Does it seem odd? Many people think that it’s a one or the other scenario; others think that you pursue Money or Success and then Happiness will come.
Rather than being the reward for our success and accomplishments, happiness can be our ally. In The Happiness Advantage, Shawn Achor writes that people tend to pursue success, thinking that it will bring happiness but that it’s more likely to be the other way around. When we’re happier our perspective broadens and we see more opportunities and solutions, we are more creative, and can think and interact better – this is the happiness advantage that the book refers to.
This is one good reason for being happy now but another reason is that if you don’t know how to be happy now, it’s unlikely that you’ll be happy later. Money and success may bring a win and temporary pleasure, but not long lasting happiness.
And what about the other way around? Whether money can bring or ‘buy’ happiness is usually addressed in either the philosophy of ‘money can’t buy happiness’ or in the joking remarks that ‘those who say money can’t buy happiness, don’t know where to shop.’
But all jokes aside, according to a 2010 Princeton study there is a correlation between money and happiness.. (yes, there are people who research even things like this). The study found that money is more effective at increasing happiness for those with an income under $75,000 but that after that, money has a diminishing effect on happiness.
I believe this is because while money doesn’t directly bring happiness, a lack of money creates a lot of stress, frustration and even impacts relationships and families. So, money up to a point can relieve a lot of pressure.
There are a few other ways that money can increase happiness beyond temporary pleasure. One is when we use money for experiences, especially experiences that are shared with people that you enjoy. Another way that money can bring happiness is when you use it to have a positive impact for a cause that you’re passionate about. Also, if you are uncomfortable with your finances then facing that fear and growing your financial understanding and skill will bring you more confidence and that confidence will translate to more confidence in other areas of your life. (Also, anytime that you face a fear, you both relieve the fear and grow in confidence and self-respect – a double win!)
And so, I encourage you to be happy at every stage. It’s the best way to ensure that you’ll be happy later and you’ll enjoy the journey as well. And be sure to also grow your finances and financial confidence. If money seems scary, now’s a great time to face that fear and get started. If you’re working on your finances, keep going and keep growing – your future self will be glad you did!