The old adage “Money doesn’t buy happiness” has become a cliché for a reason, but there’s no denying that money fixes many problems (and that at times, being in a starter salary can be very, very difficult). But how much of a relationship is there between money and happiness?
Studies in the US have shown that (on average) people with an income of $32,000 rate their life satisfaction as 7 out of 10. Double that income to $64,000, and life satisfaction increases to a massive…7.5 rating. That’s not a lot of happiness you’re buying for double the salary.
Wanting makes us happier than having
There are also studies that show that wanting things makes us happier than actually getting them. Browsing dream apartments on Rightmove makes us happier than moving house, and planning the perfect outfit on Pinterest makes us happier than receiving a big package in the mail. It’s the same way with salaries; we enjoy the pursuit of the big pay rise or the allure of a big bonus, but half the fun is enjoying the pursuit of the next level.
Time is more valuable than money
Money isn’t the most valuable resource we have, although it might be the highest-rated. The reason that work-life balance is becoming such a necessity in the workplace recently is because people are starting to tune into what will really make them happy (and hint: it’s not salary!)
In a 2011 paper published in the Journal of Consumer Psychology, it’s explained that happiness is the result of the choices you make. So for more happiness, don’t seek more money; spend your time wisely. This makes sense—it’s the one resource that if you lose it, you can’t get it back. You can always make more money, but you can’t get more time!
If you love how you’re spending your time, your life will be a lot happier. If that means working for a lot of money, then you have to be happy with how you spend your time; otherwise all the money in the world won’t be worth the sacrifice!
So, what do you girls think? Does money buy happiness? Let’s discuss in the comments below.
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