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Money may not buy happiness but it sure reduces the worry and stress of not having enough money.
Not having enough money is subjective and fluctuates. Plenty of people who one would consider rich, only consider themselves middle class. Plenty of people who one considers rich, are afraid to retire. Plenty of people who thought they had enough money, didn't manage it correctly and lost it.
So yes, sometimes you do still have to worry about how to manage money correctly, even when you already have it.
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It is estimated that 70% of wealthy families will lose their wealth by the second generation and 90% will lose it by the third.
If low stress = Happiness then yes; money does buy happiness.
Happiness is a temporary feeling, and money cannot buy it (you can rent it). You're not in a permanent state of happiness. You still have stress, fear, frustration, get upset, get mad, worry, etc, it's just not always related to money. And through recessions, poor investments, unfortunate events, scams, and inflation, you could still lose that money.
Money is a tool, but it doesn't make you a robot with no feelings other than happiness. Even a rich person could dread looking at their portfolio during a recession and get upset over it.
Money isn't the great cure-all for all ills, there's some things it can't do. To give an example (because I was listening to his music just a bit ago), for all Eric Clapton's wealth, he can't bring back his child who fell out a window and died.
It’s all about having realistic expectations as to what money can buy (as well as how one earns it). In other words, I imagine Clapton never expected his wealth to comfort him i.e. we all know it’s our friends, family and significant others who do so. I’m sure his music (and introspection) has done so as well, as evidenced by the songs he wrote relative to his grief.
That said, all else being equal, there’s no denying money enhances happiness i.e. who would choose to be poor because wealth can’t buy happiness, in and of itself?
I look on it as money doesn't buy happiness, it just gives you more opportunities to find it.
Using my own life as an anecdote, having more money means less stress about the bills. There were some rough times in my past--I almost lost my house at one point. I managed to hang on to it, but for quite a while I had just enough to pay for all the necessities, no luxuries. But it was much better than not even being able to pay for necessities.
Gradually, I got to a point where I could cover necessities and have a few little luxuries. (For me, this means books.) I could relax a little more, enjoy things a bit.
I'm at a point where necessities are covered, and I can either have a number of little luxuries, or a small number of medium luxuries. (All my pets, whom I can now afford to give a higher quality of care in terms of food, bedding, medical check-ups, and other things they need.) I doubt I'll ever get to 'big' luxuries, but who knows? But I'm more relaxed, I can focus on my mental health more (I do have PTSD and major depression.
Books and critters help with both, IMHO. ), so while money isn't a 'fix-it', it can put you in a place where you can 'fix-it'.
Money isn't the great cure-all for all ills, there's some things it can't do. To give an example (because I was listening to his music just a bit ago), for all Eric Clapton's wealth, he can't bring back his child who fell out a window and died.
Yep.
There was a death of a son in my family, and his father has lived with what I call 'golden handcuffs' ever since.
There was a death of a son in my family, and his father has lived with what I call 'golden handcuffs' ever since.
Many years ago, in my city, there was this couple who bought a brand new Lexux SUV (more than $60,000) for their only daughter, and they gave it to her on her 16th birthday in the morning. On the same day, she drove it on a highway, and she got into a big accident and died instantly. How sad. Can you say about this money can buy happiness?
But overall, a rich person is likely to be happier than a poor person.
I agree; but it may be a superficial type of happiness if the focus is on money in and of itself vs. an enduring contentment which comes from one’s psychological health, balance, personal relationships and a realistic understanding of what money can/can’t buy.
Hence the reason many who win big in the lottery (or unexpectedly come into a large sum of money) tend to be just as poor/unhappy several years down-the-road as they were prior to doing so i.e. their mentality/behavior did not change (other than on the surface). Wherever you go, there you are.
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Originally Posted by AnOrdinaryCitizen
Many years ago, in my city, there was this couple who bought a brand new Lexux SUV (more than $60,000) for their only daughter, and they gave it to her on her 16th birthday in the morning. On the same day, she drove it on a highway, and she got into a big accident and died instantly. How sad. Can you say about this money can buy happiness?
Life happens (and sometimes it’s tragic), but this random event/accident is not (positively or negatively) relative to money. She could just have easily died from cancer or been hit by a car as well. In other words, that her parents bought her a Lexus (vs. a beater) isn’t the reason she died. In fact, it could be argued she had a better chance of survival in a new car.
Last edited by CorporateCowboy; 12-31-2022 at 09:20 AM..
Reason: added quote/response
Nearly everybody would like to be rich if they could. It is a universal human aspiration. The fact that most of us fail at it is proof that it’s not as easy as it looks.
Most people cannot fathom working 16 hours a day for years on end. It is probably not in their DNA. They will make excuses and give up. There is tremendous competition and sacrifice involved in getting there, no matter which path is taken.
Working 16 hours a day won't lead to wealth, often. There are millions of blue and pink collar workers in America working 16 hour shifts for years on end, or a lifetime.
You're more likely to become wealthy if you were born into it (inheritance, connections, set up in a good job with great pay because of the family, help with buying the first home or the first car or with expenses for the kiddos), or become an entrepreneur (this often requires a spouse who makes enough to keep you both afloat while you get a business off the ground), or you go into a profession that pays extremely well (usu. requires advanced education) like lawyer, dentist, CPA, etc. (again, this is tricky w/o someone to support you while you do this, or help pay the enormous bill for that education unless you get a scholarship).
Once you have money, it's not that hard to get that money to work for you to make you more money. That doesn't require 16 hrs a day. As Jerry Springer, who was raised a poor to lower middle class kid, said...the biggest lesson he learned about money was "It's easy to make money, if you have money."
Many years ago, in my city, there was this couple who bought a brand new Lexux SUV (more than $60,000) for their only daughter, and they gave it to her on her 16th birthday in the morning. On the same day, she drove it on a highway, and she got into a big accident and died instantly. How sad. Can you say about this money can buy happiness?
That's really not related to money. She could've been driving an old Ford Taurus, a Bentley, or riding a bicycle. It's unrelated to the money spent to buy something she was driving or had in her car.
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), so while money isn't a 'fix-it', it can put you in a place where you can 'fix-it'. 
