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Money is undeniably important for securing basic needs like food, shelter, and healthcare. Yet, motivational literature often suggests that once we surpass this threshold, additional wealth has little impact on our happiness. This raises a fundamental question: does money truly buy happiness, or does it simply shift our focus to deeper questions about success and fulfilment?
This article explores the intricate relationship between money and happiness, examining if financial abundance contributes to genuine satisfaction or if it’s merely a stepping stone to understanding what makes life fulfilling.
When it comes to the question of whether money can buy happiness, the concept of the "hedonic treadmill" offers some insight. This psychological theory suggests that our levels of happiness tend to return to a baseline level after experiencing positive or negative events (Brickman & Campbell, 1971, as cited in Diener et al., 2006). Essentially, no matter how much we achieve or acquire, we quickly adapt to these changes and revert to our inherent happiness level.
For example, imagine purchasing a highly coveted item like a beautiful Hermes handbag. Initially, you might feel a surge of joy. However, over time, this happiness will diminish as you adapt to the new possession, and you'll return to your previous level of contentment.
This perspective indicates that while money can enhance our material well-being, it does not necessarily increase our long-term happiness. Historically, our ancestors faced much less comfort than we do today, yet their happiness levels were similar to ours. Modern material comforts have reached unprecedented levels, yet they do not significantly boost our overall happiness. This suggests that the pursuit of more money and possessions may not be the key to lasting joy, as we are often on a constant treadmill of adjusting to new circumstances without a lasting increase in happiness.
Many modern people live with material comfort, yet it seems we don’t experience significantly more happiness compared to others. However, it's important to note that some purchases can permanently alter our happiness baseline. In other words, certain lifestyle changes or possessions can shift our baseline level of happiness, rather than just providing temporary joy.
Money often symbolises social status in the modern world. As social creatures, our brains are equipped to assess our position relative to others, even in simpler animals like lobsters or chickens. Neuroscience supports this, showing that dominant animals, like the strongest or most influential gorilla, have higher serotonin levels, making them more calm, confident, and assertive (Raleigh et al., 1991).
In a capitalist society, income often reflects one’s position in the economic hierarchy. This means that while money may not directly bring happiness, it can define your social standing. Evidence shows that wealthier countries generally have higher happiness indices, but there are exceptions (Ortiz-Ospina, & Roser, 2024).
This phenomenon underscores the importance of how we define ourselves. If you choose to define yourself by your income, a lower income can lead to unhappiness. However, you have the power to choose how you define your social status. In certain communities, such as among monks, spiritual achievements or knowledge might be more valued than money. Ultimately, each person has the choice to define their own social standing. Most people prefer not to be at the lower rungs of society and aspire to have a respectable position within their communities.
But does everyone have to play the game of money? Could it be that interests such as culture, music, or helping others might serve as another way to define one’s social standing? These could be alternative hierarchies or “games” to engage in, rather than focusing solely on financial wealth.
While this notion is straightforward, implementing it can be quite challenging. Our current society is deeply rooted in capitalism, where money and financial power permeate every aspect of our lives. If possible, striving for a higher position within this capitalist framework is a valid goal. However, for some, it might be unattainable due to factors such as race, ability, interests, or personal ambitions.
The key message here is that you have the ability to define yourself through other means. For example, dedicating yourself to a cherished hobby or skill can establish your reputation within a community, even if it doesn’t bring financial wealth. This sense of fulfilment and recognition can often substitute for the satisfaction that money provides.
In conclusion, there are many paths to success, and money is just one way to measure social status. Each person should consider whether they are willing to play the game defined by society or if they can find their own definition of success, one that truly resonates with their values and passions.
Defining success and achieving happiness often involves setting and pursuing the right goals. MindForest can guide you through this process, helping you align your goals with your vision of success and happiness:
1) Goal Setting and Tracking: With MindForest, you can clearly define both financial and non-financial goals. Whether you aim to save a specific amount of money, achieve a career milestone, or cultivate personal passions, the app helps you set these goals and track your progress. It prompts you to reassess and adjust your strategies to stay on track, ensuring that your efforts align with your personal definition of success.
2) AI-Driven Scenario Analysis: Utilise our AI coach to simulate different scenarios and decisions. If your goals are financially driven, MindForest helps you navigate investment strategies and budget management. For non-financial aspirations, such as personal development or community involvement, the app aids in evaluating your choices and refining your approach. This helps you make informed decisions that align with your broader vision of happiness.
3) Reflective Insight Journal: MindForest’s journal feature allows you to reflect on your goals and experiences. By analysing your decisions and their outcomes, you can gain insights into what truly brings you happiness. This reflection helps you understand whether your focus should be on financial success or other meaningful achievements, guiding you towards a more fulfilling life.
Download MindForest today to define your goals clearly, whether they involve money or other aspects of life, and achieve a sense of happiness and success tailored to your personal vision.
References
Brickman, P., & Campbell, D. T. (1971). Hedonic relativism and planning the good society. In M. H. Appley (Ed.), Adaptation-level theory: A symposium (pp. 287–305). Academic Press.
Diener, E., Lucas, R. E., & Scollon, C. N. (2006). Beyond the hedonic treadmill: Revising the adaptation theory of well-being. American Psychologist, 61(4), 305–314.
Ortiz-Ospina, E. & Roser, M. (Feburary , 2024). Happiness and Life Satisfaction. Retrieved from https://ourworldindata.org/happiness-and-life-satisfaction
Raleigh, M. J., McGuire, M. T., Brammer, G. L., Pollack, D. B., & Yuwiler, A. (1991). Serotonergic mechanisms promote dominance acquisition in adult male vervet monkeys. Brain research, 559(2), 181–190. https://doi.org/10.1016/0006-8993(91)90001-c
