Can money buy happiness? - Punch Newspapers

The most widely read newspaper in Nigeria

9/18/2021 3:25:00 AM

Can money buy happiness? - Punch Newspapers

The most widely read newspaper in Nigeria

18 September 2021It’s an age-old debate if indeed money can buy happiness or not. While humans are always in a race for more money, a school of thought believes money cannot buy happiness.A Gallup poll from 2017 published by Proceedings of National Academy of Science in the United States of America, included people from around the world. The survey results state that emotional wellbeing may be reached when a person earns between $60,000 and $75,000, adding that satiation may occur when a person earns around $95,000.

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In another research in 2010 by the same organisation, 450,000 respondents suggested that making an income up to $75,000 a year might make one feel more satisfied with one’s life. This survey only looked at people in the United States.However, in a recent study, more than 1,000 students graduating from the University of British Columbia completed an assessment measuring whether they valued time over money or money over time. The majority of students reported prioritising time — but not by much. Nearly 40 per cent reported prioritising money.

The result was same in a 2010 study by economist and psychologist, Daniel Kahneman, who found that where wealth was concerned, a person’s satisfaction with their life no longer increases after about $75,000 a year. At this point, most people are better able to handle major life stressors such as poor health, relationships, or loneliness than if they’re making less or below the poverty line.

Commenting on the issue, a professor of psychology, Oni Fagboungbe, said that money was important for exchange but couldn’t necessarily buy happiness.He said, “For instance, a young man who desires money and then gets the money but used it to lead a kind of life that destroyed him, for such a person, money didn’t bring him happiness. Money is a means to an end. It depends on what one uses it for. If you use it functionally and wisely, it can bring happiness. If one uses it otherwise, it can bring sadness. It plays dual roles.”

Oni stated that the reason why people thought or assumed that money could buy happiness was the quest for its value and not necessarily because one had money.He said, “One attribute of money is that if you don’t have it, you won’t be happy. You’d be sad, that’s why you find people doing many things to make money. But when you have made money, it is what it brings to you that matters. The tendency that it brings to you depends on how you use the money. If you use the money well, you’d be happy and vice-versa.

“Money is a medium of exchange. People use money to gain other things. You use it to gain other benefits. That’s why people want to get it by all means.“For instance, some students who were into Internet fraud before the COVID-19 lockdown and last year’s lecturers’ strike, drove from Ile-Ife, Osun State to Lagos and ended up under a parked trailer and died in the process. Are we going to say money brought happiness to those?”

Fagboungbe, however, stated that without money, there could not be happiness, adding that money was a means to buy things needed.The reason that money demonstratively increases happiness levels up until a point is that it takes a certain salary earning to feel financially secure.

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Having enough money means no anxiety when shopping at the grocery store, going out to eat or paying one’s rent. Remembering and being appreciative of the fact that one is free to purchase things, though, will make one happier after it has settled in as a normal amount of one’s finances.

Fundamentally, having enough money to buy basic necessities will no doubt increase one’s level of happiness.If you are thinking of how to spend money to derive happiness, Harvard Business Review recommends the following ways.Spend on experiences, not things

In a survey of loan applicants, it was found that more than 80 per cent of people under 30 reported deriving more happiness from buying experiences — such as trips, concerts, or special meals —than from buying material things, such as gadgets or clothes. (sixty-five per cent of respondents were Gen Z or Millennials.)

Nonetheless, it’s easy to get sucked into buying material things, partly because they’re easy to compare. A lady was perfectly content with her iPhone 8, until she received a text message offering her a shiny new iPhone 11. (No money down!) She caught herself increasingly leaving the rapidly aging iPhone 8 on the edge of tables, nightstands, and sinks, unconsciously waiting for its demise. This behaviour is not uncommon. Research shows that when a desirable upgrade becomes available, people often become careless with their existing products. The fact that material things are easy to compare helps explain why they are often unsatisfying. After all, even the iPhone 11 might not look so great next to the iPhone 11 Max Pro. In contrast, experiences aren’t so easy to compare.

Buy timeIt can be hard to find time to enjoy special experiences, especially for those juggling several responsibilities. But the gig economy has made it easier and more affordable for many people to buy free time.Spending money on time-saving services might seem indulgent given the current economic climate. But a study published in 2017, showed that 60 working adults received $40 to spend on a time-saving purchase one weekend. On another weekend, same individuals got another $40 to spend on a material thing. Compared to buying a material thing, buying time led people to experience more positive moods and reduced their feelings of time pressure. Yet, when other working adults were asked how they would spend a $40 windfall, only two per cent planned to make a time-saving purchase.

Invest in othersTry this experiment on yourself: Grab some money and use it to benefit someone else today. You could send a small gift to a friend, help out a stranger who’s short on cash at the grocery store, or make a donation to a charity that’s important to you. Although it might be tempting to spend the money on yourself, a decade of research shows that you’re more likely to derive happiness from spending it on someone else. In fact, even people who are struggling to meet their own basic needs exhibit this “warm glow” from giving to others.

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But that doesn’t mean that giving always makes everyone happy. Instead, it matters how and why you give. It’s important that you feel like your decision to give is made freely — that it is something you choose to do, not something you feel forced to do by a pushy coworker asking for yet another donation to their pet cause. Look for opportunities that will enable you to see how your generosity is making a difference for a person or cause you genuinely care about. And you can start small. Research shows that giving even a few dollars can boost your mood.

Other ways to increase happinessMoney may not buy happiness, but there are some things you can do to try to increase happiness. Consider the following:Write down what you’re grateful forLiterally, counting your blessings can help you feel more positive. Instead of thinking about what you don’t have, think about the things you do have.

MeditateClear your mind and focus on your inner self rather than your possessions. Focus on who you are versus what you own.ExerciseExercise can help increase endorphins, which can lead to short-term happiness. Exercise may also help you feel more confident or comfortable in your own skin.

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Yes 💯💯💯💯💯💯💯😎😎😎 this particular line in the article 'At this point, most people are better able to handle major life stressors such as poor health, relationships, or loneliness than if they’re making less or below the poverty line.' & conclude with how well individual can control the money. Plenty happiness even d sound of d alert is happiness on its own, it’s ill gotten money dat can’t.

Go to Dubai Yes money can buy happiness but it can never buy Joy Most people argue that happiness is all about having a lot of money while others maintain that personal happiness is defined only by us and does not entail money in its entirety but, can a poor man be truly happy? To me, money can buy happiness but might not sustain it.

Yes, up to a point in my humble opinion. Poverty can't buy happiness either. But one thing I do know is, the earnings and the possession of money has brought more happiness than as Poverty.

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