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Does More Money Equal More Happiness?

It widely believed that gaining experiences produce more and longer pleasures than acquiring material possessions

There is a constant debate about how much money is needed to make someone happy. Although everyone has always been fascinated by the relationship between money and happiness, do we really know if more money contributes to greater happiness in the walk of life?

To put it succinctly, yes. Money helps you to live an easy life, eat, live, and have whatever you want. However, the connection between money and happiness is not as clear as we have historically assumed. According to research, money can significantly increase satisfaction for those who cannot afford basic necessities such as shelter and food. But when basic survival needs are fulfilled, money has a diminishing impact on happiness.

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In the last century, the average income of an American has tripled even after factoring in inflation. People have bigger cars and homes, but satisfaction levels have remained more or less constant because these luxuries come at a high expense, which includes higher taxes and utility bills.

Extrinsic happiness focuses on money, image, and status. Pixabay

Bill Gates once said, ‘I understand wanting to have millions, but beyond that, it is all the same. Hamburger Physiologists have discovered that there are essentially two types of happiness, namely Extrinsic and Intrinsic.

Extrinsic happiness focuses on money, image, and status. Happiness derived from these external sources result in a short-lived dopamine rush and an insatiable appetite for more. Intrinsic happiness, on the other hand, is derived from pursuing one’s passion, personal development, and having loving relationships with friends and family. This kind of happiness lasts for a long time and generates a feeling that money can not buy. Also, it widely believed that gaining experiences produce more and long-lasting pleasures than acquiring material possessions.

ALSO READ: India stands at 122nd rank in the World Happiness Report

The good news is that being happy does not necessitate being a billionaire. Everything we have to do is striving for a debt-free, luxurious lifestyle with a few splurges and luxuries thrown in for good measure. Being satisfied with all you have is the secret to successful money management and ultimate happiness. You can be satisfied with just enough, a lot, or a little if you’re essentially a happy person. If you’re a pessimist, though, you may be the wealthiest person on the planet and still be unhappy.




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