Can Money Buy Happiness? Here’s What Science Says

Oh, the age-old question: Can money buy happiness?

Drumroll, please! Yes, indeed it can. But wait, don’t break out the confetti just yet. The answer might be a bit more complicated than a simple “Cha-ching equals bliss.”

At the end of the day, who doesn’t crave a life full of laughter, epic escapades, and top-notch connections? Many see money, as the key to unlocking that picture-perfect existence.

Oh, naturally, if your nightly routine involves a gourmet dinner of air and dreams, having the power to buy actual food is a game-changer. But hey, let’s face it, if you’re reading this, you’re probably part of the “not-facing-the-starvation-struggle” club.

Lucky you!

Now, you may be cruising at a cool $50,000, but what if you hit the turbo button and skyrocket to $75,000 or even $100,000? Will that be the ticket to happiness?

In my years as a financial advisor, I’ve witnessed both wealthy individuals experiencing misery and less affluent folks finding happiness.

But what about science?

According to a 2010 study conducted by Kahnmann, a brainiac who bagged a Nobel Prize in economics and psychology, here’s the scoop: money does buy happiness, but the joyride plateaus beyond an annual income of $75,000. So, don’t expect emotional fireworks if you’re swimming in cash like Scrooge McDuck!

Once you hit $75,000, you can buy a home, raise a mini-you (or a few), secure insurance, a safe car, nutrient-rich food, and sprinkle in the occasional vacation — money is not throwing shade here.

Of course, the catch is where you hang your hat; because let’s face it, some corners of the world are more budget-friendly than others. For example, I’m from Scandinavia. Here a simple croissant and caffe latte set you back a whopping $11.

Ouch!

The study also suggests, that increased income tends to bring greater happiness, particularly for lower-income households. However, as you get closer to the $75,000 mark, the link between happiness and money grows slower.

Now, the big question: Does dough automatically translate to joy?

If you’re grinding your own ass off seven days a week at a shitty job just to hit that $75,000 goal, that doesn’t exactly sound like “living the dream”.

I used to juggle between three jobs — two of which I hated. Even though I made good money, I wasn’t happy.

Happiness doesn’t just come from money; it’s about who we become and what we accomplish along the way:

Having a goal to earn more, or to grow your net worth gives everyday purpose.
Reaching or getting closer to your goals provides motivation and excitement in your life.
Money brings freedom, letting you live life more on your own terms.
Accomplishing your goals boosts pride and confidence.

And here’s the cherry on top: Along your money-making journey, you’ll bump into incredible people and form positive relationships.

Remember: Money can only buy happiness if you’re rocking out and having a blast along the way.

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Let me know your thoughts on this subject in a comment.

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This post was previously published on medium.com.

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From The Good Men Project on Medium

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