More money would mean greater happiness for those living on a fixed income or the working poor. For many of us, we whole heartedly believe that if we had more money we would be happier. For people who have limited resources, more money would provide access to things most of us take for granted. For some of us more money means greater purchasing power and the ability to afford what we want in life. More money means more personal freedom and the ability to choose or make choices defined on our terms; for some it means power and status.
Money Can Buy Lifestyle
Money is the vehicle or tool used to buy lifestyle, buy comfort, and your happiness. But at every income level there are ways to reach satisfaction. The mean household income in Canada is $76,000. Researchers believe that there is a satiation point of happiness based on household income at $75,000 U.S. What this means is our level of happiness peaks when our income or household income reaches $75,000 U.S. If you make twice this amount of money, you may be able to buy a more luxurious house in a coveted neighborhood, but you are no happier then someone making $75,000. At first glance, this may seem a bit unbelievable.
For many of us it may be hard to believe that there is a satiation point around income and happiness because doesn’t more money mean more happiness? For fun, I took a quick poll with those around me who agree that at a household income of $75,000 having a good life is possible. Makes sense? Yet, other researchers now believe that income and happiness are directly correlated. In other words, the more money we make, the happier we are. And, if you spend your money wisely on life experiences instead of things, you will be happier. Who to believe? Perhaps there is a different way of evaluating our happiness.
Money Can Offer Choice and Freedom
Life satisfaction is a way to view our lives and levels of happiness more holistically. The Gallup-Healthways Well-Being Index® collected feedback from over 450,000 people around the world regarding their perceptions of money and happiness. Two ways to look at money and happiness were reviewed: 1- whether more money increases people’s emotional well-being or 2- whether more money increases people’s evaluation of their life. Money has the power to give us more choices and personal freedom. If you view your money as a tool, resource or gift you know its value and what it can do for you. If you struggle with finding some meaning behind your money, you may want to redefine it or put your money into the bigger picture or a broader context.
Think Bigger Picture And Beyond Money
- Live your best life, today. Take good care of yourself. Spend your money on nutritional food, on life experiences, and spending time with family and friends. This will increase your happiness levels.
- Look for satisfaction in your life. By viewing your life more holistically and broadly, you will honestly get less hung up with how much money you have or make but rather on increasing your life satisfaction. Engage in activities that derive the greatest amount of satisfaction in your life
- Live a goal centered approach. Most people who live by goals feel more in control and happier in their lives because they have a clear vision of where they are going.
Money has the power to make us happy but only to a certain point. But what matters more is living our best life today by living well. Of course, we must aspire for more, but perhaps what more is may not necessarily be ‘more money’ it may be about spending our money in a way that derives greater satisfaction. And, when we live by a set of values and make informed and conscious choice, we have the power to increase our life satisfaction and ultimately our happiness.
Originally appeared in part of whole in The Huffington Post