Happy Sunday, DOES MONEY BUY HAPPINESS?
Money and resources can buy happiness, but only to a certain extent. This is because a person perception of his social standing compared to others is more important to increasing happiness than the actual amount of money he has.
This means that earning more money may not be enough to quell a person unhappiness, as long as he believes that he has less resources than those around him.
Even if people today are earning higher wages or attaining higher education levels than their parents or compared to 10 years ago, there is going to be a limited impact on their happiness if they are not doing… as well as or better than others at the present
Overall, we should not discount how much economic conditions, even perceptions that come from these conditions, contribute to happiness, satisfaction, and psychological health.
DOES MONEY BUY HAPPINESS?
It is important to understand the various aspects of happiness, or more broadly, the concept of subjective well-being.
Having more money boosts financial security and access to resources, which in turn improves the self-evaluation of one’s life. On the other hand, money does not necessarily increase positive emotions, although some studies show that money may help to reduce daily sadness or negative affect.
As income levels rise, the question of whether money can buy happiness becomes more complex.
For those in lower income brackets, money does buy what is needed for happiness in terms of covering the essential costs of living. More money reduces the unhappiness associated with financial scarcity.
In psychological perceptions of “enough” matter for people in higher income brackets. Now that their basic needs have been met, how much more money is enough?
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