Mediation - Money, the Root of All Happiness

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While financial status and certain age groups affect overall well-being, we may ask “where is the middle-ground?” Where can money play a role in someone’s overall happiness? Harvard Business School professor Michael Norton believes that happiness indeed has a price tag. Within the article Gillespie revealed the studies of Michael Norton, who has researched the science of spending. Norton says,” We’re really underspending on the things that make us most happy,” (Gillespie) Norton’s theory ultimately suggests that it’s not what you buy but how you buy it. Spending money on experiences that last a lifetime rather than buying a new phone or TV that lasts a couple of years can lead to a happier life. Geoff Williams, a writer for US News, published a similar article that agrees with the studies of the Harvard professor. The article “Can Money Buy Us Happiness?” says “paying for experiences can make us happier is that their value endures over time. That seems ridiculous at first. After all, if you buy new stuff, like a lamp, you might have that stuff until you die. If you go on a weekend trip with the family, it's over come Sunday.” (Williams) Both Williams, Gillespie and Norton remain on the same page and agree that money can indeed buy happiness depending on what you spend it on. Rather than being up to date with the newest edition of the iPhone, people of a wealthier or even middle class have the opportunity to put more meaning behind their money. Martha C. White writer for TIME Magazine also expressed her reasoning behind the pursuit of happiness financially. White begins her article “5 Ways Money Can Buy Happiness, Backed by Science” by stating that “The old saying that money can’t buy happiness? Not true, it turns out. But you have to spend strategically if you expect the Benjamin’s to put a smile on your face.” (White) Just like the proposal by Harvard professor Michael Norton and Geoff Williams, White figures that the strategic use of money leads to overall happiness. White also conveys her ideas on spending on items that are necessitated or items that one is satisfied with. “No keeping up with the Joneses — that’s not going to make you happy. ‘There are a lot of reasons someone might buy something… but if the reason is to maximize happiness, the best thing for that person to do is purchase a life experience that is in line with their personality,’ Ryan Howell, an associate psychology professor at San Francisco State University” (White, Howell) While spending rationally money can be a key factor within our well-being. To live comfortably is far different than someone who spends obnoxiously on themselves. The way you spend your money says a lot about who you are as a person. Materialistic ideals lead one to become insufficient with finding pure happiness while someone who spends conservatively can find more happiness within themselves. Self realization is usually the best way to identify your needless spending. Finding yourself questioning your purchases is the first step to finding a balance between needless spending and spending that will affect your future.

With countless variables affecting happiness among certain groups, at what terms do these groups need to conclude in order for all parties to reach happiness? happify.com showed that 57% of Americans enjoyed investing money in experiences rather than buying “stuff”. The website went on to project their result of their survey which resulted in the American consumer feeling happier with conservative spending. “Our satisfaction of experiential purchases increased over time, whereas our satisfaction with the “stuff” we buy decreases over time.”(happify) These experiential purchases include events that bring family closer, creating memories that make for a great story, moments that are linked to future goals or unique and never done before. The solution to the age-old question “Can Money Buy Happiness?” can be expressed so simply as, “buy what you like and only what you need”. Those of a wealthier status and those of a certain age group should stick to the consumption of experiential purchases rather than self-fulfilling ones. Money cannot buy happiness, but the way you buy and spend your money will inevitably have a lasting effect on your overall well-being.

Works Cited

Hsieh, Chang-Ming. "Money and Happiness: Does Age Make a Difference?" Ageing and Society 31.08 (2011): 1289-306. ProQuest Sociology. Web. 23 Feb. 2016.

Headey, Bruce, Ruud Muffels, and Mark Wooden. "Money Does Not Buy Happiness: Or Does It? A Reassessment Based on the Combined Effects of Wealth, Income and Consumption." Social Indicators Research 87.1 (2008): 65-82. ProQuest Sociology. Web. 23 Feb. 2016.

Gillespie, Patrick. "Money Really Can Buy Happiness, Harvard Prof Says." CNNMoney. Cable News Network, 20 Nov. 2015. Web. 24 Feb. 2016.

Novotney, Amy. "Money Can't Buy Happiness." American Psychological Association. N.p., July 2012. Web. 24 Feb. 2016.

Williams, Geoff. "Can Money Buy Us Happiness?" US News. N.p., 19 Feb. 2015. Web. 24 Feb.2016.

Worland, Justin. "Income Matters Most to People in This Age Group." Time. Time, 29 Jan. 2015. Web. 01 Mar. 2016.

"INFOGRAPHIC: 17 Things Everyone Should Know About Money and Happiness." Happify.com. N.p., n.d. Web. 02 Mar. 2016.

Parker-Pope, Tara. "This Is Your Brain at the Mall: Why Shopping Makes You Feel So Good." WSJ. Health Journal, 6 Dec. 2005. Web. 02 Mar. 2016.

Walton, Alice G. "Why The Super-Successful Get Depressed." Forbes. Forbes Magazine, 26 Jan.

2015. Web. 02 Mar. 2016.

White, Martha C. "5 Ways Money Can Buy Happiness, Backed by Science." Time. Time, 29 Oct. 2014. Web. 02 Mar. 2016.

Kadlec, Dan. "Here's How to Spend Your Way to Euphoria." Time. Time, 11 Apr. 2014. Web. 16 Mar. 2016.

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