Will money really make you happier? Challenging the myth
You’ve probably heard it before: “Money is the root of all evil” and “Money won’t make you happy.” These phrases are often used by those facing financial challenges to alleviate their discomfort. But let’s set the record straight.
Imagine receiving a million dollars today – wouldn’t you feel happier instantly? Of course, you would! It’s not the money itself that brings happiness, but the possibilities it opens up. Paying off debts, going on dream vacations, acquiring desired possessions, and contributing to causes you care about are the real sources of happiness.
If you catch yourself repeating these limiting beliefs – “money can’t buy happiness” or “money is evil” – it’s time to stop. And don’t pass these ideas on to your children either. While there’s a point where money won’t significantly increase your happiness, it undeniably plays a role in the overall equation.
Think of it as a scale: When you have no money, your happiness is low as you lack basic necessities. As your income rises, your happiness grows as you fulfil these basic needs. More money enables you to pursue hobbies, travel, and provide a safety net. Further increases allow you to help others and save for retirement.
Once these needs are met, the impact of additional money on your happiness diminishes. Money undoubtedly affects your life, enabling you to provide quality education, healthcare, and support for your loved ones and causes you’re passionate about.
Let’s stop deceiving ourselves about the role of money in our lives. We live in a system that works – the free market in Western economics. This system has lifted many out of poverty and provided a high standard of living in countries like Australia.
Rather than attempting to be a jack-of-all-trades, we specialise in our chosen professions, and money facilitates the exchange of goods and services. This system has brought progress, and denying its influence on your happiness could hinder your success.
Stay tuned for more daily insights from my book, Wealth Through Property.