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Money DOES Make Us Happy
By coloryou | October 8, 2008
It’s very upsetting to people who are struggling financially to hear people with money say “Money can’t buy happiness.”
People who are barely making ends meet are absolutely sure that they would be happy if they could easily pay all their bills, send their kids to school, perhaps with a little left to buy a new shirt and go to the movies. Best of all, they could get a good, stress-free night’s sleep.
And they are right. More money will make any of us happy, especially if we could suddenly pay all our bills with ease.
But what happens? Why can’t we sustain this exhiliration we feel when we win the lottery, get a raise, see our stock earnings shoot through the roof, see our business become prosperous?
Are you ready for the answers?
1. We get used to the money. (Think about how your current income compares to your first salary.)
2. We keep comparing ourselves to the people we perceive as having more.
3. If we haven’t mastered money management, we live beyond our means again.
We’re happy if we believe we’re at the top of the heap. Our happiness begins to wane the minute we compare ourselves to the folks above us who have 10 times more. (And there’ll always be people with more.)
On a television show last night, for example, millionaires were interviewed and asked to talk about how rich they considered themselves to be.
One woman with ten million dollars socked away said that when she talks to billionaires and observes the lifestyle they enjoy, she doesn’t feel rich at all. (Of course she can always make herself feel better by looking behind her and see the masses who are struggling on 5-figure incomes.)
And she’s not alone. There are so many others, like her, who are millionaires but don’t feel rich. She’s part of a growing group of millionaires who earned their wealth rather than inherited it. They form a new economic category: middle-class millionaires.
According to Market Watch 7.6% of American households (8.4 million households) are middle-class millionaires and these are the wealthy who continue to work an average of 70 hours a week.
I’ve always hoped that when I amass millions I would continue to live a moderately modest lifestyle, but I also hope that I won’t tie my happiness to the fact that there are others richer than I am.
That throws us into a game we can never win.
In a workshop at the World Economic Forum in Davos, this question was posed:
If getting rich makes us happy, then why don’t countries as a whole get happier as they grow wealthier?
They discovered that as a country gets wealthier there’s no overall increase in happines.
Why?
We continually compare our wealth against that of others. We are competitive and envious. Add to that the fact that Western countries encourage people to strive for more and more, and you have a formula that spins many into depression.
So, it’s true. Money will make us happy at least for a while, at least on a superficial level. It’s like we felt as kids if we had a double scoop ice cream cone but our playmate only had a single scoop.
“Nah, nah, nah, nah, nah, nah, I’ve got more than you do.”
But you know what happened. Along comes the kid from down the block with a triple scoop and you just didn’t feel as happy any more.
All of this has made me reconsider my goals. I’ve decided to shoot for a billion dollars. Being a millionaire would just land me in another middle class.
What do you think?
Topics: Happiness, Life choices, Source of happiness, Winning money, middle-class millionaires, money and happiness |
October 8th, 2008 at 7:11 pm
I’m all the way behind you in your dream to be a billionaire! Why not? If you want to dream, you may as well dream BIG!
October 8th, 2008 at 7:39 pm
Hi Evelyn,
Great! I’m glad you’re behind me, but why don’t you join me. That way it won’t be lonely at the top.
Smile,
Flora
October 19th, 2008 at 3:49 pm
Great article!! I am going to get all my friends to read this.
Hugh
October 19th, 2008 at 6:01 pm
Hugh,
I’m delighted that you’ll tell your friends about this article.
Thanks.
October 20th, 2008 at 3:24 am
[...] Stop competing. Forget about the Jones’ altogether. – “If getting rich makes us happy, then why don’t countries as a whole get happier as they grow wealthier? They discovered that as a country gets wealthier there’s no overall increase in happiness. Why? We continually compare our wealth against that of others. We are competitive and envious. Add to that the fact that Western countries encourage people to strive for more and more, and you have a formula that spins many into depression.” – via Color Your Life Happy [...]
October 20th, 2008 at 4:34 pm
[...] Stop competing. Forget about the Jones’ altogether. – “If getting rich makes us happy, then why don’t countries as a whole get happier as they grow wealthier? They discovered that as a country gets wealthier there’s no overall increase in happiness. Why? We continually compare our wealth against that of others. We are competitive and envious. Add to that the fact that Western countries encourage people to strive for more and more, and you have a formula that spins many into depression.” – via Color Your Life Happy [...]
October 23rd, 2008 at 8:25 pm
[...] Stop competing. Forget about the Jones’ altogether. – “If getting rich makes us happy, then why don’t countries as a whole get happier as they grow wealthier? They discovered that as a country gets wealthier there’s no overall increase in happiness. Why? We continually compare our wealth against that of others. We are competitive and envious. Add to that the fact that Western countries encourage people to strive for more and more, and you have a formula that spins many into depression.” – via Color Your Life Happy [...]