by Dr. Charles Alonzo Peters,
I used to cringe when people said “money can’t buy happiness”. Obviously these people had never been poor – not known what it’s like trying to put food on the table, keep the electricity on, or prevent the bank from repossessing the car.
When you don’t have much, money can buy a whole lot of happiness.
I recently came across perhaps a more accurate statement. Money can buy happiness up to a certain point. According to a recent Princeton University study, money can improve your sense of happiness if you make under $75,000 a year. But regardless of how much more money you make over $75,000 you won’t realize a greater degree of happiness.
Intuitively this makes sense. Once you have a certain level of income you don’t have to deal with the stresses and struggles of money issues – keeping a roof overhead, making sure there’s food on the table.
Research published in the August 2010 issue of Psychological Science suggests that increasing wealth actually makes it more difficult to enjoy the small pleasures of life. As we become wealthier, we may experience an ever increasing need to buy more and more to get enjoyment out of our purchases. This explains why the rich are seemingly always buying ever bigger yachts, cars, and homes.
What have researchers found that can increase happiness? According to experts, developing deep relationships and ties with family, friends, and community is one of the surest ways to happiness.
A deep meaningful relationship with your spouse and kids, or a powerful connection with your Church family may bring you more happiness than that new Lexus. Another key to happiness according to the experts – giving back to others and having a sense of belonging to something larger than yourself.
So when you make it big time (make over $75,000 a year), it may make sense to invest in relationships and helping others rather than buying that larger home or car.
So BMWK family what do you think? Does money buy happiness? How much would you need in order to feel “happy”? Do you feel relationships and serving others can bring you more happiness than purchasing things?
reefinyateef says
The 75k number is fair when talking about the day the day necessities of keeping a house together, but I think the number is low when it comes to enjoy life. Having the security of more savings / investments to travel and have a nice sized emergency fund brings a nice blanket of security, which is happiness to me.
Bear in mind that I’ve lived in east coast cities for my while life, so my cost of living might be out of wack for the rest of the country.
Aja Dorsey Jackson says
Money can buy peace of mind which feels a lot like happiness to me. It can’t buy happiness if you are generally unhappy. But if you are unhappy because you’re constantly worried about how you’re going to pay bills or put food on the table, not having to stress about those things can make you feel a lot happier. I think “money can’t buy happiness” is something broke people say to feel better about life.
Brandi V says
Money can pay off unhappiness that is caused by the inability or difficulty associated with funding basic needs — shelter, food, and clothing — for yourself and family.
I think the $75,000 number has to be placed in the context of overall expenses against that figure.
Having the stress and anxiety of how to pay the bills removed from your mind and spirit gives you the opportunity to explore what your definition of happiness truly is and to place your focus on those elements that fit that definition.
When money is tight and the wolf is at the door, an infusion of cash will relieve your stress and put a smile and ‘Thank you, Jesus’ on your lips. Knowing that your family is safe; that you have friends you can turn to and lean on; and that there are people in the world who you can call for a laugh, cry, or a sympathetic ear (or a loan when your money gets downright ‘hilarious’) is like a warm blanket that is always at hand.
Moneymonk says
I think $100,000 is efficient. After taxes you will take home about $75,000 you still have enough to save for upcoming expenses, save for kids college, invest in retirement, give, pay bills and still have an amount left over for discretionary use.
Money buys Peace and tranquility. Money buys time, less arguments
$100,000 was always my goal.
Donielle Michele says
Money ABSOLUTELY DOES NOT buy happiness. Well let me rephrase that. Money can buy happiness since both money and happiness are temporary superficial things. Happiness (or to be happy) is based on your happenings. It is the most superficial type of joy. Joy, on the other hand is deep down and a faith that God will provide no matter what. You can be struggling with bills and still have great joy in your life. Have you ever heard the term “more money more problems?” People put too much emphasis on money and how much is enough. If money bought some kind of “happiness” worth having, then these “rich” people wouldn’t be committing suicide, getting locked up and sleeping with A,B,C and D. We all need to concentrate on centering our lives around God and welcoming pure joy, not happiness, into our lives. Money can be gone in an instant and so there goes your happiness. I would never want to base my life and joy on dollar bills. Even a millionaire has problems with bills. Technically it’s not even about what you make. It’s about your debt to income ratio. You can make $500,000 and your bills can exceed that amount thus leaving you poor but technically rich.
Roger Madison says
I agree with Dr. Peters. Those who say money cannot buy happiness have either never been poor, or never been happy.
W.C. Fields said, “I’ve been poor; I’ve been rich. Rich is better.”
I am personally guided by the following from the Apostle Paul:
Philippians 4:12, 13
“I know what it is to be in need, and I know what it is to have plenty. I have learned the secret of being content in any and every situation, whether well fed or hungry, whether living in plenty or in want. I can do everything through him who gives me strength.”
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