Money and Happiness – Asrar Qureshi’s Blog Post #942

Money and Happiness – Asrar Qureshi’s Blog Post #942

Dear Colleagues! This is Asrar Qureshi’s Blog Post #942 for Pharma Veterans. Pharma Veterans Blogs are published by Asrar Qureshi on its dedicated site https://pharmaveterans.com. Please email to aq.pharmaveterans@gmail.com for publishing your contributions here.

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The idea that money can buy happiness is a complex one, with strong arguments on both sides. The debate is old and shall continue. Because people in acute need of money shall rightfully stick to their thinking that there can be no happiness without money. They do not care about scholarly and philosophical concepts of what real happiness is, or what money cannot do. For them, money will be solution to all issues. On the other side of the spectrum are people who take the opposite view. They would like to say that money may give instant gratification, for example, buying a much-desired article, or eating a special food, may provide happiness for a short time but it is not real happiness. Real happiness is a state of emotions which sustains over time, and is an all-rounder, lively state.

Jon M. Jachimowicz, Assistant Professor of Business Administration, has published an article, based on research of his group. The article is titled ‘More Proof that Money can Buy Happiness (or a Life with Less Stress)’ – link at the end. His argument is that cash is key in an important way: it helps people to avoid many of the day-to-day hassles that cause stress. 

“It’s not that rich people don’t have problems,” Jachimowicz say,” but having money allows you to fix problems and resolve them more quickly.”

Money Can Buy Happiness – Up to a Point

Financial security allows us to afford basic necessities like food, shelter, and healthcare. This removes a significant source of stress and worry, leading to greater peace of mind and overall well-being. In today’s world, everything comes at a price, which is constantly rising. Due to inflation and greed, more people are pushed below poverty line in many countries. In Pakistan, ten million more people will fall below poverty line due to increased cost of living. 

Having money provides a safety net in case of emergencies or unexpected events. This may be particularly relevant at older age when the likelihood of having one or more chronic diseases and related emergencies rises sharply. 

Money also gives the freedom to pursue our passions, travel, and experience new things, all of which can contribute to happiness. In the affluent countries, most people engage in some kind of leisure activity, sports, traveling around the world, and pursuing multiple hobbies because they can afford it. 

Money can buy better housing in upscale neighborhoods, quality education for your children, and access to socializing places such as clubs. These factors can significantly improve overall quality of life and sense of well-being. Membership of clubs not only comes at a price, but it is also a matter of prestige and status in countries like ours. Less resourceful people cannot manage such memberships and therefore suffer from social disparity. 

Money is also a means of wider social relationships. It is no secret that children studying in elitist public schools get the opportunity for networking which helps them throughout their lives. Money attracts better marriage proposals and probably better married lives. In terms of quality married lives, poor people are worse off than the rich.

Even Then – Money Isn't Everything

Studies show that increased happiness from money plateaus after a certain income level. Beyond basic needs, material possessions have a diminishing effect on long-term happiness. For example, with every new iPhone model, the price goes up, but the duration of excitement goes down. This is true for all material things, cars, clothes, accessories, and what not. 

Luxury goods market is still growing exponentially, running into hundreds of billions of dollars. Quite recently, the owner company of brands Coach and Kate Spades moved to buy the parent company of Michael Kors for a hefty $8.5 billion dollars, but the deal has been stalled due to intervention of competition regulator in the US. LVMH, the French conglomerate that manages 75 luxury brands has a market capitalization of $424 billion and is the 20th most valuable company in the world. Luxury goods play the most of prestige factor associated with happiness.

Genuine happiness comes more from meaningful experiences, strong relationships, and a sense of purpose in life, which money can't necessarily buy

The pursuit of money can be stressful. The relentless pursuit of wealth can lead to workaholic tendencies, neglecting relationships, and sacrificing free time. This does create stress and unhappiness in the long run. Pursuit of happiness is a better ideal to follow.

What Could be the Right Balance?

Money is certainly a factor in happiness, but it's not the only one. The key is to find a balance:

Pursuing a career that provides financial security while also offering a sense of purpose and satisfaction is long term provider of satisfaction and happiness. Achievements along the way shall keep adding to better emotional state.

Creating a financial plan to ensure that basic needs are met and planning for the future without neglecting present happiness is another way of achieving balance. Presently, this is becoming impossible for vast majority of middle-class people.

Investing in experiences and relationships is an important factor in emotional enrichment. Spending time with loved ones, pursuing hobbies, and creating lasting memories is a sure way of finding joy. These experiences contribute more to long-term happiness than material possessions.

All said and done, happiness remains a complex emotion influenced by various factors. Money can play a supportive role, but it's ultimately up to us to find what brings true fulfillment and a sense of purpose in life.

Concluded.

Disclaimers: Pictures in these blogs are taken from free resources at Pexels, Pixabay, Unsplash, and Google. Credit is given where available. If a copyright claim is lodged, we shall remove the picture with appropriate regrets.

For most blogs, I research from several sources which are open to public. Their links are mentioned under references. There is no intention to infringe upon anyone’s copyrights. If, however, it happens unintentionally, I offer my sincere regrets.

References:

https://hbswk.hbs.edu/item/more-proof-that-money-can-buy-happiness?utm_source=ActiveCampaign&utm_medium=email&utm_content=What+AI+still+can+t+do+%7C+The+%249T+resource+companies+take+for+granted&utm_campaign=WK+Newsletter+Resend+3-27-2024