There have been many debates about money buying love. I can’t say money can or cannot buy love now, but let’s see this is a more comprehensive way. There are two sets of people in the world and I like to link them up in this way.
People who have money, power, and wealth
People who are happy, loved, and healthy
This can be missed together. There are Happy wealthy people and there are healthy, wealthy people but I am putting this in versus. Now here is the question:
Is happiness related to having money or wealth?
Then do you think that money can’t buy love?
Well, I have seen dirty people around this side of the world but look pretty happy and this is because of the environment and family they have. And I have seen wealthy people who are not happy. Contentment has a lot to do with happiness. The more you aim for something, the more it makes you miserable if you can’t get it.
Grant E, Donnelly and Michael Norton did a research at the Harvard Business School on 4,000 millionaires. They found out that people worth $10million are happier than those in their $1 to $2million. Also, people that made the millions themselves are happier than those that inherited or married into the money.
Then they mention the law of diminishing returns
“The relationship between money and happiness has been studied for decades, and typically shows that money matters for well-being, but with diminishing returns: the difference in happiness between people with incomes of $50,000 and $75,000 is larger, for example than between people with incomes of $75,000 and $100,000. The more we have of it, it seems, the more money wears off.”
So in all of this, how much money is enough and how much do you need to be happy?
This solely depends on where you live and the cost of living. If all you need in a month to live comfortably is $10,000, this means you have to earn at least $120,000 a year. When the living is met, being happy is left to you and based on your measure of gratitude.
The reason someone will be poor and happy is family and well-being. The people that surround them love them. Money cannot buy love, but when there is love, “more money” is not needed.
There is another study that shows that the richer we get, the more attention we give to making more money and this might change the mind from normal life satisfaction and gratitude.
From a personal perspective, we are all happy when we can cover our basic needs. However, the more money we make, the more needs we create. That is why when you make $500 monthly, you could live and now you make $5000, but you still feel it isn’t enough. Aside from the inflation and money devaluation. The Denis Diderot effect follows the money. The more we have, the more expansion in the things we do and they all have to complement themselves.
Happiness is all about gratitude.
Never prioritize money over your happiness. Making money won't make you happy. Without any true meaning in our lives every other thing is vanity, and making money cannot be your goal in life. As stated in the post, there is a diminishing return when it comes to making more money. So choose happiness and you can find that in the simplest things--family, friends, etc
Absolutely! Money is essential but not the ultimate.
Also, people that made the millions themselves are happier than those that inherited or married into the money.- great line !1UPThank you!
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