special gifts and talents from God, which only we possess. There are specific ways in which each of us are to contribute to society. To help people discover their mission I have them answer this question, “If you had unlimited time and money, what would you do?” Before you read on, answer this question for yourself.

I believe everyone is born with a God-given mission they are to perform. Many people do not fulfill their mission because they never have the time or money to do so. These people are too busy making a living to make a difference. They work their entire lives just to meet their survival needs and then die without fulfilling their missions. Talents are not developed and utilized to improve the world because they were too busy focusing on surviving. God did not send us to earth to be born, pay the bills, and die. God sent us here for a purpose. Don’t die with your mission still in you. Leave a legacy.

6. Recreation -- Life is best enjoyed when we take time for recreation. Thomas Jefferson taught, “Leave all the afternoon for exercise and recreation, which are as necessary as . . . learning.” John Wanamaker wrote, “People who cannot find time for recreation are obliged sooner or later to find time for illness.” Recreation is a source of renewal and rejuvenation that will increase our efficiency and productivity on other tasks. One of my favorite recreational activities is golf—golf clubs and green fees come with an expense. Family vacations are a great form of recreation, which many are unable to enjoy because they don’t have the money.

Can Money Buy Happiness?

I often hear people say, “Money can’t buy happiness.” This is a bad argument. It is like saying, “Money can’t buy modesty” or “Money can’t buy wisdom.” Ultimately, these statements are true because modesty, wisdom, and happiness are not purchasable items. So it is true that money can’t buy modesty, but it can buy clothes. Money can’t buy wisdom, but it can buy books and education. Money can’t buy happiness, but it can help you fulfill your life’s needs, bringing you increased happiness. Research has shown that “financially independent people are happier than those in their same income/age cohort who are not financially secure.” (Thomas J. Stanley, William D. Danko, The Millionaire Next Door, (New York: Simon & Schuster, 1996) p. 46)

Someone once said to me, “We don’t have a lot of money, but we are happy. You have a lot of money, so remember that money can’t buy happiness.” This person was worried that my money was going to make me unhappy. I responded by saying, “I understand what you are saying, but poverty won’t buy happiness either.” Happiness is not a result of riches or poverty, and there are varying degrees of happiness. Happiness comes as needs are fulfilled and by simply making the personal decision to be happy. I was happy when I was poor, and I am still happy now that my income has increased. With increased income, I have been able to fulfill more personal and family needs, which have resulted in increased degrees of happiness.

Comments

[Richard]

Money buys piece of mind and provides you with options in life which, to me, is happiness. Money is a means to an end. Because of this economy we all need more of it. For example, my gas station rose it's price of regular 20 cents in 4 days.

[MrAtoZ]

Certainly having money (or wealth or financial resources or income - however "money" is defined) provides no assurance of happiness, but it's well demonstrated that the lack of it is much more directly correlated to unhappiness. So if one were to choose a bias, based on the pursuit of happiness, the safe bet is having money, and not being impecunious.

[Rhea]

It goes without saying that one needs money to survive (and thrive) in this world. Money will keep the wolf from the door, and more.

["Mo" Money]

Money is no different that other inanimate objects, it's whoever controls it that make it either "good" or "bad", "happy" or "unhappy"

[Anonymous]

The one piece of wisdom I've heard from places is that money doesn't buy happiness, but it buys the most valuable resource of all: time. And time and effort are what are often needed to bring happiness. So money most definitely has value, because it is convertible to something that always has real value.

Money is the lubricant of life. With it - everything becomes a little easier...

[Melanie]

Good post--and Richard, you're right, lack of money has been correlated with unhappiness, but this tends to level out once basic needs are met and a small amount over that to provide for some 'comfort.' But once that level is met, the correlation of increased riches and increased happiness are not direct any more. (I think I read about this study in 'your money or your life' by Joe Dominguez and Vicki Robin.)

I think it's a mindset picture--people think money can buy happiness because their lack of (or bad management of) their own money seems to be their main problem. Therefore, it would follow that if only I had more money, I would be happy. And more money than that, more happiness, right?

But studies have shown over and again that big lottery winners often lose everything--and more than they started with, such as family relationships, etc. It's much more about our relationship with money-- is it the answer to all my problems? If I believe that when I am poor, I will still believe that when I'm wealthy-- and then I will find out that the problem was my attitude and mindset in the first place.

[Dr. Artfredo C. Abella Ph.D - Riverside, California]

If money can't buy happiness then I do not know what poverty can buy is always what saying goes.