Reasons Why Money CAN Make You Happy
Can money really make you happy?
We all grew up with the wise sayings, 'Money won't make you happy.' or 'Money is the root of all evil.' or something along those lines. In most cultures, money is vilified and I really think we need to change the narrative on that.
Because here's the bottom line.
If you are a generous person and you make a crap ton of money, guess what? You get to be a lot more generous.
If you are an asshole and you make a crap ton of money, you're just going to be a bigger asshole.
Money makes you more of what you already are.
Money Doesn't Cure Depression
You've seen the stories of celebrities that seem to have it all but end up on drugs or even committing suicide.
Money does not cure mental illness. But it can help you get better treatments.
I will admit that there are different problems you have to deal with the more money you have. For example, being sued. It can be a lot of pressure for some people to take.
Hopefully, if you have money, you can afford a good lawyer, but that stress can take its toll on some people.
Money DOES Give You Options Which Reduces Stress
On the opposite side of it all, money does give you options. Options can help you be a lot less stressed in life.
For example, after the COVID-19 crisis gas prices skyrocketed. The cost of everything went up as inflation roared.
By having enough money, you can absorb these costs without having to change your lifestyle at all. And I'm not talking about your need millions and millions of dollars.
If you are in a bind, you can often use money to get a ride, buy a night at a hotel, purchase a plane ticket or whatever you need to pivot without it destroying your budget.
The Happiness Quotient
So how much money do you need to make to actually be 'happier'?
There was a study many years ago that said people who made at least $84,000 a year saw significant improvement in quality of life and overall happiness. I would venture to guess that's probably closed to $120,000 dollar US today.
What the study also said is that making above that amount doesn't necessarily make you happier.
I can tell you from personal experience that that is absolutely false.
I would estimate that making around $250,000/year you will see substantial improvements in quality of life and overall health.
I actually went to event in 2023 where Megyn Kelley (net worth of $43 million) stated that she felt that $250,000 was the magic number where making more money didn't have as big an impact on her life.
What Does All This Money Buy You?
The most important thing is time. Time is everyone's most limiting factor. No one gets any more hours in a day than anyone else.
So instead of cleaning your own house, you can pay someone else to clean it for you. Instead of doing your own lawn or laundry, you could pay someone else.
Yeah but, Lauren, that sounds a bit petty. I'm more than capable of doing that stuff myself.
You sure are.
But wouldn't you rather spend that time working on your business, going for walks along the beach, or spending time with your family?
As a business owner, I learned that my time was worth hundreds of dollars an hour. If I could invest that time in my business or my health, it was better of for me to pay someone $100 to clean my house which would take a couple of hours.
I would actually save money!
If you REALLY enjoy cleaning your house, that's one thing. But if you'd rather have time to actually go to the gym or take up a new hobby, then give the cleaning to someone else.
Money Can Also Buy You Health
I remember the first time I could actually afford to workout with a personal trainer. As a cancer survivor. I'm big on staying healthy and eating good.
I don't buy the bargain meat on sale in the grocery store. I buy the Grass Fed $40/lb filet mignon. Why? Because quality matters to me most.
Now don't get mad at me, I remember well all the times I used to have to buy the marked down 'family size' chicken breast and I would have to cut up the meat and freeze it in my kitchen to make it last as long as I could.
My wife and I would make a game over how little we could spend on groceries a week. In 2010, our budget was $50/week for two people.
You can imagine the crap we were buying back then.
When we started making enough money, I said that when I go to the grocery store (or order my groceries online and get them delivered. Time saver!), that I would never question something I wanted to buy. No matter how much it cost. Because good quality food is a priority for me along with exercise.
These are just a few of the reasons why money can buy you happiness.
But the best thing that happened with making more money for me was 'retiring' my wife from nursing.
COVID was horrible and my wife was a full-time nurse during all of it. When the business made enough money, my wife quit full-time nursing and only picks up shifts when she wants to.
Her quality of life and health has changed dramatically. If we didn't make enough money, I would never have been able to do that for her for her.
Saving my wife's mental health and back, makes me happier than anything else.
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