When wages have been stagnant for nearly two decades and I recently saw a tube of toothpaste priced at almost £7 in my local Sainsbury’s, the notion that money can’t buy happiness feels almost insulting. This idea stems from a narrow view of what money can achieve. Of course, if you only spend money on material possessions, the happiness it brings will be shallow and short-lived.
That said, I don’t believe there’s anyone overpaying on rent who wouldn’t be happier owning their home outright. Broadly speaking, yes, Rolexes and rare collectibles can’t compare to spending quality time with loved ones. But sadly, even that costs money. Free time is among the growing list of basic human needs that have become commodified. In our current stage of capitalism, more money generally means more time to pursue your interests and ultimately find meaning in life.
As someone diagnosed with ADHD, I consider myself something of an expert on dopamine—not the science behind it, but knowing where to find it, how much it costs, and what provides a slow, steady release rather than a quick rush.
Some of the best sources of lasting mental well-being are novelty and awe—and not just the everyday kind, like hearing a baby laugh or enjoying a rare sunny day. I mean profound, world-expanding awe. The last time I felt it was while staying in rural France, waking up to find two feet of snow covering the hills. It looked like Narnia, and I cried. While that moment highlighted the restorative power of nature, it also reminded me how fortunate I was to afford being there. It wasn’t an extravagant trip, but I didn’t reach that winter wonderland by sheer will—I got there thanks to Ryanair.
In my experience, more disposable income has always led to greater happiness. Financial stability—a rare luxury for a freelance writer—reduces stress and expands your world. A 2023 study by psychologists at Princeton and the University of Pennsylvania found that people with higher incomes tend to be happier, though if your unhappiness isn’t money-related, you probably can’t buy your way out of it.
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 😔.” But just because money can’t buy Musk happiness doesn’t mean it wouldn’t help—or at least lay the groundwork for happiness—for billions struggling financially. Still, you have to feel for him. Being able to solve world hunger and choosing not to must be very isolating.
Speaking of the ultra-wealthy, hoarding wealth like Smaug on a pile of gold probably isn’t the path to happiness. But if Smaug stopped guarding his treasure and used some of it to travel and appreciate the beauty of Middle-earth, he might be less bitter.
Frequently Asked Questions
FAQs Money Can Buy HappinessIf You Spend It Wisely
Beginner Questions
What does money can buy happiness actually mean
It means that money when used intentionally can provide experiences security and opportunities that directly contribute to wellbeing and life satisfaction Its not about wealth itself but what you do with it
Isnt happiness supposed to come from nonmaterial things
Absolutely Relationships purpose and health are core to happiness The idea is that money is a tool that can support and enhance those nonmaterial areaslike funding a hobby reducing stress by paying off debt or creating memorable experiences with loved ones
Whats an example of spending it wisely for happiness
Spending on experiences over luxury goods investing in timesaving services or using money to help others
Can money really solve problems that make me unhappy
It can solve specific moneyrelated problems Financial stress is a major source of unhappiness Money can buy relief from that stress by providing a safety net paying for necessary healthcare or eliminating burdensome debt
Intermediate Questions
What does research say about money and happiness
Studies show that money increases happiness up to a point where basic needs and security are met Beyond that how you spend matters much more than how much you earn Spending on others experiences and personal growth tends to boost happiness most
What are common unwise ways to spend that dont boost happiness
Luxury status items They often provide only a shortlived thrill
Trying to keep up with the Joneses Comparison spending leads to debt and emptiness
Neglecting the future Not saving creates anxiety
Spending on passive consumption Like endless streaming subscriptions that dont add value
How can I use money to buy more free time
This is one of the most effective strategies Use money to buy out tasks you dislike or that drain yousuch as outsourcing chores hiring help for home repairs or paying for convenience services This frees
