How money contributes to an individual's level of happiness
Some might argue that your level of income does have an impact on your level of happiness. According to research, those with more money are generally happier than others. A study by Matthew Killingsworth suggests that overall life satisfaction increases as household income continues to increase. For the most part, a lot of people would agree that having the funds to cover all basic life necessities, as well as your personal wants and needs on top of this, usually means a happy life. There are a number of reasons which indicate how money can actually buy happiness. For instance, the type of lifestyle you could live as a wealthy person. You could buy a range of luxurious items that you desire, buy valuable experiences, live a healthy life, travel the world, and more. Another reason would be not having to worry about any form of debt, not worrying about paying bills, etc. This means, money can prevent some of the stresses of everyday life. Additionally, a lot of people claim to find happiness in spending money on others. Considering all of this, money can allow you to enjoy life to the fullest.
Why do people believe money can't buy happiness
There are many people in the world who are extremely wealthy, yet they are still unhappy. They would argue that money only brings you temporary happiness. No matter how many material possessions you buy, it will never be enough, and you won't feel truly satisfied. As well as this, it can be dangerous to allow money to become your source of happiness. This is because, you will eventually become stuck in a cycle of always wanting more. This also applies to material items. This can become unhealthy as you will end up losing focus on other important parts of life such as spending time with family and friends. In addition to this, although it can make life easier, there are several things which money cannot buy. This includes good health, time, love, peace, purpose, and more.
Also, there have been studies which show that money can make you happy, however this stops after you make a certain amount. There was a study conducted in 2010 by Angus Deaton and Daniel Kahneman which tells us that after making an income of over $75,000, on average, peoples emotional wellbeing starts to be affected negatively. This was around £50,000 at the time. Although, not making enough money also has a negative impact. This study consisted of a survey where people were questioned on their emotional wellbeing and life satisfaction, as well as their family income. For example, respondents were asked to describe the type of emotions they are experiencing, which was then linked to their income. Their observations suggested that up to $75,000 is where happiness actually increases. After family income reached $75,000, there were no reported progressions in emotional wellbeing. The study proved that money definitely has an impact on how satisfied people are with their lives.
True happiness comes from within
As humans, we don't need money to be truly happy. Happiness is something which comes from within us, and it is completely under our control. You cannot depend on purely external factors for your happiness. Happiness is more of a state of mind. To be truly happy means to enjoy your own company and feel at peace with yourself. There are so many things in life which you can pursue in order to find happiness instead of going after material possessions. One way to do this is to be surrounded by positive people who you enjoy spending time with, and maintaining strong, meaningful relationships with them. Another way is to avoid negative thoughts. It is important to pay more attention to the good than the bad in order to live a peaceful life. Additionally, finding your true purpose can allow you to feel a lot more fulfilled with life. This can mean focusing on achieving your personal goals. Doing the things that you love is another way to bring true happiness into your life. Furthermore, many people say that making other people happy will lead to you being happy yourself. They would say that the secret to feeling content is selflessness. This is because it fulfils a psychological need that we have for connecting with others.