Blah, blah, blah. Money can’t buy you happiness. But what does it take to be happy? $100,000? $1,000,000? $10,000,000? Although these figures are just guesses, the general consensus is that you need a lot of money to be happy.
So how much money do you really need? This is a difficult question to answer and is often debated by experts and economists. So, is there a magic number? If you had the ability to write a check for $1,000,000, would you be able to check the box next to the $1,000,000 box on the happiness survey?
The truth is that there are a lot of factors that influence how happy we are with our bank account, with some of the most important factors being our own perceptions and the company we keep.
What Does It Mean To Be Rich?
The dictionary defines rich as “having wealth or great possessions; affluent; wealthy; prosperous.” But what does it really mean to be rich? Is it about having a lot of material possessions or is it about being happy? If you ask the average person what they think it takes to be rich, the answer is usually “a lot of money.” Although money can buy a lot of nice material possessions, it doesn’t necessarily make you rich.
Does Rich Means Happy?
When it comes to money and happiness, the two are not the same thing. For one thing, there is a difference between happiness and rich. Rich is relative. It’s a state of being that changes with what’s going on in your life and your surroundings.
If you’re driving an old clunker, you might not feel all that rich even if your balance sheet says you are. If you’re driving a luxury car, you might not be rich but feel pretty darn good. So it’s not about simply being rich. It’s about being happy. Money doesn’t necessarily make us happy, but it’s one of those things that we work towards.
It’s not really about the cash we hold in our hand, it’s about what we can do “once we have the money.” Money can make us happy, but it’s “not” the only thing that can make us happy. So how much money do you need to be happy?
Minimum Income To Be Happy
According to past research, there is a limit to how much happiness you can experience if you earn 75,000 dollars per year. A large number of researchers and members of the public have been interested in this finding, but the data used to arrive at the conclusion is not necessarily indicative of actual emotional experience.
Based on an app Track Your Happiness, created by Matthew Killingsworth, senior fellow at the University of Pennsylvania’s Wharton School, one million real-time reports from a large US sample show that experienced well-being rises linearly with log income, with a steep slope above $80,000 as well as below it.
If this is the case, then a higher income may still be able to improve people’s daily lives. Each participant were asked questions about their current mood, and their life satisfaction at random points throughout the day. The app also asked participants about their annual household income before taxes.
More over, the app prompts allowed the researcher to capture “snapshots” of people’s feelings of wellbeing in the moment. That helped reduce the bias that can come when a person tries to remember how they felt a few hours or a few days ago, which of course gives a more accurate data.
According to his findings, higher incomes were “robustly associated” with more positive feelings in day-to-day moments, as well as life satisfaction.
So.. Does Money Buy Happiness?
Possibly..! If you don’t think it does, at least it would provide some sort of financial safety and security, which helps a person lead a stress-free life.
Imagine not caring about when your next pay check is coming just so you can pay your rent, paying for a health insurance, or even have enough for grocery shopping. Less stress in our lives equates to greater happiness.
Happiness is a subjective and personal experience. It comes in many forms and depends on what makes you personally happy. For some people, it may be having a lot of money while for others, it might be the company of loved ones. It is important to note that happiness does not depend on external factors. It solely depends on the individual’s preference and how they make themselves feel.
Happiness can be achieved by indulging in activities that are made just for you. With this being said, you need to ask yourself what you want out of your life and what you want to get out of life. In the end, it all depends on your personal preferences.