Money Can't Buy Happiness

Recently I cleaned out a bunch of old files and one contained money articles I had saved over the years. It was from Money magazine's October 2004 issue and dealt with people's feelings on how money contributed to their happiness. Here's what they found:

85% agreed that "Money doesn't buy happiness, but it helps."

29% said "The more money I make, the more money I find I need."

39% reported "I am sometimes frustrated that I do not have as much money as others my age."

I have two thoughts on these findings:

1. Many people think that money and happiness are correlated and to a certain extent, they are right (if you have enough money, it does eliminate some of life's headaches and makes things a bit smoother). However, as wealth grows past a reasonable/average level, it often becomes negatively correlated with happiness. In the end, money certainly can not buy happiness by itself, and if you're not happy and get a lot of money, it's likely that you'll be even less happy.

2. I think 29% of the people in this survey were honest on part #2. In reality, needs seem to creep up with income for almost everyone.

Comments

[ceo in training]

I think #2 SEEMS that way because of those 29%, a lot automatically increase their expenses. As soon as they get a raise they buy that bigger house, trade in for a newer car, etc.

[dforester]

I think of it like this: Money can buy FUN, but not HAPPINESS. Happiness is a state of being. Fun is a temporary high.

[Credit Servicer]

I agree that as you get richer, the more expenses you may incur as a result of increased spendings. However, I also believe that it is human nature to be greedy. Unless you can control that part of you, you will never have enough money or true satisfaction.