Does Money Buy Happiness? | Our Community

The current economic crisis in the USA points out glaring gaps in financial wellbeing -- among working people and the wealthy elite, as well as between the poor minorities and mainstream white population.

As we consider strategies to close the gaps in education, careers, and wealth -- the outcome is expressed in a key question:
Will money buy happiness?

Ask almost anyone this question, and the knee-jerk answer is almost always "No!" However, our behavior often tells a different story. Look at the news headlines, "how to" books, MLM programs, and endless invitations to try new "wealth strategies" that offer the promise of happiness. The large response to these offers show just how far people are willing to go to get more money.

"They say money can't buy happiness. They're wrong. At least up to a point." People's emotional well-being - happiness - increases along with their income up to about $75,000, according to the Proceedings of the National Academy of Sciences, as reported by the Huffington Post.

For folks making less than that, said Angus Deaton, an economist at the Center for Health and Wellbeing at Princeton University, "Stuff is so in your face it's hard to be happy. It interferes with your enjoyment."

Happiness got better as income rose but the effect leveled out at $75,000, Deaton said. On the other hand, their overall sense of success or well-being continued to rise as their earnings grew beyond that point.

"At what point does our interest in money go too far?" When we come to see money as the measure of all things; when we start to believe that money can buy happiness, says FiscalGeek staff writer: Kevin Mercadante.

Money has it’s place, and it’s important to be sure. But so is the realization of it’s limits. Like our talents, skills, and contacts, money is a tool that can be used to make our lives better. However, true happiness is found in areas of our lives that often have little to do with money.

What are some things money truly can’t buy?
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 -- Health, Friendship, Fulfilling Work, True Independence.

What do you think? Do you need a lot of money to be happy? Share you answer and comments below.

Roger Madison,

CEO, iZania LLC