Money Can Buy Happiness, Especially for Those Who Struggle

When wages have stalled for nearly 20 years and the idea that money can’t buy happiness seems almost offensive, especially when faced with the rising cost of everyday items, it suggests a blinkered concept of what money can do.

While superficial spending may provide fleeting happiness, the author argues that financial stability is crucial. The idea that money can’t buy happiness is challenged by the reality of overpaying on rent; owning a house outright would undoubtedly bring greater happiness. While experiences like spending quality time with loved ones are invaluable, they also require financial resources. Free time, a growing number of basic human needs, has become commodified, and in the current economic climate, more money equates to more time to pursue interests and find meaning.

As someone diagnosed with attention deficit hyperactivity disorder (ADHD), the author considers themselves an expert on dopamine, understanding how to achieve a slow, steady, and prolonged supply rather than a quick hit.

Sources of lasting mental well-being include novelty and awe. The author recalls an experience in rural France where waking up to two feet of snow created a Narnia-like landscape, evoking tears and a sense of awe. This experience, while restorative, was also a lesson in the privilege of being able to afford such a trip, highlighting that transportation to this 'winter wonderland' was facilitated by Ryanair, not just the will to witness beauty.

In the author's experience, more disposable income consistently leads to greater happiness. Financial stability, a rare commodity for a freelance writer, not only reduces stress but also expands one's world. A 2023 study by psychologists at Princeton and the University of Pennsylvania supports this, finding that higher incomes generally correlate with greater happiness, though it acknowledges that money cannot solve all unhappiness.

Elon Musk, on track to become the world's first trillionaire, tweeted earlier this year: “Whoever said ‘money can’t buy happiness’ really knew what they were talking about [sad-face emoji].” The author posits that while money might not buy happiness for Musk, it could provide happiness foundations for billions struggling financially. The article also touches on the isolating nature of being able to solve global issues like hunger and choosing not to.

Finally, the article suggests that hoarding wealth, like Smaug guarding his gold, is not the path to happiness. Perhaps if Smaug engaged with the world and used his fortune for experiences, he might find more contentment.