Just this week in the United States, two massive lotteries exceeded 600 million dollars, prompting millions to hop state borders and buy tickets. Lottery retailers had long lines of hopeful people, all dreaming that their lives would be instantly transformed overnight.
The age-old question—can money buy happiness?—is one that may be pondered for the entirety of civilized existence. Most people recognize that while money cannot truly “buy” happiness, it can make life significantly easier and less stressful, which can certainly enhance one’s quality of life. But does this necessarily mean greater happiness? Many millionaires and celebrities who seem to have everything often turn to drugs, alcohol, or even suicide to escape their unhappiness. The happiest people you know aren’t necessarily the richest. While having more money can present its share of problems, it has no direct effect on the happiness inherent in every living soul. Just look at your favorite canine—without a penny to their name, and with nothing but the fur on their back, they certainly don’t equate money with happiness.
For many, the accumulation of money and material possessions represents success. Thus, having more seems to boost self-esteem and ego, making a person feel more accomplished. Many believe that feeling more successful, even if only perceived, correlates with increased happiness. The problem is that emotions and feelings stem from a part of the brain with no real material connection. Money can be a tool for happiness, but it is not necessarily a guaranteed path to it.
In the 1970s, a study known as the Easterlin Paradox demonstrated that having more money does not necessarily increase a person’s sense of well-being. The theory suggested that once basic needs—such as food, shelter, and clothing—are met, an increase in income does not correspond with increased happiness.
Additionally, a study by Fortune Magazine showed that as people reached a certain income level, it took increasingly more money to enhance their feelings of well-being. This aligns with the idea that the ultra-wealthy aren’t necessarily happier than those scraping by week to week on paychecks. In “The Science of Getting Rich,” written in the early 1900s, the author argues that desire and passion for continuous improvement, rather than money itself, are the keys to happiness.
Princeton University conducted a study to see if money could buy happiness. The findings indicated that daily happiness—general satisfaction with life—is indeed related to earning enough money to meet day-to-day needs. However, deeper happiness, at a spiritual and emotional level, is more closely tied to gratitude, family life, and general life satisfaction unrelated to financial gains.
Unfortunately, many people believe that money will lead them to happiness. Inherent in human nature is a desire to keep up with the Joneses, and when people feel they can do so, they feel more content. Yet this sense of contentment does not necessarily equate to true happiness.
At some point, each of us must find a place in life where we feel accomplished and successful. We also need to learn to appreciate the things and people we have in our lives and find happiness within ourselves—before money can enhance our emotional well-being. Yes, there’s no doubt that money can ease life’s challenges, and when we experience an easier life, we may enjoy more day-to-day happiness. Yet overall, happiness is a way of life—not defined by material possessions. In fact, according to some philosophies, the constant desire for more can blind us to what we already have, detracting from our overall happiness.
That being said, there isn’t a single person reading this who wouldn’t feel ecstatic to win a 600 million dollar lottery. We could all find a little more joy in discovering a $100 bill on the ground or waking up to find extra thousands in our bank accounts. Yet if we hinge all our happiness on monetary things, chances are we will never truly live an abundant life filled with happiness, constantly feeling a sense of lack. The choice is yours.
