In the movie The Pursuit of Happyness, there was a direct correlation between money and happiness. The triumphant true story is based on Chris Gardner’s life. Will Smith stars in this heartfelt movie about one man’s determination to rise above poverty and homelessness to achieve success. In the end, Chris Gardner builds wealth and finds what he deems to be “happyness”.
Does Money Buy Happiness? According to a new study conducted by Princeton University’s Woodrow Wilson School money can buy you happiness. The study found people’s level of happiness improved based on their income rising up to $75,000.
For folks making less than that, said Angus Deaton, an economist at the Center for Health and Wellbeing at Princeton University, “Stuff is so in your face it’s hard to be happy. It interferes with your enjoyment.”
“Giving people more income beyond 75K is not going to do much for their daily mood … but it is going to make them feel they have a better life,” Deaton said in an interview.
I agree that money buys you happiness up to a certain point; because of the things (e.g. food, shelter) money provides you. However, I don’t think Money = Happiness. In other words, having money does not necessarily mean you’re happy.
It’s interesting to see the $75,000 level for money and happiness. If we looked a little closer at the group making more than $75,000, I wonder if we’d find any truth to the saying “more money, more problems.”
What do you think? Does money buy happiness?
Need some inspiration? Check out The Pursuit of Happyness movie trailer:
Nice article. Money buying happiness is truly relative to the individual and the circumstances. If I had an income of 75K I can honestly say that my life would drastically improve for the better. I guess you can say I would be happier because I know that certain things would now become irrelevant (car note, student loan payment, credit card payments, etc). Financial stability opens the doors to many positive life changes not to mention improved mental health and an overall feeling of freedom.
Of course not, 2 many people base their everything on money, yes u need it 2 exist & live well & as a whole necessary, but most put money ahead of everything else ! Ur happiness comes from within & who u surround urself with. (Family & real friends) Ur financial situation definitely is a must but shouldn’t be glorified like most people do
No but it will fix a lot of problems.
Money does have diminishing marginal returns, but no one EVER wants less!
@Stacy – Thanks Stacy! Well said, especially your point on it being based on the individual and circumstances. Because there are people who make well over 75k who still struggle and find themselves living paycheck to paycheck (high car note, student loans over 100k and high credit card debt) with all of the stress that comes along with it. You know what they say, “it’s not how much you make, but how you spend it.”
However, for those with wise money habits – it definitely gives you more security and stability.
@James – Now you know I agree with you that people come first. “For the love of money is the root of all evil.” 1 Timothy 6:10.
Thank you both for taking the time to share your thoughts!
@Zach – Yes, it definitely can do that.
@Ron – Thanks for checking out the Gain Money Control Blog! You’re right the only time I can recall someone wanting less was in the movie – Brewster’s Millions 🙂