10 Sep Can Money Buy You Happiness? Yes it can.
There’s the age old saying, “Money can’t buy you happiness” – but whoever said that probably didn’t have any money.
My grandma used to LOVE this phrase, but she and my grandfather were poor and she used it to justify her financial position.
The truth is that while money can’t suddenly make you happy, it can certainly improve your quality of life and therefore improve your chances of being happy.
For instance, let’s imagine you win some money on online betting sites, or perhaps you play the lottery and score big. Just think of what you could do with that money:
You could use it to invest in a business you’ve always dreamed of doing, such as starting your own coffee shop or launching your own product. Perhaps you’d buy your first house or go on that round-the-world trip you’ve always fancied booking. The financial boost from a windfall like that can allow you to build a better future, and therefore a happier life.
One of my relatives once won money with sports betting. He won money playing something we call “the pools” here in the UK, which is basically a betting pool based on predicting the outcome of football matches. Lucky for him, he won big, and used that money to buy a house and make life for his family more comfortable. Since he spent his money wisely, it greatly improved his life.
If you have debts, you could use the money to pay off what you owe, and therefore significantly reduce your anxiety levels. Money trouble is one of the number one causes of suicides, and there’s no doubt that debt problems greatly increase your chances of becoming depressed.
At one point in my life I had around £13,000 in debt across various loans and credit cards, which gave me sleepless nights worrying about how I was going to pay it all off. After taking on a new job, adopting a “snowball” strategy and living frugally for a year, I finally managed to become debt free, and now that I have more money, I would say I worry less than I did several years ago. Money brings security, which brings less stress.
A new scientific study shows that it really depends what you spend your money on. If you use your money on possessions then it’s not likely to make you happier, but if you spend your money on creating free time – for example paying for a cleaner – it can actually improve your overall wellbeing.
There’s one thing that money will never be able to buy. If you’re diagnosed with terminal cancer then no money in the world will be able to make you better. But, what it can do is afford better treatment and a more comfortable experience for your last days on earth.
Of course, happiness is a state of mind. It also comes from other things, like family, friends, love. You can be a billionaire and still feel lonely because you haven’t found a partner. You could receive an inheritance but feel like you yourself never earned success.
But on the whole, money can buy happiness because when you have it, you don’t have to worry about money anymore. If I lose my favourite sweater and I have money, I can buy a new one. If my car gets a dent in it, I can just get it fixed. If I’m out for dinner with friends, I don’t have to think about whether I can afford to order an extra cocktail.
You could argue that happiness boils down to the memories we share with others, and if you have money, you can afford to go travelling with your friends.
Having money takes the stress out of life and therefore I would argue, yes it can buy happiness.