Can Money Really Not Buy Happiness?
Most people are familiar with the saying, “Money can’t buy happiness.” That’s easy to say if you have a lot of money, some would argue. An expanded version of the saying is, “Money can’t buy happiness, but poverty can’t buy anything.”
So what is the truth of the matter? Is the saying that “Money can’t buy happiness,” a meaningless, trite saying, or is it true? What does science and the Bible say about money and happiness?
Both the Bible and social and psychological science provide mixed answers on this subject. On one hand the Bible says:
“But those who desire to be rich fall into temptation and a snare, and into many foolish and harmful lusts which drown men in destruction and perdition. For the love of money is a root of all kinds of evil, for which some have strayed from the faith in their greediness, and pierced themselves through with many sorrows.” (I Timothy 6:9-10) NKJV (Note: some will be quick to point out that the verse doesn’t say that money is the root of all evil, but that the love of money is the root of all evil)
“He who loves silver will not be satisfied with silver; Nor he who loves abundance, with increase.
This also is vanity.” (Ecclesiastes 5:10) NKJV
On the other hand, the Bible also says these things about money:
“The blessing of the Lord makes one rich, And He adds no sorrow with it.” (Proverbs 10:22) NKJV
“But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever.” (I Timothy 5:8) NKJV
So which is it? The Bible says that the love of money is the root of all evil. Yet, in other verses it says that the blessing of the Lord will make you rich. In one context, wealth or money is a curse, in another context, it is a blessing. Earning enough money to provide for your family is a Christian duty.
Science provides data that show similar contradictions. In 2010 Kahneman and Deaton, Princeton University professors and Nobel Prize laureates, published the research article “High income improves evaluation of life but not emotional well-being.” In the article they reported that increases in income increased feelings of wellbeing, but only up to a point. Once income reached $75,000 per year, there was little to no increase in wellbeing. In other words, money can buy happiness, but only up to $75,000 per year in income.
Based on my study of happiness over the past few years, I would like to offer a revised maxim, “Money can’t buy happiness, but it can reduce unhappiness.”
In my article The Opposite of Happiness is Unhappiness, Right? I pointed out that happiness and unhappiness can exist at the same time. God gave us negative emotions, feelings like hunger and pain to help keep us alive. If we ignore our hunger, we won’t eat enough to get sufficient calories and nutrients to keep us alive. If we ignore the pain we feel while our hand is placed on the red hot stove, we will end up with serious burns and potential long term damage. It turns out that money is pretty good at solving unhappiness; things like pain, hunger, etc. We can use money to buy food. If we have a tooth ache, we can use money to go to the dentist and get the source of the toothache taken care of. This is one possible way to explain the results found by Kahneman and Denton. Reported happiness increases with income, but only up to the point where your basic needs are sufficiently taken care of and there is freedom from immediate financial concerns. After that, more money doesn’t make you much happier. Money can reduce unhappiness, but it can’t raise happiness very much.
Many people observe the fact that, when your income is low and you are struggling to meet your basic needs, money can reduce your unhappiness. It can make your life better, or at least less of a struggle. Unfortunately, many mistakenly assume that the happiness trajectory will continue. If making a little bit of money will lift you out of poverty and make you feel better about your situation in life, if you have lots more money, you must get a lot happier! The Bible and social science research show that this is not true.
The Bible is very clear about the fact that worldly wealth will not lead to happiness, The book of Ecclesiastes talks extensively about the vanity of chasing wealth. Written by one of the world’s wisest, richest men, after accumulating extreme wealth he concluded, “All is vanity.”
Warren Buffett, currently the eighth wealthiest person in the world with an estimated wealth of $147 billion, recognizes that money doesn’t bring happiness. In a 2018 interview on CNBC’s “Squawk Box” he, said, “If you have a hundred thousand dollars and you think a million is going to make you happy, it’s not going to happen. You will look around and see people with $2 million. It doesn’t work that way.”
So, yes, work hard. Be industrious. Earn enough money to take care of yourself and your household. Use money to be charitable. Contribute to causes that benefit others. Many scriptures in the Bible talk about the need to be industrious, to work hard, to provide for your family: II Thessalonians 3:10-12, Colossians 3:23, Proverbs 14:23, Proverbs 31:17:19.
But more importantly, realize that wealth, in and of itself, is not going to make you happy. If you want to be happier, focus more on the things that science and the Bible show will lead to true happiness and contentment. Practice love, develop your relationships, show gratitude, and connect daily with your creator through prayer and meditation.
