Relationship Between Money and Happiness

How much happiness can money buy? This question, unfortunately, has an extremely qualified answer. Money can make people happy to a certain extent. Money can buy all the material and tangible things one could ever dream of. The real question is: Is that the most important thing in life?
‘“It may be that the relationship is not between your income and the number of iPhones you can buy; it’s about the choices you can make.’ And the more money you make…the more choices open up”. According to Justin Wolfers, a professor at the University of Michigan, money opens up more opportunity and options for people to do what they want in life. Sometimes the happiness linked to money isn't about all the great things one can buy, it’s about the opportunities money can offer. “Specifically, just over one-third (or 35%) of Americans making less than $10,000 reported being ‘very happy’ and just under one-quarter (24%) said they were ‘very satisfied’ with their lives. Of those making over $500,000, 100% reported being ‘very happy’ and said they were ‘very satisfied’ with their lives”. Typically, those who make less money per year aren't as satisfied with their lives. Those who make a significant amount of money each year are all very satisfied with their lives. People who make less money tend to think they could be doing something more to provide and support their families. “Overall, not having the stresses of poverty and financial difficulty does make it easier for people to be happy with their lot on life”. Money definitely does take away the stresses and worries about not being able to get by in life and that tends to make people feel more secure in their lifestyle. After all, safety and security is the second essential human need on Maslow’s hierarchy succeeding the physiological needs. “What about the personal implications of your research? Are you happier now that you make more money than you used to? Unquestionably, yes. When [Justin Wolfers] was in graduate school and [he] went into a store, [he] was always looking at the prices”. Any time a less fortunate person walks into a store, they have to compromise what to buy and make sacrifices to be able to purchase the more essential things. If you possess more money, you never have to make sacrifices on things you want or need. Money offers people more opportunity and takes away the stresses and worries of poverty and financial hardship which are indeed some things that factor into one’s happiness.
Although people often connect money to being happy, it is only one of the many things that contribute to overall happiness. At this point, the question becomes, "If money doesn't buy happiness, what does? Grandma was right when she told you to value health and friends, not money and stuff". It is possible to be happy and poor. "Wealthy people with no friends or family are usually at least as miserable as poor people with no friends or family, and often worse". Relationships with loved ones can bring joy and love that can't be bought with money. The rich believe money can solve all their problems. Can money buy love? Can money apologize to others when you've hurt them? The simple fact is that money doesn't make everything better. "While I do believe a certain amount of money is required to handle your short-term needs, such as paying for your current bills and making sure there’s food on the table, the truth is, having more money does not guarantee you’ll be happier". While money might satisfy one's needs, it doesn't guarantee happiness. There is a big difference between happiness and satisfaction. "Essentially, more money makes you happier until you’re comfortable, and then, it really doesn't do much good". Once you're settled and have nothing else to spend money on, there's no point in being rich. After you're comfortable, money could flow in or be spent but it doesn't really affect you due to the fact that you have everything you want and the simplest, most basic needs on Maslow's hierarchy are met. "It is for this reason that rich people can often be very unhappy, because if they have nothing good to spend it on, their money is pointless". People need the company of other people and to feel like they fit in and feel like their life has meaning. Otherwise, there's no real happiness for that person even if they are rich.
In conclusion, "...does money matter? Yes, but it depends on what you mean by “matter.” You may be more satisfied with your life if you have more money, but this doesn't necessarily mean you’ll be happier. Happiness and satisfaction are simply different things". Happiness is the full extent of feeling great about your life while satisfaction is simply feeling alright and like things could be better. The simple truth is that money can satisfy you but will rarely bring happiness.