can money buy happiness essay brainly

Can Money Buy You Happiness? Essay

• To find inspiration for your paper and overcome writer’s block
• As a source of information (ensure proper referencing)
• As a template for you assignment

I believe that money can buy a person happiness due to several reasons related to the costs of comfortable and healthy living. These costs include housing, medicine, and meaningful experience, which improve the quality of life. Despite the fact that luxury is often seen as an attractive point in favor of happiness via increased budget or spending, it is not necessary for well-being. Some researchers propose that happiness is dependent on the living standards and the perception of living circumstances, this is a theory of comparison (Muresan et al.). On the other hand, it is also possible to perceive happiness as the satisfaction of personal needs (Muresan et al.). Nevertheless, multiple factors are crucial to form a happy life which need to be reviewed in detail.

First of all, given that happiness is related to the satisfaction of personal needs, there is also a need to consider the essential need of human life such as housing, medicine, and food. These expenditures are continuous throughout human life. In order to be healthy, one needs medication and medical expertise to ensure long life without illnesses. Electricity and water bills need to be paid to ensure comfortable life at home, which includes cleanness, cooking, and entertainment in the form of TV programs or the Internet. Moreover, technological development led to the digitalization of numerous jobs and created the opportunity to interact with anyone despite the distance. This is essential because, without a job, there’s no source of income to pay the described bills, and connection with family and friends is known to improve life satisfaction and address humans’ social needs.

Other personal needs are often related to the purchase of things and meaningful or memorable experiences. It is well-known that a good experience may improve a person’s mood, resulting in satisfaction with life (Mogilner et al.). These experiences vary due to human individuality but are often connected to romance, socialization, personal development. Romance refers to the maintenance of a romantic relationship with a loved person. This indirectly incurs additional costs such as future marriage organization, dates, and small gifts, which contribute to the improvement of the mood. It is widely accepted that personal development leads to satisfaction with one-self. Personal development is related to the acquisition of new skills and broadening of one’s horizon or accumulation of knowledge. The services of trainers and teachers coupled with the purchase of books are not free and considered as spending outside of basic living needs. Furthermore, buying time or expenditures to free oneself from daily chores or unmeaningful but necessary tasks contribute to personal well-being (Mogilner et al.). Numerous researchers found that money spent on buying time alleviates time stress, and people who utilize these services feel happier (Mogilner et al.).

Living standards vary from country to country due to the differences in economic conditions. Consequently, higher living standards refer to higher costs for basic needs. The theory of comparison suggests that an increase in a personal income would not lead to a significant increase in happiness, given that the income of others would similarly increase. Nevertheless, studies identified that a certain threshold exists after which the effect of income on happiness is significantly reduced. For example, in the US, it is equal to 75 000$ (Mogilner et al.), while in Europe, it is close to 35 000$ (Muresan et al.). This demonstrates that an excessive increase in income is not necessary for well-being. Simultaneously, it points to the fact that below this threshold, people are not as satisfied with life and happy as they could have been.

In conclusion, money can buy happiness but only if spent correctly. The correct spending of money involves improvement and maintenance of life via memorable experiences, meaningful things, and satisfaction of basic needs. Moreover, it is not necessary to have an excessive amount of money certain threshold exists, which demonstrates that money cannot amount to complete happiness but attributes to its significant portion.

Works Cited

Mogilner, C., Whillans, A., & Norton, M. I. “Time, money, and subjective well-being.” Handbook of well-being. Edited by E. Diener, S. Oishi, & L. Tay, DEF Publishers, 2018.

Muresan, Gabriela Mihaela, et al. “Can Money Buy Happiness? Evidence for European Countries.” Applied Research in Quality of Life , vol. 15, no. 4, 2019, pp. 953–970. Web.

• Memorable Moments Company's Marketing Communication Plan
• The Research on Adolescent Romance
• Exercise Physiology: Anaerobic Threshold
• Why We Should Encourage People to Use and Value Traditional Lifestyles
• Lifestyle Action Plan and Self-Discipline
• The Prospects of an Overseas Assignment
• The Importance of Finding Oneself to Be Happy
• Relations Between Oral Histories and Lifestyles in Canada
• Chicago (A-D)
• Chicago (N-B)

IvyPanda. (2022, August 14). Can Money Buy You Happiness? https://ivypanda.com/essays/can-money-buy-you-happiness/

"Can Money Buy You Happiness?" IvyPanda , 14 Aug. 2022, ivypanda.com/essays/can-money-buy-you-happiness/.

IvyPanda . (2022) 'Can Money Buy You Happiness'. 14 August.

IvyPanda . 2022. "Can Money Buy You Happiness?" August 14, 2022. https://ivypanda.com/essays/can-money-buy-you-happiness/.

1. IvyPanda . "Can Money Buy You Happiness?" August 14, 2022. https://ivypanda.com/essays/can-money-buy-you-happiness/.

Bibliography

IvyPanda . "Can Money Buy You Happiness?" August 14, 2022. https://ivypanda.com/essays/can-money-buy-you-happiness/.

More Proof That Money Can Buy Happiness (or a Life with Less Stress)

When we wonder whether money can buy happiness, we may consider the luxuries it provides, like expensive dinners and lavish vacations. But cash is key in another important way: It helps people avoid many of the day-to-day hassles that cause stress, new research shows.

Money can provide calm and control, allowing us to buy our way out of unforeseen bumps in the road, whether it’s a small nuisance, like dodging a rainstorm by ordering up an Uber, or a bigger worry, like handling an unexpected hospital bill, says Harvard Business School professor Jon Jachimowicz.

“If we only focus on the happiness that money can bring, I think we are missing something,” says Jachimowicz, an assistant professor of business administration in the Organizational Behavior Unit at HBS. “We also need to think about all of the worries that it can free us from.”

The idea that money can reduce stress in everyday life and make people happier impacts not only the poor, but also more affluent Americans living at the edge of their means in a bumpy economy. Indeed, in 2019, one in every four Americans faced financial scarcity, according to the Board of Governors of the Federal Reserve System. The findings are particularly important now, as inflation eats into the ability of many Americans to afford basic necessities like food and gas, and COVID-19 continues to disrupt the job market.

Buying less stress

The inspiration for researching how money alleviates hardships came from advice that Jachimowicz’s father gave him. After years of living as a struggling graduate student, Jachimowicz received his appointment at HBS and the financial stability that came with it.

“My father said to me, ‘You are going to have to learn how to spend money to fix problems.’” The idea stuck with Jachimowicz, causing him to think differently about even the everyday misfortunes that we all face.

To test the relationship between cash and life satisfaction, Jachimowicz and his colleagues from the University of Southern California, Groningen University, and Columbia Business School conducted a series of experiments, which are outlined in a forthcoming paper in the journal Social Psychological and Personality Science , The Sharp Spikes of Poverty: Financial Scarcity Is Related to Higher Levels of Distress Intensity in Daily Life .

Higher income amounts to lower stress

In one study, 522 participants kept a diary for 30 days, tracking daily events and their emotional responses to them. Participants’ incomes in the previous year ranged from less than $10,000 to $150,000 or more. They found:

• Money reduces intense stress: There was no significant difference in how often the participants experienced distressing events—no matter their income, they recorded a similar number of daily frustrations. But those with higher incomes experienced less negative intensity from those events.
• More money brings greater control : Those with higher incomes felt they had more control over negative events and that control reduced their stress. People with ample incomes felt more agency to deal with whatever hassles may arise.
• Higher incomes lead to higher life satisfaction: People with higher incomes were generally more satisfied with their lives.

“It’s not that rich people don’t have problems,” Jachimowicz says, “but having money allows you to fix problems and resolve them more quickly.”

Why cash matters

In another study, researchers presented about 400 participants with daily dilemmas, like finding time to cook meals, getting around in an area with poor public transportation, or working from home among children in tight spaces. They then asked how participants would solve the problem, either using cash to resolve it, or asking friends and family for assistance. The results showed:

• People lean on family and friends regardless of income: Jachimowicz and his colleagues found that there was no difference in how often people suggested turning to friends and family for help—for example, by asking a friend for a ride or asking a family member to help with childcare or dinner.
• Cash is the answer for people with money: The higher a person’s income, however, the more likely they were to suggest money as a solution to a hassle, for example, by calling an Uber or ordering takeout.

While such results might be expected, Jachimowicz says, people may not consider the extent to which the daily hassles we all face create more stress for cash-strapped individuals—or the way a lack of cash may tax social relationships if people are always asking family and friends for help, rather than using their own money to solve a problem.

“The question is, when problems come your way, to what extent do you feel like you can deal with them, that you can walk through life and know everything is going to be OK,” Jachimowicz says.

Breaking the ‘shame spiral’

In another recent paper , Jachimowicz and colleagues found that people experiencing financial difficulties experience shame, which leads them to avoid dealing with their problems and often makes them worse. Such “shame spirals” stem from a perception that people are to blame for their own lack of money, rather than external environmental and societal factors, the research team says.

“We have normalized this idea that when you are poor, it’s your fault and so you should be ashamed of it,” Jachimowicz says. “At the same time, we’ve structured society in a way that makes it really hard on people who are poor.”

For example, Jachimowicz says, public transportation is often inaccessible and expensive, which affects people who can’t afford cars, and tardy policies at work often penalize people on the lowest end of the pay scale. Changing those deeply-engrained structures—and the way many of us think about financial difficulties—is crucial.

After all, society as a whole may feel the ripple effects of the financial hardships some people face, since financial strain is linked with lower job performance, problems with long-term decision-making, and difficulty with meaningful relationships, the research says. Ultimately, Jachimowicz hopes his work can prompt thinking about systemic change.

“People who are poor should feel like they have some control over their lives, too. Why is that a luxury we only afford to rich people?” Jachimowicz says. “We have to structure organizations and institutions to empower everyone.”

[Image: iStockphoto/mihtiander]

Related reading from the Working Knowledge Archives

Selling Out The American Dream

• 11 Jun 2024
• In Practice

The Harvard Business School Faculty Summer Reader 2024

• 24 Jan 2024

Why Boeing’s Problems with the 737 MAX Began More Than 25 Years Ago

• 18 Jun 2024
• Research & Ideas

What Your Non-Binary Employees Need to Do Their Best Work

Central banks missed inflation red flags. this pricing model could help..

• 06 May 2024

The Critical Minutes After a Virtual Meeting That Can Build Up or Tear Down Teams

• Social Psychology

Sign up for our weekly newsletter

Essay on Can Money Buy Happiness

Students are often asked to write an essay on Can Money Buy Happiness in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

100 Words Essay on Can Money Buy Happiness

Introduction.

Money is essential in life, but can it buy happiness? This question has sparked debates worldwide.

Money and Materialistic Joy

Money and freedom.

Money can provide freedom to explore hobbies, travel, and experience new things, which can lead to happiness.

Limitations of Money

However, money can’t buy love, friendship, health, or peace of mind, which are essential for true happiness.

250 Words Essay on Can Money Buy Happiness

The age-old question, “Can money buy happiness?” has sparked countless debates among philosophers, economists, and psychologists. While some argue that wealth is a key contributor to happiness, others believe that happiness lies in intangible aspects of life.

The Power of Wealth

Money, undeniably, holds power. It provides the ability to afford basic necessities, luxuries, and experiences. It can help in eliminating stressors like debt and financial instability, which are often associated with unhappiness. From a utilitarian perspective, money can indeed buy happiness as it facilitates access to goods and services that can improve quality of life.

The Limitations of Money

The role of intangible aspects.

In conclusion, money can buy temporary happiness by providing comfort, security, and experiences. However, it falls short in procuring lasting happiness that is often found in intangible aspects of life. Thus, the pursuit of wealth should be balanced with the pursuit of intangible aspects to achieve holistic happiness.

500 Words Essay on Can Money Buy Happiness

Money and basic needs, money and material possessions.

Secondly, money can buy material things. This includes toys, gadgets, cars, or even vacations. These things can make us feel happy for a while. But after some time, the excitement fades. We start to want newer, better things. This is called the “hedonic treadmill.” It means that buying stuff only brings short-term happiness. Over time, we get used to what we have and want more.

Money and Relationships

Thirdly, let’s consider money and relationships. Money can help us do nice things for others. We can buy gifts for friends or donate to those in need. This can make us feel good about ourselves. But, money can’t buy true friendship or love. These are based on trust, understanding, and shared experiences. They can’t be bought with money.

Money and Happiness: The Real Picture

Research shows that after a certain income level, more money doesn’t equal more happiness. This level is enough to meet basic needs and some wants. Beyond that, more money might not make a big difference in how happy you are.

Remember, happiness comes from within. It’s about being content with what you have, not what you don’t have. It’s about enjoying the simple things in life. And most importantly, it’s about being true to yourself and your values.

That’s it! I hope the essay helped you.

Happy studying!

Leave a Reply Cancel reply

Save my name, email, and website in this browser for the next time I comment.

Can Money Buy Happiness?

Research shows how you spend money can improve your well-being..

Posted February 28, 2019 | Reviewed by Jessica Schrader

Many Americans are plagued by the “if-only” syndrome. Data show that most people believe if they could only get a raise, a new house, a new car, or some other material possession, they would finally be happy. Not surprisingly, studies demonstrate that buying things does not lead to happiness .

To be sure, it is much easier to find happiness if your basic needs are met. Two Nobel-prize-winning economists conducted a famous study where they found that Americans improve their emotional well-being by earning more money up to a point—specifically an annual salary of $75,000. Beyond that, people may feel more accomplished, but they don’t reap any emotional benefits from their higher salaries.

But a growing body of evidence demonstrates that you can buy happiness—essentially by buying time. A large chunk of this data comes from Ashley V. Whillans, a business professor at Harvard University, who studies how people navigate trade-offs between time and money.

In one study , published in 2017 in the Proceedings of the National Academy of Sciences, Whillans and her research team surveyed more than 6,200 adults living in the United States, Canada, Denmark, and The Netherlands. The data showed that people who chose to spend their money on time-saving services—such as meal delivery, a house cleaner or a lawn service—reported greater life satisfaction compared to those who did not.

The researchers also conducted an experiment where they gave participants—60 adults living in Canada—$40 on two consecutive weekends and directed them to spend it on a timesaving purchase or a material purchase. At the end of the day, they asked the participants how much time they saved or what they purchased, and then questions about their mood and stress levels. Participants who spent their money on time-saving purchases felt less stressed and reported higher levels of well-being compared to those who purchased material items.

What’s going on here?

It’s not that people living in our modern society have less time. Data show that people across the world who live above poverty levels have more free time than ever before, yet they feel more stressed about a lack of time. But there is some evidence that people with more money choose to spend time on stressful activities, such as commuting and shopping. And because they perceive their time as economically valuable, they feel pressure to make the most of it.

Whillans' research demonstrates that buying time can serve as a buffer against those stressful feelings by helping people feel like they have more control over their time.

In addition, the evidence shows that valuing time over money promotes social connections, which leads to a host of benefits. People who prioritized time over money were more likely to make new friends and socialize with work colleagues. And research shows that couples who use their money to save time feel more satisfied in their relationships.

Our cultural perceptions of time and money are at play here because Americans tend to put a premium on busyness. People who have extra money are considered successful and well-off, but those who have extra time might be considered lazy. But, in reality, having free time to enjoy leisure activities and spend time with loved ones is a key component of well-being.

The take-home message: Forgo those designer shoes or that new gadget. Instead, pay someone to do a household chore that you don’t enjoy. The evidence shows it’s actually good for you!

Visit Cornell University’s Bronfenbrenner Center for Translational Research’s website for more information on our work solving human problems.

The Bronfenbrenner Center for Translational Research at Cornell University is focused on using research findings to improve health and well-being of people at all stages of life.

• Find a Therapist
• Find a Treatment Center
• Find a Psychiatrist
• Find a Support Group
• Find Online Therapy
• International
• New Zealand
• South Africa
• Switzerland
• Asperger's
• Bipolar Disorder
• Chronic Pain
• Eating Disorders
• Passive Aggression
• Personality
• Goal Setting
• Positive Psychology
• Stopping Smoking
• Low Sexual Desire
• Relationships
• Child Development
• Self Tests NEW
• Therapy Center
• Diagnosis Dictionary
• Types of Therapy

At any moment, someone’s aggravating behavior or our own bad luck can set us off on an emotional spiral that threatens to derail our entire day. Here’s how we can face our triggers with less reactivity so that we can get on with our lives.

• Emotional Intelligence
• Gaslighting
• Affective Forecasting
• Neuroscience