Can Money Buy Happiness? – Newspaper punch
It is an age-old debate whether indeed money can buy happiness or not. While humans are still in a race for more money, one school of thought believes that money cannot buy happiness.
A 2017 Gallup poll published by the Proceedings of National Academy of Science in the United States of America, included people from around the world. The survey results indicate that emotional well-being can be achieved when a person earns between $ 60,000 and $ 75,000, adding that satiety can occur when a person earns around $ 95,000.
In another 2010 research from the same organization, 450,000 respondents suggested that earning an income of up to $ 75,000 a year could make a person more satisfied with their life. This investigation only included people in the United States.
However, in a recent study, more than 1,000 UBC graduate students performed an assessment measuring whether they valued time over money or money over time. time. The majority of students reported prioritizing time, but not by much. Almost 40 percent said they put money first.
The result was the same in a 2010 study by economist and psychologist Daniel Kahneman, which found that when it comes to wealth, a person’s satisfaction with their life no longer increases after around $ 75,000. per year. At this point, most people are better able to deal with major life stressors such as poor health, relationships or loneliness than if they were earning less or below the poverty line.
Commenting on the matter, psychology professor Oni Fagboungbe said money is important for exchange but cannot necessarily buy happiness.
He said, “For example, a young man who desires money and then gets the money but used it to lead a life that destroyed him, for such a person money has not got him.” brought happiness. Money is a means to an end. It depends on how you use it. If you use it in a functional and judicious way, it can bring happiness. If it is used otherwise, it can bring sadness. It plays a double role.
Oni said that the reason people thought or assumed that money could buy happiness was the pursuit of its value and not necessarily because one had money.
He said, âOne of the attributes of money is that if you don’t have it, you won’t be happy. You would be sad, which is why you find people who do a lot of things to make money. But when you’ve made money, it’s what earns you that matters. Which trend this brings you depends on how you use the money. If you use the money well, you will be happy and vice versa.
âMoney is a medium of exchange. People use the money to earn other things. You use it to get other benefits. That’s why people want to get it by all means.
âFor example, some students who were involved in internet fraud before the COVID-19 lockdown and teachers’ strike last year, drove from Ile-Ife, Osun State to Lagos and ended up under a parked trailer and died in the process. Are we going to say that money made them happy?
Fagboungbe, however, said that without money there can be no happiness, adding that money is a way to buy necessary things.
The reason money demonstrably increases happiness levels to a point is that it takes a certain salary to feel financially secure.
Having enough money means not worrying about shopping for groceries, going out to eat, or paying rent. Remembering and appreciating the fact that one is free to buy things, however, will make one happier once it has settled down as a normal amount of one’s finances.
Basically, having enough money to buy basic necessities will undoubtedly increase his level of happiness.
If you are thinking about how to spend money to achieve happiness, Harvard Business Review recommends the following ways.
Spend on experiences, not things
In a survey of loan seekers, it was found that over 80% of people under the age of 30 said they were more happy to buy experiences – such as trips, concerts or special meals. – than by buying material things, such as gadgets or clothes. (Sixty-five percent of respondents were Generation Z or Generation Y.)
Still, it’s easy to get caught up in buying material things, in part because they’re easy to compare. A lady was perfectly satisfied with her iPhone 8, until she received an SMS offering her a brand new iPhone 11. (No less money!), Unconsciously awaiting its disappearance. This behavior is not uncommon. Research shows that when a desirable upgrade becomes available, people often become careless with their existing products. The fact that material things are easy to compare helps explain why they are often unsatisfactory. After all, even the iPhone 11 might not look so good next to the iPhone 11 Max Pro. On the other hand, the experiences are not so easy to compare.
It can be difficult to find the time for special experiences, especially for those who are juggling multiple responsibilities. But the gig economy has made it easier and more affordable for many people to purchase free time.
Spending money on time-saving services may seem lenient given the current economic climate. But a study published in 2017, showed that 60 working adults received $ 40 to spend on a time-saving purchase on a weekend. Another weekend, the same people were given an additional $ 40 to spend on a material thing. Compared to buying a material thing, buying time made people feel more positive moods and reduced their sense of time pressure. Yet when other working adults were asked how they would spend a $ 40 bargain, only two percent planned to make a purchase to save time.
Invest in others
Try this experiment on yourself: Take the money and use it for someone else’s benefit today. You can send a small gift to a friend, help a cash-strapped stranger at the grocery store, or donate to a charity close to your heart. While it can be tempting to spend money on yourself, a decade of research shows that you are more likely to derive happiness by spending it on someone else. In fact, even people who struggle to meet their own basic needs exhibit that “warm glow” in giving to others.
But that doesn’t mean that giving always makes everyone happy. Instead, it matters how and why you give. It is important that you feel that your decision to donate is made freely – that it is something you choose to do, not something that you feel compelled to do by an arrogant colleague who asks for another donation from. the cause of his pet. Look for opportunities that will allow you to see how your generosity is making a difference to a person or cause you really care about. And you can start small. Research shows that even giving a few dollars can improve your mood.
Other ways to increase happiness
Money might not buy happiness, but there are some things you can do to try and increase happiness. Consider the following:
Write what you’re grateful for
Literally, counting your blessings can help you feel more positive. Instead of thinking about what you don’t have, think about what you have.
Clear your mind and focus on your inner self rather than your possessions. Focus on who you are versus what you own.
Exercise can help increase endorphins, which can lead to short-term happiness. Exercise can also help you feel more confident or comfortable in your own skin. ,,
Sources; Healthline.com, pnas.org, hbr.org, psychology.unl.edu,