Money can’t buy happiness — is that even true?
When it comes to wealth and well-being, great minds think differently. Arthur Schopenhauer once declared, “Money alone is absolutely good,” while Seneca the Younger cautioned, “Money has never yet made anyone rich.” Perhaps a balanced perspective is needed — and as the legendary financial commentator Louis Rukeyser once quipped, “The best way to keep money in perspective is to have some.”
Indeed, while most research confirms that the constant pursuit of riches leads to diminishing returns, achieving financial stability can definitely make life better. Probably the best-known study on this topic, conducted by Nobel laureates Daniel Kahneman and Angus Deaton, found that Americans’ emotional well-being rises with annual income up to about $75,000, at which point more cash doesn’t equal more laughter or less stress.
Meanwhile, other researchers have discovered that the relationship between money and happiness has less to do with how much you make than what you make of it. Wondering what financial habits are most likely to bring you joy? Here are five smile-inducing strategies to consider:
