life is more important than money essay

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Does More Money Really Make Us More Happy?

• Elizabeth Dunn
• Chris Courtney

A big paycheck won’t necessarily bring you joy

Although some studies show that wealthier people tend to be happier, prioritizing money over time can actually have the opposite effect.

• But even having just a little bit of extra cash in your savings account ($500), can increase your life satisfaction. So how can you keep more cash on hand?
• Ask yourself: What do I buy that isn’t essential for my survival? Is the expense genuinely contributing to my happiness? If the answer to the second question is no, try taking a break from those expenses.
• Other research shows there are specific ways to spend your money to promote happiness, such as spending on experiences, buying time, and investing in others.
• Spending choices that promote happiness are also dependent on individual personalities, and future research may provide more individualized advice to help you get the most happiness from your money.

How often have you willingly sacrificed your free time to make more money? You’re not alone. But new research suggests that prioritizing money over time may actually undermine our happiness.

• ED Elizabeth Dunn is a professor of psychology at the University of British Columbia and Chief Science Officer of Happy Money, a financial technology company with a mission to help borrowers become savers. She is also co-author of “ Happy Money: The Science of Happier Spending ” with Dr. Michael Norton. Her TED2019 talk on money and happiness was selected as one of the top 10 talks of the year by TED.
• CC Chris Courtney is the VP of Science at Happy Money. He utilizes his background in cognitive neuroscience, human-computer interaction, and machine learning to drive personalization and engagement in products designed to empower people to take control of their financial lives. His team is focused on creating innovative ways to provide more inclusionary financial services, while building tools to promote financial and psychological well-being and success.

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More Proof That Money Can Buy Happiness (or a Life with Less Stress)

When we wonder whether money can buy happiness, we may consider the luxuries it provides, like expensive dinners and lavish vacations. But cash is key in another important way: It helps people avoid many of the day-to-day hassles that cause stress, new research shows.

Money can provide calm and control, allowing us to buy our way out of unforeseen bumps in the road, whether it’s a small nuisance, like dodging a rainstorm by ordering up an Uber, or a bigger worry, like handling an unexpected hospital bill, says Harvard Business School professor Jon Jachimowicz.

“If we only focus on the happiness that money can bring, I think we are missing something,” says Jachimowicz, an assistant professor of business administration in the Organizational Behavior Unit at HBS. “We also need to think about all of the worries that it can free us from.”

The idea that money can reduce stress in everyday life and make people happier impacts not only the poor, but also more affluent Americans living at the edge of their means in a bumpy economy. Indeed, in 2019, one in every four Americans faced financial scarcity, according to the Board of Governors of the Federal Reserve System. The findings are particularly important now, as inflation eats into the ability of many Americans to afford basic necessities like food and gas, and COVID-19 continues to disrupt the job market.

Buying less stress

The inspiration for researching how money alleviates hardships came from advice that Jachimowicz’s father gave him. After years of living as a struggling graduate student, Jachimowicz received his appointment at HBS and the financial stability that came with it.

“My father said to me, ‘You are going to have to learn how to spend money to fix problems.’” The idea stuck with Jachimowicz, causing him to think differently about even the everyday misfortunes that we all face.

To test the relationship between cash and life satisfaction, Jachimowicz and his colleagues from the University of Southern California, Groningen University, and Columbia Business School conducted a series of experiments, which are outlined in a forthcoming paper in the journal Social Psychological and Personality Science , The Sharp Spikes of Poverty: Financial Scarcity Is Related to Higher Levels of Distress Intensity in Daily Life .

Higher income amounts to lower stress

In one study, 522 participants kept a diary for 30 days, tracking daily events and their emotional responses to them. Participants’ incomes in the previous year ranged from less than $10,000 to $150,000 or more. They found:

• Money reduces intense stress: There was no significant difference in how often the participants experienced distressing events—no matter their income, they recorded a similar number of daily frustrations. But those with higher incomes experienced less negative intensity from those events.
• More money brings greater control : Those with higher incomes felt they had more control over negative events and that control reduced their stress. People with ample incomes felt more agency to deal with whatever hassles may arise.
• Higher incomes lead to higher life satisfaction: People with higher incomes were generally more satisfied with their lives.

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

Why cash matters

In another study, researchers presented about 400 participants with daily dilemmas, like finding time to cook meals, getting around in an area with poor public transportation, or working from home among children in tight spaces. They then asked how participants would solve the problem, either using cash to resolve it, or asking friends and family for assistance. The results showed:

• People lean on family and friends regardless of income: Jachimowicz and his colleagues found that there was no difference in how often people suggested turning to friends and family for help—for example, by asking a friend for a ride or asking a family member to help with childcare or dinner.
• Cash is the answer for people with money: The higher a person’s income, however, the more likely they were to suggest money as a solution to a hassle, for example, by calling an Uber or ordering takeout.

While such results might be expected, Jachimowicz says, people may not consider the extent to which the daily hassles we all face create more stress for cash-strapped individuals—or the way a lack of cash may tax social relationships if people are always asking family and friends for help, rather than using their own money to solve a problem.

“The question is, when problems come your way, to what extent do you feel like you can deal with them, that you can walk through life and know everything is going to be OK,” Jachimowicz says.

Breaking the ‘shame spiral’

In another recent paper , Jachimowicz and colleagues found that people experiencing financial difficulties experience shame, which leads them to avoid dealing with their problems and often makes them worse. Such “shame spirals” stem from a perception that people are to blame for their own lack of money, rather than external environmental and societal factors, the research team says.

“We have normalized this idea that when you are poor, it’s your fault and so you should be ashamed of it,” Jachimowicz says. “At the same time, we’ve structured society in a way that makes it really hard on people who are poor.”

For example, Jachimowicz says, public transportation is often inaccessible and expensive, which affects people who can’t afford cars, and tardy policies at work often penalize people on the lowest end of the pay scale. Changing those deeply-engrained structures—and the way many of us think about financial difficulties—is crucial.

After all, society as a whole may feel the ripple effects of the financial hardships some people face, since financial strain is linked with lower job performance, problems with long-term decision-making, and difficulty with meaningful relationships, the research says. Ultimately, Jachimowicz hopes his work can prompt thinking about systemic change.

“People who are poor should feel like they have some control over their lives, too. Why is that a luxury we only afford to rich people?” Jachimowicz says. “We have to structure organizations and institutions to empower everyone.”

[Image: iStockphoto/mihtiander]

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Can Money Really Buy Happiness?

Money and happiness are related—but not in the way you think..

Updated November 10, 2023 | Reviewed by Chloe Williams

• More money is linked to increased happiness, some research shows.
• People who won the lottery have greater life satisfaction, even years later.
• Wealth is not associated with happiness globally; non-material things are more likely to predict wellbeing.
• Money, in and of itself, cannot buy happiness, but it can provide a means to the things we value in life.

Money is a big part of our lives, our identities, and perhaps our well-being. Sometimes, it can feel like your happiness hinges on how much cash is in your bank account. Have you ever thought to yourself, “If only I could increase my salary by 12 percent, I’d feel better”? How about, “I wish I had an inheritance. How easier life would be!” I don’t blame you — I’ve had the same thoughts many times.

But what does psychological research say about the age-old question: Can money really buy happiness? Let’s take a brutally honest exploration of how money and happiness are (and aren’t) related. (Spoiler alert: I’ve got bad news, good news, and lots of caveats.)

Higher earners are generally happier

Over 10 years ago, a study based on Gallup Poll data on 1,000 people made a big headline in the news. It found that people with higher incomes report being happier... but only up to an annual income of $75,000 (equivalent to about $90,000 today). After this point, a high emotional well-being wasn’t directly correlated to more money. This seemed to show that once a persons’ basic (and some “advanced”) needs are comfortably met, more money isn’t necessary for well-being.

But a new 2021 study of over one million participants found that there’s no such thing as an inflection point where more money doesn’t equal more happiness, at least not up to an annual salary of $500,000. In this study, participants’ well-being was measured in more detail. Instead of being asked to remember how well they felt in the past week, month, or year, they were asked how they felt right now in the moment. And based on this real-time assessment, very high earners were feeling great.

Similarly, a Swedish study on lottery winners found that even after years, people who won the lottery had greater life satisfaction, mental health, and were more prepared to face misfortune like divorce , illness, and being alone than regular folks who didn’t win the lottery. It’s almost as if having a pile of money made those things less difficult to cope with for the winners.

Evaluative vs. experienced well-being

At this point, it's important to suss out what researchers actually mean by "happiness." There are two major types of well-being psychologists measure: evaluative and experienced. Evaluative well-being refers to your answer to, “How do you think your life is going?” It’s what you think about your life. Experienced well-being, however, is your answer to, “What emotions are you feeling from day to day, and in what proportions?” It is your actual experience of positive and negative emotions.

In both of these studies — the one that found the happiness curve to flatten after $75,000 and the one that didn't — the researchers were focusing on experienced well-being. That means there's a disagreement in the research about whether day-to-day experiences of positive emotions really increase with higher and higher incomes, without limit. Which study is more accurate? Well, the 2021 study surveyed many more people, so it has the advantage of being more representative. However, there is a big caveat...

Material wealth is not associated with happiness everywhere in the world

If you’re not a very high earner, you may be feeling a bit irritated right now. How unfair that the rest of us can’t even comfort ourselves with the idea that millionaires must be sad in their giant mansions!

But not so fast.

Yes, in the large million-person study, experienced well-being (aka, happiness) did continually increase with higher income. But this study only included people in the United States. It wouldn't be a stretch to say that our culture is quite materialistic, more so than other countries, and income level plays a huge role in our lifestyle.

Another study of Mayan people in a poor, rural region of Yucatan, Mexico, did not find the level of wealth to be related to happiness, which the participants had high levels of overall. Separately, a Gallup World Poll study of people from many countries and cultures also found that, although higher income was associated with higher life evaluation, it was non-material things that predicted experienced well-being (e.g., learning, autonomy, respect, social support).

Earned wealth generates more happiness than inherited wealth

More good news: For those of us with really big dreams of “making it” and striking it rich through talent and hard work, know that the actual process of reaching your dream will not only bring you cash but also happiness. A study of ultra-rich millionaires (net worth of at least $8,000,000) found that those who earned their wealth through work and effort got more of a happiness boost from their money than those who inherited it. So keep dreaming big and reaching for your entrepreneurial goals … as long as you’re not sacrificing your actual well-being in the pursuit.

There are different types of happiness, and wealth is better for some than others

We’ve been talking about “happiness” as if it’s one big thing. But happiness actually has many different components and flavors. Think about all the positive emotions you’ve felt — can we break them down into more specifics? How about:

• Contentment
• Gratefulness

...and that's just a short list.

It turns out that wealth may be associated with some of these categories of “happiness,” specifically self-focused positive emotions such as pride and contentment, whereas less wealthy people have more other-focused positive emotions like love and compassion.

In fact, in the Swedish lottery winners study, people’s feelings about their social well-being (with friends, family, neighbors, and society) were no different between lottery winners and regular people.

Money is a means to the things we value, not happiness itself

One major difference between lottery winners and non-winners, it turns out, is that lottery winners have more spare time. This is the thing that really makes me envious , and I would hypothesize that this is the main reason why lottery winners are more satisfied with their life.

Consider this simply: If we had the financial security to spend time on things we enjoy and value, instead of feeling pressured to generate income all the time, why wouldn’t we be happier?

This is good news. It’s a reminder that money, in and of itself, cannot literally buy happiness. It can buy time and peace of mind. It can buy security and aesthetic experiences, and the ability to be generous to your family and friends. It makes room for other things that are important in life.

In fact, the researchers in that lottery winner study used statistical approaches to benchmark how much happiness winning $100,000 brings in the short-term (less than one year) and long-term (more than five years) compared to other major life events. For better or worse, getting married and having a baby each give a bigger short-term happiness boost than winning money, but in the long run, all three of these events have the same impact.

What does this mean? We make of our wealth and our life what we will. This is especially true for the vast majority of the world made up of people struggling to meet basic needs and to rise out of insecurity. We’ve learned that being rich can boost your life satisfaction and make it easier to have positive emotions, so it’s certainly worth your effort to set goals, work hard, and move towards financial health.

But getting rich is not the only way to be happy. You can still earn health, compassion, community, love, pride, connectedness, and so much more, even if you don’t have a lot of zeros in your bank account. After all, the original definition of “wealth” referred to a person’s holistic wellness in life, which means we all have the potential to be wealthy... in body, mind, and soul.

Kahneman, D., & Deaton, A.. High income improves evaluation of life but not emotional well-being. . Proceedings of the national academy of sciences. 2010.

Killingsworth, M. A. . Experienced well-being rises with income, even above $75,000 per year .. Proceedings of the National Academy of Sciences. 2021.

Lindqvist, E., Östling, R., & Cesarini, D. . Long-run effects of lottery wealth on psychological well-being. . The Review of Economic Studies. 2020.

Guardiola, J., González‐Gómez, F., García‐Rubio, M. A., & Lendechy‐Grajales, Á.. Does higher income equal higher levels of happiness in every society? The case of the Mayan people. . International Journal of Social Welfare. 2013.

Diener, E., Ng, W., Harter, J., & Arora, R. . Wealth and happiness across the world: material prosperity predicts life evaluation, whereas psychosocial prosperity predicts positive feeling. . Journal of personality and social psychology. 2010.

Donnelly, G. E., Zheng, T., Haisley, E., & Norton, M. I.. The amount and source of millionaires’ wealth (moderately) predict their happiness . . Personality and Social Psychology Bulletin. 2018.

Piff, P. K., & Moskowitz, J. P. . Wealth, poverty, and happiness: Social class is differentially associated with positive emotions.. Emotion. 2018.

Jade Wu, Ph.D., is a clinical health psychologist and host of the Savvy Psychologist podcast. She specializes in helping those with sleep problems and anxiety disorders.

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However you spend it, money isn’t the key to happiness

Research Fellow at Stirling Management School, University of Stirling

Disclosure statement

Christopher Boyce receives funding from the Economic and Social Research Council.

University of Stirling provides funding as a member of The Conversation UK.

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How important, if at all, is having more money for our happiness and well-being? Unsurprisingly this question stimulates a lot of opinion and debate. But are people accurate in their predictions about the benefits of having money?

A new study published in the Journal of Positive Psychology highlights that people are often mistaken in how spending our money might benefit our lives. People are prone to forecasting errors – that is, they mistakenly predict future events to be better or worse than they actually turn out to be.

In this latest study the researchers show that people predict that buying material possessions will be a better use of money than spending instead on life experiences. But once the purchases are had, the experience is what’s perceived to have been a better use of money, resulting in higher well-being. More or less, this confirms findings from other studies . And so it seems that a focus on having as opposed to being may limit human potential.

But what does this new study tell us about the importance of money for both happiness and well-being more generally? On the whole money matters much less than people think and has led some to conclude simply that money doesn’t make us happy because we aren’t spending it right .

My own research has also illustrated that we probably don’t spend our money on the things most beneficial for well-being. For example, we have shown that spending on psychological therapy would be an extremely cost-effective way of raising well-being . But, the message from our research is not that we should just spend our money better and that people underestimate the effect of purchasing certain things, as the authors claim in the latest study. Instead, our work highlights just how relatively unimportant money is at raising individual well-being compared to other more important things.

More to life than money

How to spend our money is not the only choice we have – we also have choices as to how we should live our lives and whether in fact we should spend so much time and energy pursuing money in the first place. Thus when we are trying to understand the importance of money for well-being it is one thing to compare types of spending, but really we should be comparing how important money is in relation to other things.

The reality is that how much someone earns contributes very little to their sense of well-being compared with other things such as social relationships, physical and mental health or how a person relates to the world around them. Focusing directly on these factors would probably do much more for our well-being rather than how we chose to spend our money.

We have demonstrated that personality change, for example, contributes substantially more to changes in well-being than income factors . People who, for example, become more open to new experiences or emotionally more stable, are much more likely to experience larger well-being changes than any change to their income.

Being materialistic is well-known to be detrimental to an individual’s well-being. Those that pursue wealth and possessions consistently report lower well-being than those that don’t.

So a better question to address than how we should spend our money is: “Why does more money seem to bring us very little well-being even though we often predict otherwise?”

Money and social standing

One reason is that people don’t care about how much money they have per se, but care more about the social position that their income gives them . But increases in an individual’s income won’t necessarily equate to a growth in social standing. And, while people may think that an income increase will bring greater well-being, this may not factor in that everyone else may experience an income increase at the same time.

It’s also been shown that income losses have a much greater impact on well-being than equivalent income gains . This suggests that any benefit that accrues from an income rise, whether at the individual or national level, may be completely wiped out by much smaller income losses. The importance of income is therefore not in obtaining it, but avoiding losing it. Only once it’s obtained does income become essential to maintain your current level of well-being and this may partly explain why it is believed to be so important for well-being.

The question as to whether more money brings greater happiness comes up time and time again and will no doubt continue to do so. Indeed it is an important question and how we spend our money is of course important – if we have money then of course it makes sense to use it wisely. But it would be a mistake to let the pursuit of money for the sake of happiness distract us away from the things in life that simply matter more.

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Humanity is more important than money — it’s time for capitalism to get an upgrade

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What capitalism prioritizes, the world does more of. So how can we change capitalism so that it focuses on what humans really want and need? Entrepreneur Andrew Yang has a surprising proposal.

Think of the activities on the list below:

Parenting or caring for loved ones Teaching or nurturing children Creating art, music, dance Working in struggling regions near our hometowns Preserving the environment Reading or writing for pleasure or personal growth Preventative health care Character-building for your kids, your team, yourself Building community connections Having a hobby Becoming involved in local government

Most of us do some or many of these things — and usually, we don’t do them for money. What these activities add up to is what we might call a normal life, a well-rounded life of care and character, rich with community and creativity and balance. When you do these things, you don’t think of yourself as participating in capitalism.

But the fact is, capitalism moves and energizes the modern world. And what capitalism values, our world does more of; what it doesn’t, we do less of. Many of us feel like the activities of a normal life are becoming harder and harder to accomplish. So the question becomes: In a system where capitalism is a prime determinant of value, how can we preserve what we truly value as humans, what matters to us beyond money?

I’m someone who was educated to thrive and dominate in our capitalist system. And my deep conviction now is: it has to change. I’m an Ivy League graduate who followed the 59 percent of my peers into one of the four jobs we all take — lawyer, business consultant, finance, technology — in one of the four US cities we all move to, and in the process abandoning our hometowns and the dreams that first inspired our academic success. I watched the country’s best-educated young people fall into jobs that were designed to harvest and concentrate wealth, working insane hours to pay off insane loans. And my hometown friends who didn’t end up on the Ivy League track are facing a bleaker future, as automation destroys more and more jobs in towns across America, disrupting communities and families. No matter where we stand on the socioeconomic ladder, the future of the “normal life” doesn’t look good.

In the US, and in much of the developed world, our current form of capitalism is failing to produce an increasing standard of living for most of its citizens. It’s time for an upgrade. Adam Smith, the Scottish economist who wrote T he Wealth of Nations in 1776, is often regarded as the father of modern capitalism. His ideas — that the “invisible hand” guides the market; that a division of labor exists and should exist; and that self-interest and competition lead to wealth creation — are so deeply internalized that most of us take them for granted.

Today, many people contrast “capitalism” with “socialism,” the social ownership or democratic control of industries. The perception is that capitalism — as embodied by the West and the United States in particular — won the war of ideas by generating immense growth and wealth and elevating the standard of living of billions of people. By contrast, socialism — represented by the Soviet Union, which collapsed in 1991, and China, which moderated its approach in the 1980s — didn’t work in practice and was thoroughly discredited.

This assessment of capitalism triumphing over socialism misses a couple of important points. First, there is no such thing as a pure capitalist system. There have been many different forms of capitalist economies ever since money was invented around 5,000 years ago. The current form of institutional capitalism and corporatism is just the latest of many different versions. Similarly, there are many forms of capitalism in service around the world right now. For example, Singapore is the fourth richest country in the world in terms of per-capita GDP. It’s had an unemployment rate of 2.2 percent or lower since 2009 and is regarded as one of the most free and open, pro-business economies in the world. Yet the government in Singapore routinely shapes investment policy, and government-linked firms dominate telecommunications, finance and media in ways that would be unthinkable in America, Norway, Japan or Canada. Like Singapore, many countries’ form of capitalism is steered not by an unseen hand — but by clear government policy.

Imagine a new type of capitalist economy that’s geared toward maximizing human well-being and fulfillment. These goals and GDP would sometimes go hand-in-hand, but there would be times when they wouldn’t be aligned. For example, an airline removing passengers who’d already boarded a plane in order to maximize its profitability would be good for capital but bad for people. The same goes for a drug company charging extortionate rates for a life-saving drug. Most Americans would agree that the airline should accept the lost revenue and the drug company accept a moderate profit margin. But what if this idea was repeated over and over again throughout the economy? Let’s call it human-centered capitalism — or human capitalism for short.

Human capitalism would have a few core tenets: 1. Humanity is more important than money. 2. The unit of an economy is each person, not each dollar. 3. Markets exist to serve our common goals and values.

In business, there’s a saying that “what gets measured gets managed for,” so we need to start measuring different things. The concepts of GDP and economic progress didn’t exist until the Great Depression. However, when economist Simon Kuznets introduced it to Congress in 1934, he cautioned, “The welfare of a nation can … scarcely be inferred from a measurement of national income as defined above.” It’s almost like he saw income inequality and bad jobs coming.

Our economic system must shift to focus on bettering the lot of the average person. Instead of having our humanity subverted to serve the marketplace, capitalism has to be made to serve human ends and goals.

In addition to GDP and job statistics, the government could adopt measurements like: Average physical fitness and mental health Quality of infrastructure Proportion of the elderly in quality care Marriage rates and success Deaths of despair; substance abuse Global temperature variance and sea levels Re-acclimation of incarcerated individuals and rates of criminality Artistic and cultural vibrancy Dynamism and mobility Social and economic equity Civic engagement Cybersecurity Responsiveness and evolution of government

It would be straightforward to establish measurements for each of these and update them periodically. It would be similar to what Steve Ballmer ( TEDxPennsylvaniaAvenue talk: Our nation in numbers ) set up at USAFacts.org . Everyone could see how we’re doing and be galvanized around improvement.

This could be tied into a Digital Social Credit (DSC) system, in which people who help move society in a particular direction might be rewarded. For example, a journalist who uncovered a source of waste or an artist who beautified a city or a hacker who strengthened our power grid could be rewarded with social credits. So could someone who helped another person recover from addiction, or helped acclimate an ex-convict into the workforce. Even someone who maintained a high level of physical fitness and helped others do so could be rewarded and recognized.

Maybe you smile in disbelief at the concept of “social credits,” but it’s based on a system currently in use in about 200 communities around the United States:  Time Banking .  In Time Banking, people trade time and build credits within their communities by performing various helpful tasks — transporting an item, walking a dog, cleaning up a yard, cooking a meal, providing a ride to the doctor, etc. The idea was championed in the US by Edgar Cahn, a law professor and anti-poverty activist in the mid-1990s as a way to strengthen communities.

Despite the success of Time Banks in some communities, they haven’t caught hold that widely in the US in part because they require a certain level of administration and resources to operate . But imagine a supercharged version of Time Banking backed by the federal government where in addition to providing social value, there’s real monetary value underlying it.

The government could put up significant amounts of DSCs as prizes and incentives for major initiatives. For example, they could allocate 100 million DSCs to reduce obesity levels in Mississippi or 1 billion DSCs to improve high school graduation rates in Illinois, and then let people take various actions to collect it. Companies could help meet goals and create and sponsor campaigns around various causes. Nonprofits and NGOs would generate DSCs based on how much good they do and then distribute it back to volunteers and employees. New organizations and initiatives could be crowdfunded by DSCs instead of money, as people ‘vote’ by sending points in.

We could create an entirely new parallel economy around social good.

The most socially detached would likely ignore all of this, of course.  But many people love rewards and feeling valued. I get obsessed with completing the 10-punch card for a free sandwich at my deli. We could spur unprecedented levels of social activity without spending that much. DSCs could become cooler than dollars, because you could advertise how much you have and it would be socially acceptable.

The power of this new marketplace and currency can’t be overstated. Most of the entrepreneurs, technologists and young people I know are champing at the bit to work on our problems. We can harness the country’s ingenuity and energy to improve millions of lives if we could just create a way to monetize and measure these goals.

I’m no fan of big government. The larger an organization is, the more cumbersome and ridiculous it often gets. I’ve also spent time with people at the highest levels of government, and it’s striking how stuck most of them feel. One Congressperson said to me, “I’m just trying to get one big thing done here so I can go home.” He’d been in Congress for 7 years at that point. Another joked that being in DC was like being in Rome, with the marble there to remind you that nothing will change.

But I’ve concluded there’s no other way to make these changes than to have the federal government reorganize the economy. Even the richest and most ambitious philanthropists and companies either operate at the wrong scale or have multiple stakeholders that make big, long-term commitments difficult to sustain. We’re staring at trillion-dollar problems, and we need commensurate solutions. We’re in a slow-moving crisis that is about to speed up.

Excerpted from the new book The War on Normal People: The Truth About America’s Disappearing Jobs and Why Universal Basic Income Is Our Future by Andrew Yang. Copyright © 2018 by Andrew Yang. Used with permission from Hachette Books. All rights reserved.

Watch Andrew Yang’s TEDxGeorgetown talk here:

About the author

Andrew Yang is the founder of Venture for America, a major nonprofit that places top college graduates in start-ups for two years in emerging US cities to generate job growth and train the next generation of entrepreneurs. He has been the CEO, co-founder or executive at a number of technology and education companies. A documentary called "Generation Startup" that features Yang and Venture for America was released in 2016 and is available on Netflix and other streaming platforms.

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Thomas Piketty's “Capital in the Twenty-first Century” explained

Love Or Money: What's More Important For Happiness?

Love is one of the greatest motivations that a person can have in life. Some people say that being able to experience love is important if you want to be happy. There are people who aren't as concerned about love as others, though. Some people are much more concerned with making money, and they may focus on financial success at the expense of their love lives. 

Take a moment to examine whether you feel you should be more focused on finding love or making money.

Determining whether love or money is the most important thing in your life makes sense. You need to be able to prioritize things in your life. If you want to be as happy as possible, then you may want to think about whether what you're doing is going to lead you down the right road. This could help you better focus on your own life goals.

The importance of money and love in marriage

Money is a necessity in this world. You need to be able to make a certain amount of money just to be able to get by. If you make enough money to be comfortable, then you can start buying extra things to increase your standard of living. Being able to buy things may make you feel good about yourself and may make you feel like your hard work has been worthwhile. 

According to many resources, both scholarly and anecdotal, the importance of love and affection  cannot be overstated. Most people have loved ones that they care about dearly. Even if you don't have a romantic partner, you likely have friends or family who love you. Being bonded with someone like this can make a difference when it comes to your overall happiness. It may also be beneficial to have someone you can count on during tough times. This can make it easier to get through tumultuous periods of time.

All types of love can be important and are worthy of being cherished. For example, being “in love” can make you feel like the world is brighter. Friendship can have great value, and family ties are also something many people hold close to their heart. 

Love or money: Finding a balance is key to happiness

Finding a balance in life is often the key to  being truly happy . This means you may not want to focus on love at the expense of your career. There is an old adage that says, "Love doesn't pay the bills." Regardless, it isn't healthy to pursue financial success at the expense of your own happiness, either.

Balancing career goals with relationship goals

With this in mind, you may want to find a career path that gives you enough time to focus on the people and things that you love. For example, you’ll want to spend time with your romantic partner as well as the other important people in your life. Working all the time may not be healthy. Consider striving toward a more balanced lifestyle that honors your desire for both  love and money . 

To achieve this balance, you may want to consider creating some type of schedule for yourself. If you're a bit of a workaholic, so to speak, then you might need to set some rules, like no  answering work e-mails  after dinner or putting away your phone when you're spending time with your romantic partner. 

Learn that money can't buy love

Consider the adage "money can't buy love". There may be some truth to this saying. For example, people might wind up flocking to you if you become rich, but it might not always be because they truly love you. Whether you're curious to know how to marry rich  or are looking for someone rich, keep in mind that money isn't something that can truly comfort you when you're feeling down.

Financial success or true love in relationships?

Humans are social creatures by nature, and we often inherently desire love. Financial success is admirable, and financial stability can bring some degree of happiness for many people. Still, it may be wise to differentiate between the importance of money and the true value of love.

Therapy can help you find balance between wealth and passion

If you've been spending too much time focusing on advancing your career, and it has cost you some of your happiness, then don't be afraid to reach out for help. Trained therapists can help you address mental health challenges like these. Sometimes, people are hesitant to communicate their feelings about things like love and money with a stranger, even if that person is a trained mental health professional. This may be particularly true in a traditional clinical setting like a therapist’s office. In these cases,  online therapy may be a better option .

Effectiveness of online therapy

Studies have shown that online therapy is useful for people who want to address complex feelings. In a study published in the Journal of Medical Internet Research , the effectiveness of online therapy when treating those with depression and anxiety was observed. Researchers specifically utilized online cognitive-behavioral therapy (CBT), which is meant to help participants replace intrusive, negative thoughts that can lead to undesirable behaviors and emotions. The study concluded that online therapy helps to facilitate significant positive results. 

Read below for some reviews of BetterHelp counselors, from people experiencing similar concerns.

Counselor reviews

“Cameron has helped me navigate some incredibly challenging things within my relationship. With his help, I’ve developed confidence to be a more assertive person. Therapy had helped me understand myself and my partner much better, in addition to implementing practices and taking action to improve a situation whereas I otherwise may feel stuck or hopeless. I really loved that he took the time to get to know me and my history before trying to “tell me what to do”. I feel like he really understands how my mind operates and therefore can give great, valuable advice, in addition to being a comforting sounding board.” 

“In the last 7 months or so, Lois has really helped me in reshaping my perspectives on my relationships and my involvement in them. I have seen a great deal of personal growth occur through her attention and guidance. I have been able to understand where my struggles had come from and deal with difficult ideas like blame and guilt. I'm very grateful for her time and attention and I'm confident that my personal relationships will be stronger and healthier as a result of working with Lois.”

Is it better to do what you love or what makes money so you can build wealth?

Should i marry for love, passion, or money, which is more important in your relationship or marriage, money or love, should you choose love or money to build wealth, where is love or money, why true love is better than money if you want happiness, can love be compared to money, should i choose my passion or money, why are money and financial success important in relationships, what is love over career or money.

• 9 Signs A Man Is Falling In Love Medically reviewed by Andrea Brant , LMHC
• Love In Action: Why Words Might Not Be Enough Medically reviewed by Laura Angers Maddox , NCC, LPC
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Time is money? No, time is far more valuable. Here’s how to spend money to optimize your time

• People often say, “Time is money,” but what the aphorism misses is that time is by far the more precious resource.
• A money-centric mindset can be detrimental to your happiness compared to a time-valuing one.
• To be more “time-affluent,” clarify your core values and use your money to facilitate the pursuits and experiences that support them.

Four thousand weeks is the average lifespan of a person living in the modern world. With exercise and healthy living , you may push that number out a couple of months. Then again a disease or accident may just as easily cut it short. Give or take, 4,000 weeks is all the time you have to build the life you want.

Admittedly, such framing is stark, but it’s something we all understand on a gut level: Our time is limited, and that makes it the most precious resource we have. Yet when it comes to how we use our time , it’s often in service of money.

We spend more hours on paid work per day than any other activity except sleep — enough to subtract more than 500 weeks from a person’s 4,000. And that figure only accounts for the earning of money. When you factor in budgeting, spending, investing, and fretting over finances, then money even devours time allotted for unpaid work or “leisure” activities.

All the while, our lives tick silently away.

Of course, money is necessary. You need it to buy food, pay bills, prepare for retirement, and perform a litany of other daily to-dos. However, research suggests that once your income grows in excess of a subsistence minimum, having a money-centric mindset can be detrimental to your subjective well-being.

To build happier, more meaningful lives, you shouldn’t disburse your time in the pursuit of money; you should use your money to better facilitate your time.

Time is more scarce than money

The money-centric mindset is perfectly encapsulated in the aphorism “time is money.” It’s the kind of advice that people hold in reverence not because it’s proven useful or accurate but because it has an air of extraordinary authority. This is especially true in the U.S., where it is often attributed to none other than Benjamin Franklin .

By one reading, time and money are equivalent. You spent the former to get the latter. By another, money is the best possible output of your time. Any time not spent earning money is time spent wasting it. And, of course, the entire field of finance is based on the “time value of money.”

But like so many tattered clichés, this one crumbles under scrutiny. Time and money aren’t equivalent resources. If we measure a resource’s value based on its scarcity, then time should be far more cherished because you can always increase your supply of money.

You earn more money by negotiating raises, earning promotions, or changing professions. You can sell products for more than their costs, save money to spend when it is more advantageous, or invest your money to create capital to draw from later. Heck, you can even steal it .

The same cannot be said for time. The time you spend in one pursuit can never be recovered and exchanged for something else. You cannot save your time for a more favorable season nor invest it to create more later. And while you can gain a lot from your time spent — education , health, and, yes, money — those things cannot be converted back into time.

Time is more valuable than money

For these reasons, Ashley Whillans, a behavioral scientist at Harvard Business School, argues that subjective well-being doesn’t follow from becoming rich. Instead, she recommends we aim to become “time-affluent.”

Research shows that people who value time over money enjoy greater subjective well-being. They also have better social connections, healthier family relationships, and greater job satisfaction. 

And this isn’t because time-affluent people simply work less. According to one survey , they work about as much as their money-centric peers. The difference is that time-valuing participants favored “intrinsically rewarding activities,” meaning the time spent at work was more valuable to them than just a paycheck. “Nothing less than our health and happiness depends on reversing the innate notion that time is money,” Whillans writes at CNBC .

Nothing less than our health and happiness depends on reversing the innate notion that time is money. Ashley Whillans

How to spend your money

But if we all have the same 4,000 weeks, how does anyone become time-affluent? Time cannot be earned or gained. We all have the time we have. No more, no less.

The answer is that when it comes to time, it’s not how much you have that counts. It’s how you spend it. And here, money has an important role to play. By spending your money thoughtfully, you can draw more meaning and subjective well-being from the same number of hours and weeks.

“Most people don’t know the basic scientific facts about happiness — about what brings it and what sustains it — and so they don’t know how to use their money to acquire it,” psychologists Elizabeth Dunn, Daniel Gilbert, and Timothy Wilson write in their 2011 study published in The Journal of Consumer Psychology .

They add: “Money is an opportunity for happiness, but it is an opportunity that people routinely squander because the things they think will make them happy often don’t.”

According to their research, when people think about how money can support happiness, they typically make two fundamental errors. First, their predictions are almost always off, and second, they fail to realize that the context in which they are making these predictions is not the same as the actual experience.

For example, some people might think that a new 8K TV will bring them loads of happiness. But in reality, they end up spending more money on all the hook-ups and accessories. The setup and continued maintenance take more time than they think. And while they marvel at the picture quality for a while, they quickly acclimate to the supersized pixel count. After a month, it becomes yet another TV.

So while the purchase did bring happiness, it proves significantly less than imagined, especially compared to the costs in both time and money.

Because of this, the trio notes, buying things for yourself doesn’t make you as happy or for as long as we think it will. Instead, money facilitates happiness best when we use it to buy experiences, benefit others , or indulge in small pleasures. We should not waste time comparison shopping, and we should pay attention to how our purchases can ease — rather than add to — the stresses of our daily lives. In short, rather than being money-centric, you should look at how your money and time can support your values, build relationships, and help you do the things you find meaningful. When money doesn’t manage that, then no amount of it will move the needle in either happiness or life satisfaction .

Time is money plus values

It’s one thing to say we should buy experiences and use our money to do the things we find meaningful. But it’s another to figure out which experiences and pursuits will meet that goal and shift our mindset to be more time-affluent.

According to Paula Pant, host of the Afford Anything podcast, the first step is recognizing that you cannot afford or do everything. As she said in an interview: “You just can’t have an endless series of ‘ands.’ You might not be able to have that thing and something else and something else and something else.”

After that, she recommends a first-principles exercise to clarify your core values and how they can shape your spending habits. Start by writing down the components of your life (such as family, health, career, self-worth, etc.) Then for each vertical, write down all the things you might want to accomplish by the end of your life. Remember, you have less than 4,000 weeks, so be realistic.

Then review your lists and circle the accomplishments that are most important to you. Pursuit of these should be where you focus your time, energy, and money.

“That’s a very difficult exercise because oftentimes in each of those verticals, it’s hard to pick just one, but then you’ll know what’s most important across that top horizontal span,” Pant said.

She also recommends reviewing the list to be mindful of the “core experiences” that matter to you. That’s because what looks like two values on our lists may in fact be one value. For example, you may have spending time with family and traveling the world as two separate goals. But if the people you want to travel the world with are your family, then both of those goals are connected to the core experience of relationship building.

Once you’ve budgeted enough money to pay the bills and feed the family, you should consider how you can save and spend your money to best facilitate the experiences and time you need to live those values in your life.

“And that doesn’t just apply to your money,” Pant notes. “That applies to your time, your focus, your energy, your attention — any limited resource. And life is the ultimate limited resource. So when you practice being better at managing your money, you practice being better at managing your life.”

Learn more on Big Think+

With a diverse library of lessons from the world’s biggest thinkers, Big Think+ helps businesses get smarter, faster. To access Paula Pant’s full class for your organization, request a demo .

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Essay Samples on Money

The effects of money on human behavior.

Money, as a ubiquitous and powerful force in modern society, has a profound impact on human behavior. Whether consciously or unconsciously, individuals' attitudes, values, and actions are influenced by the presence and pursuit of money. In this essay, we will explore the multifaceted effects of...

Exploring Why Happiness Is More Important Than Money

Happiness is more important than money — a simple yet profound statement that encapsulates the essence of a fulfilling and meaningful life. While money is undoubtedly a vital resource, it pales in comparison to the profound impact that happiness has on overall well-being. This essay...

Exploring the Age-Old Question: Can Money Buy Happiness

The relationship between money and happiness has been a subject of contemplation for centuries. Can the accumulation of wealth truly lead to a fulfilled and contented life? Or simply: can money buy happiness? This essay delves into the complex interplay between money and happiness, examining...

Transitioning to a Cashless Economy: Challenges, Opportunities, and the Path Ahead

The world is now moving on from Paper Currency based economy to Cashless economy. By embracing Alternate Delivery Channels and other Cashless modes of payment which include old ones like NEFT,RTGS etc. to newer one’s like POS, e-wallets, debit and credit cards, UPI, BHIM etc....

Being Smart With Your Money: the Importance of Financial Literacy

Many people have discussed personal finance. Articles 'Should Financial Literacy Be Taught in More Schools' by Ramsey and 'Why is Learning Personal Finance Important' by Ryan discuss the reason why personal finance is beneficial to the educational system. Benefits of adding Personal finance to our...

• Personal Finance

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Unlocking Financial Literacy: Exploring the World of Finance and Money Management

Finance is a business term that is associated with banking, investments, capital, debt and credit. Managing money, such as balancing a checkbook, involves finance. At one point in every person's life, one must deal with finances. An important topic among finance is assets and liabilities....

The Value of Understanding Personal Finance Management for Students

As a student, learning this course about personal financial statement is important. It shows the individual's net worth 'their assets minus their liabilities' which reflects what that person has in cash if they sell all their assets and pay off all their debts. If their...

Why Personal Finance Should Be Taught in Modern Schools

About 59% of Americans have less than 1,000 dollars in savings. I think that Financial Literacy should be a requirement in schools all around the country. Financial planning should be taught in schools because finances affect everything, a lack of financial knowledge has consequences eventually,...

Evaluation of the Benefits and Risks of Cashless Economy

In a world where cybersecurity concerns are growing, the road to a cashless society is an inflection point. With countries across the world embracing digital forms of commerce and connectivity, the need for physical currency could soon become obsolete. But despite the increasing use of...

Can Money Buy Happiness: Sharing Persuasive Personal Viewpoint

Money is a defined as “any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context”. In what way does that relate to the emotional feeling of...

• Personal Beliefs

Budgeting and Types of Personal Budget

Budget can mean different things for different people, but in each case, it is used as an effective tool for achieving a wide range of short and long-term financial objectives. Contrary to popular belief, budgeting is not a cut-and-dry, one-size-fits-all process. Rather, it needs to...

Budgeting Technique to Build a Stable Financial Future

There’s nothing like the feeling of independence of when you’re in college, but since it’s the first time away from home for many, This is the time when most young people use their first debit/credit cards, take out their first loans, and write their first...

The Ascent of Money: Is Money the Root of All Evil

In Niall Ferguson’s The Ascent of Money, Ferguson analyzes the history of money, banking, and credit. He tracks the development of currency as a form of trade, explores its growth and effects on society, and looks forward to how it may continue to develop in...

Gold: One of the Most Expensive Metals on Earth

Being one of the first metals to be discovered, gold throughout history has always had a rich past from its use in ancient Egypt, Greece, Rome and Africa. It has been used within their culture for thousands of years, and has been essential to their...

The Impacts Of Physical Cash And Developing Into A Cashless Society

Imagine a future where everything is seamlessly paid for via your phone. It’s a beautiful vision of what a cashless society would look like, however, with some dangerous unintended consequences. A cashless society is one where purchases by physical cash are no longer available and,...

• Modern Society

The Advantages Of Credit Card Debt And Usage

Credit cards are a popular way to buy Things online and in Stores and Cover The cash back in installments afterwards . It's kind of debt centre employed by customer. It's beneficial for the client and a bank. No security security is necessary for credit...

• Credit Card

Getting Rid Of The Penny Because Of Its Negative Effects

Whether or not you believe picking up a penny will bring you luck, one thing it definitely won’t bring you is wealth. In fact, the penny is so worthless, many people want to do away with them for good. The penny is detrimental in many...

Ceos Being Paid Too Much Money Is A Bad Thing

Initially, the question as to whether or not CEOs are paid too much may seem to be a matter of subjective opinion. However, research indicates that pay disparity beyond a certain ratio can lead to adverse implications in society. According to one source, income inequality...

Minimum Wage Should Be Raised: The Pros And Cons Of Making More Money

Who wants to make more money? Kind of sounds like a funny question because who doesn't? Right. Well there has been a constant debate over what the minimum wage should be in the United States. Sure, more money sounds great, but what does that mean...

• Minimum Wage

Too Much Money Is A Bad Thing: Controlling The Money Demand

Recent advancements in information technology and technical innovations in general have revolutionized trade and commerce and contributed to existing literature in the modern world. High-speed and low-cost data transfer that was made possible by information technology, created an excellent platform for e-commerce to grow rapidly....

• Economic Development

 the Emergence Of The Penny Press and Getting Rid Of It

In the streets of the United States in 1838, for the first time, the newspaper the New York Sun, which sold only one cent of the smallest unit of money. In contrast with the 15th century, printing technology has just appeared, and the prices of...

• Monetary Policy

Reasons Why Money Cannot Buy Happiness

If I asked a stranger to describe a wealthy individual, they would probably use the words “privileged,” “successful,” and “happy.” When, in reality, studies have proven that having a great deal of money does not always lead to happiness. In fact, despite popular belief, money...

Money Can Buy Happiness: The Speech On Achieving Happiness

“Money can buy happiness” is a common phenomenon, widely believed by people these days, I however beg to differ. Expectancy theory states that money will motivate employees as long as their personal goals are being satisfied and the perception that their pay is dependent upon...

The Issue Of Rich Still Out Weighing The Poor

Did you know that 1% of households in the US produced more than 25 times what a family in the 99% did (“US Income Inequality”)? Income inequality between the rich and the poor has been happening since before the Great Recession, a period of time...

• Poverty in America

Money Over Morality: Being Righteous For The Wrong Reasons

They say money is what makes the world go round but yet, in true fact, money is what tears the world apart. Many people have imagined a world without it but obviously our global system could not realistically run; however, the way money is treated...

Power Of The Rich And Weakness Of The Poor

Money equals power to some, but money can just cause trouble for others. People think that just because they got money that they can just do whatever they please. What people don't understand is that you can still ruin your life with or without money....

The Role Of Money And Finances On Happiness

Money is a fundamental aspect of human life throughout the world. People spend a large fraction of their time earning and spending money. In wealthy and poor societies around the globe, there is now an enormous concern about economic development, and in most nations, it...

Having Money Is More Important Than Having Knowledge

As children, our parents try to inculcate good habits such as honesty, hard work and dedication while also narrating the story about a monkey who stole butter from the cats in order to make both the cats' share equal. Being rich or being righteous doesn't...

Priorities in Money Management as a Student

Money is extremely important in each individual’s lifestyle as it makes them independent, have more control over decision-making skills, more freedom to do what they want and can fulfil and accomplish their long-term ambitions. An individual with great wealth is able to get a rich...

Gambling and Its Positive and Negative Effects on Society

In today’s society, Gambling is becoming more and more widespread, you must look at the positives and negative aspects of the casino establishments being built and how these establishments effect the community surrounding them. It is proven that casinos boost the economy by providing jobs...

• Gambling Addiction

The Importance of Being Careful With Money When it Comes to Lottery

I believe that winning the lottery is an exhilarating experience and can cause some issue to occur in one’s life. From the general perception of society, some individuals do not make good use of their winning, and this is the reason most people do not...

Character Of Mrs. Loisel In 'The Necklace'

Mrs. Loisel isn't the brightest person and can be seen as selfish, which signifies her only thinking for and about herself. The title of the short-story is 'The Necklace' and written by Guy De Maupassant. To give a brief overview, the Loisels aren't very wealthy,...

• The Necklace

Inclusion of Inflation Factor in the Calculation of Retirement Expenses

Inflation is the change in overall costs for merchandise and services. The most commonly used measure of inflation is the Consumer Price Index (CPI), which tracks the weighted average of prices of many consumer goods and services. Economists have found that if the rate of...

Major Presence of Financial Illiteracy in America

Research states that many Americans have not quite grasped the concept of saving. This is mostly due to a lack of education in finance and economy. Economists even go so far as to say that, if things don’t change, there could be chances of another...

Income Inequality: Why It Stands in a Way of US Economy

Income inequality has been a point of discussion since the time of ancient Greek philosophers and is an increasing concern today for many Americans. Income inequality means that the money people earn is unevenly distributed among the total population. Personal income can be categorized in...

• Income Inequality

Raising Minimum Wage in Ontario: Negative Impact

Is raising the minimum wage the right move? Ontario is the second province to move from $11.40 per hour towards a minimum wage of $15.00 per hour. According to News Ontario, “By October 2017, the general minimum wage will have increased by almost 70 per...

Crowdfunding, Its Aim And Objectives

Background Information Crowdfunding became quite popular recently but this fund raising platform has existed since 1700s. This can also be said to be a method which aids in financing a product or project. This implies in most cases that all individuals companies or people which...

An Incentive-Pricing Analysis Of Price-Cap Regulatory Regimes

Regulation is of paramount importance when there are natural monopolies in the society, since the existence of monopolies alone is costly to the society due to deadweight losses from mark-up pricing. Laffont (1994) describes regulation as two-fold using the incentive-pricing dichotomy and divided the regulation...

• Pricing Strategy

Analysis Of High-Quality Stocks In Hong Kong

In Hong Kong, there are many high-quality stocks with the characteristics of durable competitive advantage (DCA), which means the company can generate profits sustainably in the long time. In the following, I would like to recommend three stocks, which are HK & CHINA GAS (00003),...

Analysis Of Monetary Policy Frameworks

There are four main types of monetary policy frameworks identified from review: exchange rate targeting, inflation targeting, monetary quantity targeting and dollarization. Developing countries can chose from inflation, exchange rate and money supply as nominal targets. Most countries are moving towards inflation targeting due to...

Budgeting as the First Step to Financial Freedom

Creating a budget sheet is the first step to gaining financial success. I’ve found that a budget sheet can be a wonderful tool through personal experience. I created my first budget sheet about a year ago and found it to be very beneficial compared to...

Diversity Of Global Agent Banking Models And Its Applicability

According to McKay (2010) there is global concern to entrench financial access to previously ignored hence the emergency of agency banking. This has been adopted in several countries around the world Brazil being the first in 1999 Colombia and Pare have been declared to be...

Effect Of Budgetary Issues On Psychological Wellness

Budgetary issues or monetary weight is where cash stresses are causing pressure. There are as yet numerous families confronting hard money related circumstances and the effect on psychological wellness can be huge. These issues can appear to be difficult to defeat can appear to be...

• Cognitive Psychology

For The Love Of Money

“A wise person should have money in their head, but not in their heart” (Jonathan Swift) Money is any clearly identifiable object of value according to the Webster Dictionary. The history of money concerns the development of how it is exchanged and used. Money is...

• Business Success

General Purpose Financial Report

General Purpose Financial Report basically provides the information and analysis about the scarce resources of a public sector or a private sector company. It normally focuses the general and overall financial information and produces the result for shareholders and board of directors to analyze the...

Great Money Saving Tips For Buying Your First Home

Saving up for a home is never easy, no matter how much you earn. It's even more difficult when you are trying to buy your first home, after all, you have no capital (or not much at all), and when you are spending a large...

History Of Systems Determining Relative Value Of Two Currencies

The smooth functioning of international trade required a universally accepted foreign currency to settle the internal trade and a way to balance the trade imbalances amongst countries. This led to the question of determining relative value of two currencies? Different systems were tried in past...

How Mutual Funds Can Be A Good Investment

Shared assets are an extremely well known kind of venture - yet would they say they are great speculations? The appropriate response relies upon the specific common store you are discussing, and on how much work you did to decide whether the reserve fits with...

How People Of Different Age Groups Spend Their Money

People in the age group of 18-25 mostly prefer savings a/c and take education loan whereas people in the age group of 25-35 mostly prefer savings a/c, personal loan and two wheeler or car loan, insurance such as motor insurance, current a/c, and credit card....

Macroeconomic Equilibrium: Definition And Overview

In financial aspects, monetary balance is where monetary powers, for example, free market activity are adjusted and without outside impacts the (harmony) estimations of monetary factors won't change. For instance, in the standard course book model of immaculate rivalry, harmony happens at the time when...

Monetary Policy And Asset Prices Linkages

A number of theories exist that explain the link between monetary policy and asset prices. In general, there is no theoretical consensus, in terms of direction of causality between monetary policy and asset prices; regarding reactions of monetary policy to asset price volatility or approaches...

Overview Of The Financial Consolidation

Financial consolidation (FC) relates to a large fall in the deficit by more than 1.5% of GDP. The assumption is that a sharp reduction in the cyclically adjusted deficit would have to be a result of some policy action such as an increase in tax...

Overview Of Theory Of Financial Intermediation

Theory of financial intermediation has been successful because of reduction on information and transactions cost. The intermediaries provide liquidity especially liquid assets by reducing cost of exchange between lender and borrowers. Financial intermediaries can obtain information at lower cost than individual investors because the former...

Overview Of Tobin's Theory Of Investment

Tobin’s Theory, named after the economist who developed it, is centered around a variable named q, which is equal to the ratio between the market value of a given company and its replacement cost of capital. A q value greater than 1 signals the fact...

Intensive Motherhood And The Ideal Mother

Philanthrocapitalism is a novel type of philanthropy and involves donors who merge business goals with humanitarian acts (McGoey 2012). An example would be the Bill and Melinda Gates Foundation, a Global Health Program funding various types of activity such as research projects for malaria (McCoy,...

Rules And Restrictions To Invest In Cfds

In spread betting, the speculator should be able to estimate when the price increases or falls. The investment can be made in global markets, indices, commodities, currencies and shares. One can buy the needed units to trade. Its trade is similar to shares with only...

Secrets Behind Zcash (Zec) And Gemini Deal

A lot of crypto interest has shifted to privacy coins and some of them have been found not to be what they promise on paper. ZCash has however remained focused on provision of the best privacy in the market. Earlier in the year, the coin...

Importance Of Investing And How We Save Our Money

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Best topics on Money

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Money and Happiness in Poor and Wealthy Societies Essay

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Introduction

Positive correlation between happiness and money, insignificant correlation between happiness and money, works cited.

Many societies believe that money does not buy happiness. However, others affirm the contrary belief by saying that income levels affect people’s happiness. Before delving into the details of these perceptions, it is important to understand that happiness is an emotional or mental state where people experience more positive than negative feelings. These feelings outline how people interact with different stimuli, such as income, to influence their happiness.

People experience different emotional effects through such stimuli. The positive and negative effect refers to the effects that varying income levels have on people’s feelings and emotions. In detail, a positive effect refers to the extent that a person experiences positive moods (such as joy and interest), while negative affect refers to negative emotions (such as anxiety, sadness, and depression) that most people experience from varying income levels.

Using the above definitions, happiness, and emotional outcomes, Kesebir and Diener (117) say unsurprisingly different researchers have investigated the relationship between happiness and money. Indeed, many societies believe that life is not about (merely) living, but living a fulfilling and happy life (quality life). This realization has caused many philosophers to explore different ways of rising above the mere existence of life to a more fulfilling purpose of living.

Comprehending the motivations for pursuing money and happiness is the key to understanding this correlation. In this paper, I argue that wealthy and poor societies have different relationships between money and happiness. In detail, after exploring different types of correlation between the two variables, I explain that the relationship between both variables is strong in low-income societies, but it gradually weakens as income increases (especially in wealthy societies). Based on this understanding, money affects happiness to a limited extent. Indeed, beyond the satisfaction of basic human needs, other non-monetary factors, such as social relationships, have a more significant correlation with happiness than money does.

The positive correlation between money and happiness mainly exists in low-income societies. The utilitarian philosophies of the modern era affirm this relationship (Kesebir and Diener 117). However, their influences stem from common beliefs in the 19 th century (and beyond), which equaled happiness to utility (utility refers to the ability of material possessions to satisfy human needs and wants). Using the relationship between happiness and utility, many medieval societies believed the latter was equal to human pleasure (Kesebir and Diener 117). Jeremy Bentham and Aristotle (among other philosophers) supported this view by saying that most people should strive to experience more pleasure than pain (as a measure of their happiness) (Kesebir and Diener 117). They also argued that different societies should use this basis for understanding morality and legislation (Kesebir and Diener 117).

As many societies embraced this idea, the medieval conception of happiness, as a function of virtue and perfection, disappeared (Kesebir and Diener 117). People started to see material possessions as more important than gaining respect from society (by practicing good morals and virtues). Similarly, this ideological shift made it uncommon for many people to focus on issues of human well-being (human well-being closely associates with happiness because it refers to a state of health or prosperity) (Kesebir and Diener 117). Therefore, their focus shifted to material possessions as a measure of happiness.

In line with the above argument, Aristotle argued that wealth was an important requirement for happiness. Easterlin (3) shared the same view by explaining America’s perception of happiness. He said many US citizens perceived happiness through “material” lenses. The Easterlin (3) paradox summed this view by showing that income had a direct correlation with happiness. It based this argument on several cross-national studies, which showed that rich people were happier than poor people were. For example, in a 1970 American study, Easterlin (4) found out that less than one-quarter of low-income people believed they were “happy” people.

Comparatively, about double this number of respondents (in the high-income group) said they were happy. The same findings appeared in more than 30 similar researches conducted in other parts of the world. Although the same study established a correlation between happiness and education, health, and family relationships, income emerged as having the strongest and most consistent relationship with happiness (Easterlin 4).

Although Easterlin (3) used the above findings to support the correlation between income and happiness, he said increasing everybody’s income weakened the correlation between both variables. Therefore, income variations affected people’s perceptions of happiness (people always judge their happiness based on what their peers think of them). Lane (57) supported these views when he said that most people often adjusted to a new standard of measuring their happiness whenever they increased their income levels (the desire for money tapers off as income increases). Using this analogy, Easterlin (5) believed that wealthy nations were no happier than poor nations. Based on the same logic, he said that people’s subjective perceptions of happiness depended on their welfare perceptions (Easterlin 5).

Therefore, as opposed to perceiving their happiness through “material” lenses, they did so by understanding how it compared to their social norms. Consequently, people who are above the “norm” feel happier than those who are below it (how people perceive the social norm depends on the economic well-being of the society).

Although Easterlin (5) argued that happiness was subjective to the national income (as shown above), researchers who have conducted studies that are more recently told that the correlation between happiness and well-being was stronger than his paradox showed. Consequently, they revised this model by saying that increased national income affected the overall sense of individual well-being in a country. Unlike the data relied on Easterlin (4), researchers established the above fact, using findings that are more reliable. For example, Lane (56) quoted the findings of a 1976 transnational study, which showed that a nation’s poverty index affected the well-being of its citizens (such as people’s attitudes, feelings, and perceptions). These studies showed that personal satisfaction increased with increased levels of economic development (money “bought” happiness).

Money has an insignificant correlation with happiness in wealthy societies. This is an old view of this relationship because philosophers from ancient Greece started exploring this insignificant correlation in 370 BC (Kesebir and Diener 118). They said material wealth had an indirect correlation with happiness. Based on this understanding, they believed that a man’s mind defined his level of happiness. Similarly, they believed it was difficult for people to be happy if they lacked morals and virtues (money was not a priority). Democritus and Epicurus (two ancient Greek philosophers) mainly advanced this view (Kesebir and Diener 118).

Similarly, other ancient Greek philosophers, such as Socrates and his student, Plato, refuted the claim that happiness depended on the “enjoyment” of beautiful and good things. They believed that all people needed to show prudence and honor to be happy (Kesebir and Diener 118). Lane (56) has also reported the same findings after analyzing the relationship between money and happiness in a contextual approach. Like, Easterlin (3), he said in many developed countries, money did not increase happiness levels. Frank Andrews and Stephen Withey (cited in Lane 58) also supported these findings when they said that different socioeconomic groups showed small differences in people’s well-being. They also said that income levels had an insignificant impact on life as a whole.

The above findings show the different correlations between income and happiness. However, I believe this limited correlation mainly emerges in wealthy societies, as opposed to low-income societies. For example, non-monetary issues have a strong correlation with happiness in wealthy societies. Economists also affirm this fact through the Maslow hierarchy of needs because they say people crave for higher-level needs, such as love, social relationships, and recognition after they have met their primary needs such as food, shelter, sex, and clothing. Since many people in wealthy societies do not struggle to meet basic human needs, the insignificant correlation between happiness and money applies to this group of people.

Some philosophers maintain a “middle ground” by supporting the limited influence of money on happiness. Epicureans also supported this view because they said wealth was important to people’s happiness, to the extent that it gave people their basic needs, like shelter and clothing (Kesebir and Diener 118). However, beyond this threshold, it had an insignificant relationship with happiness. This analysis affirms the different correlations between happiness and income across poor and wealthy nations. Indeed, Kesebir and Diener 117) say there is a strong correlation between happiness and income in low-income countries, while wealthy economies experience an insignificant correlation between the two variables. A comparative study conducted in America revealed that the wealthiest Americans (profiled in Forbes) were only modestly happier than middle-income and low-income control groups that lived with them in the same location (Lane 58).

Based on the above analysis, income is not the only variable that affects happiness. Non-monetary issues affect happiness too. Lane (58) supports this argument by highlighting the need to distinguish individual pleasures from human well-being issues. Individual pleasures may depend on income, but people’s well-being is subjective. Therefore, besides income, other factors affect people’s happiness. To support this view, Lane (58) cited a 1982 study (conducted by Gallup), which asked Americans what made them happy (Lane 58). The respondents said family relationships made them happier than money did. Other things that made them happy included television, friends, reading books (and other pleasures) that most people from low-income families could afford (Lane 57).

Therefore, income does not solely define happiness. This analysis shows that although most people need to have adequate money to be happy, money, in isolation, is not sufficient to guarantee happiness, beyond providing basic needs. In the book, Happy People , Jonathan Freedman (cited in Lane 57) affirmed the above fact by saying that rich and poor people have different perceptions of the role of wealth in increasing people’s happiness levels. Overall, while many rich people understand that wealth does not automatically guarantee happiness, people from low-income societies believe it does. This was similarly true for their perceptions of well-being. Therefore, when a person is extremely poor, money looks like a “savior” of some sort, but as income increases, this idea disappears. This analogy has stronger merit than the general perception that money “buys” happiness. Indeed, not all happy people are rich. In this regard, many human societies have focused so much on material wealth that they have forgotten. It does not guarantee happiness.

After weighing the findings of this paper, easily, a person could affirm an indirect relationship between happiness and income. Some researchers say money has a direct relationship with happiness, while others do not affirm this relationship. This inconsistency stems from the contextual appeal of income and wealth to human societies. For example, income has a weak correlation with happiness in wealthy societies. However, this relationship is stronger in low-income societies. Evidence also shows that there was a weak correlation between income and happiness in medieval societies because many people believed adhering to human virtues made people happy (this was the medieval standard for happiness).

However, the modern era changed this perception and shifted the societal focus from virtues and morals to material wealth. Now, people attach more value to income and similar “material” factors. However, as changes to the Easterlin (3) paradox suggest, wealth increases happiness to a limited extent. Overall, this paper shows that income and happiness have a “contextual” relationship. For example, if there is a broad increase in income across a nation, this correlation weakens (the Easterlin (3) paradox mainly supports this view); however, as income levels decrease, the correlation strengthens. Consequently, there is a strong correlation between money and happiness in low-income societies. In wealthy societies, non-monetary factors like health and the quality of family relationships have a stronger impact on happiness than money does.

Easterlin, Richard. “Does Money Buy Happiness?” Public Interest 30.3 (1973): 3-10. Print.

Kesebir, Pelin and Ed Deiner. “In pursuit of happiness: Empirical Answers to Philosophical Questions.” Perspectives on Psychological Science 3.2 (2008): 117-123. Print.

Lane, Robert. “Does Money buy Happiness?” Public Interest 113.3 (1993): 56-65. Print.

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Bibliography

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Essay on Importance of Money

Students are often asked to write an essay on Importance of Money in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Importance of Money

Introduction.

Money is a crucial part of our lives. It is the medium used for exchange of goods and services, and it helps us meet our basic needs.

Significance in Daily Life

Money allows us to acquire food, shelter, and clothing. Without money, survival would be difficult.

Role in Society

Money also plays a societal role. It helps us contribute to community development through taxes.

While money is important, it’s not everything. It’s a tool for survival and contribution, but happiness and fulfillment also require love, health, and peace.

250 Words Essay on Importance of Money

The significance of money.

Money, a medium of exchange, is a fundamental component of modern society. It is a tool that allows us to acquire goods, services, and experiences, thus playing a vital role in our lives.

Money as a Means of Exchange

Money simplifies trade, replacing the need for a direct barter system. It provides a standardized measure of value, enabling us to understand the worth of various commodities. This standardization facilitates smooth economic transactions and promotes economic efficiency.

Money and Freedom

Money also provides a certain level of freedom. It allows individuals to make choices about their lifestyle, from basic necessities to luxury items. It grants us the liberty to explore different opportunities, be it travel, education, or investment.

Money and Social Status

In many societies, money is often equated with power and status. While this perspective can lead to materialism and inequality, it also motivates individuals to strive for financial stability, fostering innovation and economic growth.

Money as a Tool, Not a Goal

However, it is crucial to remember that money is a means to an end, not an end in itself. The pursuit of money should not overshadow the importance of relationships, health, and personal fulfillment.

500 Words Essay on Importance of Money

Money, often seen as a simple medium of exchange, plays a pivotal role in modern society. Its importance transcends mere transactions, permeating every aspect of our lives – from the economy to social structures, personal relationships, and even our sense of self-worth.

The Economic Imperative

At its most basic level, money is the lifeblood of any economy. It facilitates trade, allowing for the efficient exchange of goods and services. Without money, barter would be the only alternative – a system fraught with inefficiencies and limitations. Money, therefore, enables economic growth by allowing for specialization and the division of labor.

Money as a Social Construct

The psychological dimension.

Money also has a profound psychological impact. It can influence our behavior, our motivations, and even our sense of self. Money can provide a sense of security and freedom, but it can also lead to stress and anxiety. The desire for money can motivate us to work harder and strive for success, but it can also lead to greed and materialism.

Money and Happiness

The relationship between money and happiness is a complex one. While money can provide for our basic needs and desires, research suggests that beyond a certain point, additional wealth does not lead to additional happiness. This suggests that while money is important, it is not the be-all and end-all of life.

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Money vs Education: Which Is More Important? (Debate)

• Post author: Edeh Samuel Chukwuemeka ACMC
• Post published: June 9, 2024
• Post category: Scholarly Articles

Money or Education, Which is more Important? (Debate): So, which is more valuable: education or money? Which one should we concentrate on? This appears to be a simple question, but when we think about it, the answer is not that straightforward. Money and education are inextricably linked in our daily lives. On the one hand, money is what drives the majority of our lives.

We have to think about money in practically every decision we make. Education, on the other hand, cannot be overlooked since it provides us with the fundamental tools we require to live. Let’s weigh in on their relative importance and see if we can finally settle this age-old argument.

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Table of Contents

Why Money is Important

Money is commonly said to be “ not the most important thing in the world.” However, for many individuals, it is right up there with oxygen in terms of significance. These aren’t necessarily materialistic individuals. They just recognize the genuine worth of money.

Money isn’t exciting on its own. What matters is what money can accomplish for you. You have more flexibility and options when you have money. When you have a strong salary or financial resources, you have the freedom to choose where and how you wish to live. When you don’t have much money, on the other hand, making choices may be something you can’t afford. In actuality, the choices available to you may not be choices at all.

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Undoubtedly, you’ll require money to meet your fundamental needs, which include food, clothes, and shelter. Because of a lack of funds, a poor individual is frequently forced to make compromises even on essential basic requirements. Moreover, medical expenditures nowadays consume a person’s whole life savings. Furthermore, one must have money to obtain an education, as the cost of school is quite expensive these days and is not likely to decrease anytime soon.

While money cannot purchase happiness, it may give you independence, stability, and the ability to follow your aspirations. As a result, money is unquestionably necessary for every excellent thing that provides us financial satisfaction.

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Why Education is Important

Today, education is more vital than ever before, and it has reached new heights as people have a better knowledge of what it comprises. If you ask yourself, “Why is education important?” your response will almost certainly not be the same as everyone else’s. While having a college degree is tremendously important for a successful profession and is socially acceptable in today’s culture, it is not the sole source of education. In everything we do, education is all around us.

Education may help you become the greatest, most complete version of yourself by allowing you to learn about what interests you, what you’re excellent at, and how to become self-aware and aware of the world around you. It can assist you in finding your position in the world and making you feel whole. Basic life skills and street smarts are built on the foundation of education. While education may appear to be a technical phrase, it refers to all we learn in life on how to live our lives to the fullest. When it comes to being creative in any manner, shape, or form, the mind can only achieve its full potential if it’s given the tools to think outside the box.

Education gives you a sense of stability in life, which no one can ever take away. You boost your prospects of greater professional options and create new doors for yourself by being well-educated. Education gives financial security in addition to stability, which is very important in today’s culture. An excellent education is more likely to lead to a higher-paying career and provide you with the necessary skills. It might provide you with the freedom to make your own decisions as well as be financially independent. Education has the potential to be the most liberating and empowering thing in the world.

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Money vs Education, Which is More Important

Money is required for basic expenses, but that is not the only requirement. Money helps us reach our objectives and support the things we care about most, such as family, education, health care, charity, adventure, enjoyment, and so on. It assists us in obtaining some of life’s intangibles, such as freedom or independence, as well as the opportunity to maximize our abilities and talents. It allows us to chart our path in life. It ensures financial safety. Much good may be accomplished with money, and unnecessary suffering can be prevented or eliminated.

Education, on the other hand, is essential for survival. Everyone needs education at some point in their lives to improve their knowledge, manner of life, and social and financial standing. Although it may not provide you with financial standing in society, a literate mind will undoubtedly set you apart. Education is amazing in that it is not restricted by age.

While money gives us the ability to make a difference in our own lives and the lives of others, it is impossible to obtain an education without it. The cost of education is quite expensive these days, and it will continue to rise in the near future. Education may be too expensive, particularly at private institutions and universities. While you don’t have to pay back your student loans until after you graduate, the payment will ultimately come due. Without funding, education would come to a halt.

Also see: Best side hustles for teachers to make extra money

In a different light, money may be able to buy what you “ desire ,” but education helps you to realize what you “need” to live a better life. This is demonstrated by the numerous non-monetary advantages that may be obtained via education. Money may allow us to have more control over our lives, but it is education that allows us to contribute to society.  Although money is useful, an educated individual understands how to make money in the first place. Education has the potential to open up job opportunities.

With an education, you have the potential to earn more money than others who do not. Obtaining a degree might expand your options in some professions, allowing you to make more money. Many employers provide educational incentives to their workers. Anyone who stays up with current trends will always be able to make more money. If you are well educated, your chances of living in poverty are lower.

Furthermore, you cannot lose or be stripped of your education. Whatever happens, the lessons you’ve learned will be with you. Even if you lose a wonderful job, your degree and experience will assist you in finding work in the future. When a financial catastrophe strikes, you can’t lose what you’ve learned. Even if you become indebted due to unforeseen circumstances, your education will not be taken away from you.

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Nevertheless, much of the narrative about the benefits of going to college and having a degree is centred around the concept that if you have a degree, you’ll be able to make more money. For many people, education is only a means to an end, which is monetary gain.

Some believe, however, that if generating money is your primary incentive for pursuing a profession, you might explore trade schools and other qualifications that may help you earn a fair living. After all, while many people dismiss trade skills such as plumbing and electrical labour, these individuals may amass money more quickly than their more educated counterparts. We frequently read about people who have amassed enormous wealth while having had very little formal education. In fact, having a degree does not ensure that you will earn more since many people without a degree make more money than graduates.

Regardless, education will assist you in developing a decent character, a noble personality, and, above all, will help you become a better person. You will not only be able to make money with education, but you will also be able to efficiently use the money you have made to benefit yourself and others. Money is a slippery slope, but those who figure out what they genuinely value and match their money with those beliefs have the most financial and personal well-being. Education is necessary to become such a person. Never forget that knowledge is power.

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Money vs Education is a perennial debate. The common view of money and education in our lives has been emphasized in this article. Everyone, after all, has their unique point of view.

Edeh Samuel Chukwuemeka, ACMC, is a lawyer and a certified mediator/conciliator in Nigeria. He is also a developer with knowledge in various programming languages. Samuel is determined to leverage his skills in technology, SEO, and legal practice to revolutionize the legal profession worldwide by creating web and mobile applications that simplify legal research. Sam is also passionate about educating and providing valuable information to people.

This Post Has 4 Comments

Money is important but education is far more important cuz money is the root to all evil while education is power

Money or education which is more important?

Education is the best, only to those who value it and know how to make use of it Education can bring money, but money at the other side can never bring education Even, a renown people in this world are educated.

Comments are closed.

Home — Essay Samples — Economics — Money — Importance of Money in Modern Society

Importance of Money in Modern Society

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Which is More Important in Life: Love or Money | Essay

Why Money Matters?

Money makes your life comfortable, money can buy you health, money creates more opportunities for you, money can help others, money gives you time, freedom and mobility, money gives you education, why love is important, love allows you to connect with others, love is the source of energy and motivation, love makes you healthy and happy, love makes you kind, love leads you to self-discovery, so is love or money more important, money is a tool, love can make you rich.

In this article, you are going to discover which is more important to you in life, is it love? Or is it money?

For those who think that money is more important than love, they believe so because they believe that money is the glue that keeps the couple together. Without money, they cannot buy the house to move in together. Without money, they cannot watch movies in theatres and go for a date night. Without money, they cannot plan for having babies and building a happy family.

Now, what about love? Isn’t that love is the most important since money can’t buy love? Without love, everything you do seems meaningless. Without love, you will live empty inside. Without love, you will feel like you are incomplete. More importantly, there will be no one there to celebrate with you even if you are rich and have all the money in the world, so does this make love the more important than money?

In order to find out the real answer to the question, whether money or love is more important, you must delve deeper into each component and how money and love affect your life.

First, let us look at money. Why do you think money is important? Well, this is a no-brainer question. People used the money to buy things every day. You use the money to pay your bills, you use the money to buy foods, and you use the money to buy a house or to pay the rent in order to put a roof over your head. So money is truly important. Without money, people cannot survive comfortably.

Money dictates the flow of human living, especially in this modern world. When you don’t have any money, life will often be painful and difficult. Money creates the freedom to you. If you have seen people who are in serious debt and are chasing for money to make ends meet, you will understand that money is important.

Money is a non-negotiable and an indispensable commodity in every person’s life. Do you know that the possession of money means it is a resource and the usage of money can create other resources too? Everything that we use in our daily lives has monetary value, be it directly or indirectly.

With money, you can often buy whatever things you want in your life. In other words, money makes your life comfortable. When you have enough money, you can spend money on necessities like food and groceries.

And when you have more money, you can then spend them on luxury items like a bigger house, a sports car, or even use it for charity. You can donate and help others who are in need. Money is a tool that when used correctly, it will create more good than evil.

You need money to buy and put food on the table. Without money, life cannot go far. Your relationship can suffer and what if you have a family to feed? Therefore, money is important because it provides the basic necessities to survive. More importantly, when you have a lot of money, it makes your life comfortable.

Yes, this is true, money can buy you health. You can maintain your health even though you cannot rule your health. With modern healthcare to increase human longevity, money can help you improve your health and live a healthy lifestyle.

For example, you can spend money on a proper and healthy diet, you can buy nutrition and supplements, you can work out in the gym, and when you are sick, you can get proper medication.

Plus, if you have the money, you can make an appointment with your doctor for a regular checkup. This way, you can prevent serious illnesses rather than having to cure them when you are already infected.

A lot of people did not go for medical and health checkups because they do not have enough money to pay for the healthcare bills. And this becomes even more obvious these days because the cost of medical checkups has been increasing drastically over the years.

Do you know that money can create an opportunity for you? When you are rich and you have the money, you can buy a house that is up for sale and priced under the market. When you have the money, you can invest and build businesses, create more jobs and develop values for the community.

Without money, things will be more difficult. For example, when you saw a house up for sale that is priced below market and you know that this is an absolutely good deal, how can you afford to buy the house when you have no money?

This does not mean that you cannot buy the house and secure the deal, it simply means that without money, things will not be as direct and you need to find other ways to solve the problem. On the contrary, if you have the money, you can buy the house and secure the deal right away, without having to borrow or find ways to make it work.

Hence, money creates opportunities for you. You can invest the money and make businesses flourish. Or you can just give the money to your children so that they do not have to start from zero. Nobody wants to see their children going through a tough start. And money can give you, your family, your lover and the community security.

This is also the main reason why the rich able to get richer. When the rich have money, they are presented with more opportunities to grow and achieve more.

When you see someone who needs monetary aid, will you help? Well, if you have money, then you can choose to help as you like. However, what if you do not have any extra to help?

This is why money can help others and make the world a better place. In 2010, the world’s richest men, Bill Gates and Warren Buffett announced a campaign to encourage wealthy people to contribute a majority of their wealth to philanthropic causes, and they called their campaign, The Giving Pledge.

As of 2017, there are 158 wealthy people have signed the pledge including the Facebook creator Mark Zuckerberg, and their pledges total to over $365 billion. And this act of kindness has created values, help, and saves a lot of lives around the world.

Thus, money can help others. Not only that money is important in enriching your life, but it can enrich other people’s lives too.

Money can buy you time. You don’t have to trade your time for money. This is exactly what most people are doing because they stuck in a job and if they don’t work, they don’t have the money. It is an endless loop.

At the same time, money gives you freedom too. You have the freedom to choose what to eat, what to buy, which house to stay, and what car to drive. Without money, your choice will be limited. If you don’t have money, you cannot spend on luxury items, hence, your freedom is limited.

Another important reason why money is important is that money builds your school and money sends you there for education. People who are in poverty do not have a better chance to get into a better school or access to higher education.

Furthermore, when you have excess money to spend, you can buy books, attend additional classes like a seminar or a workshop, pay to learn how to cook, how to invest, or how to do things better.

Love can be described as a feeling, an emotion, and also a way of life. The majority of people will think that love is the most important thing that is in life. While there are many facets and faces of love, you are going to discover how love is important and how it can affect your life here.

This may seem like common sense, but it is and will always be the key to the functioning of society as a whole. As human beings, you possessed the ability to have an intimate connection and affectionate with another person.

Nobody can escape from the feeling of love. Feelings and emotions are built in within our biological system, there is no way anyone can escape the feeling of affection and love. It allows you to build an intimate relationship with others, it makes you feel complete, and to a certain extent, it is why people live in this world.

There are plenty of cases whereby people can do something extraordinary and sacrifice without requesting anything in return for the people that they love. This simply shows that love is the most important thing in life, and not money.

When you are in love with what you do and you are passionate, you will strive better and to perform better. This is also to say that people who are in love of their work, their career, their family, their partners, etc, tend to do better in life.

People who have a family and love their family will want to do better to provide their family with a better quality of living. People who are in love will want to perform better for their partner too. Plus, if you are in love with your work and you are passionate about it, you will do your best to deliver extraordinary results.

In fact, love is the thing that created success, and hence, money. Love makes you complete and performs better. When you perform better, you become more successful. When you are successful, you get paid higher or you earn a better income, and you have more money.

When you are in love, you feel inspired. It gives you a can-do attitude and you look at the world in a positive perspective. Love gives you motivation and you can tap into this energy source to achieve greater heights in life.

Studies after studies have proved that when people are feeling loved and grateful, their overall well-being will improve and are less likely to fall sick. When you are feeling loved, your biological system works better to improve your immunity.

Besides that, love can make you feel happy. And there are many benefits one can get from feeling happy. This is why love is the ultimate feeling that everyone is pursuing. There is no way you can live in this world alone. You will feel empty and live in depression.

Humans are creatures who desire to live in groups. Since Stone Age, humans have gathered together and lived in groups. You simply cannot live by yourself. You need to depend on others and get the support from other people to live and to thrive.

We all know that the desire to love and care for others is a hard-wired and deep-seated because the fulfillment of this desire enhances our happiness levels.

In other words, when we feel loved, we are more willing to help others. And when we help others, we make ourselves feel better.

There is a study conducted where participants were either given $5 or $20 as part of the experiment. Participants are then asked to either spend the money on themselves or on others. Those who spent the money on others experienced a higher level of happiness than those who spent the money on themselves.

What is more interesting is that the amount of money spent on others did not make a difference to the happiness level. Meaning to say, those who spent $5 on others derived just as much happiness as those who spent $20.

This is why when you are feeling loved, you will be more likely to give a helping hand to those who are in need.

Love can reveal a lot about ourselves that we may not have already known. This is because when you are in love with others, you reveal a lot about your tastes, preferences, morality, habits, and reactions to the other person. As a result, this also allows you to better understand yourself.

Furthermore, love also makes you a better version of yourself. When you are in love, you will be nice to everyone, you will appreciate everything that is happening in your life, and you will be more willing to help.

Apart from that, your loves will make you fearless. The things that you fear will disappear when you are in love. You know you have your own personal cheerleader in your corner to help you with whatever is needed. If you are in a happy relationship, you know that your partner is always there to support you. You will feel great when you are home or be with your lover despite going through a tough day.

By now, you should understand that both money and love are important in life. After you have read through the information given above, you should know that love and money have their own functions in life and why we need both in order to thrive.

Perhaps, we should love and money like our hands and our legs. Do you think that your legs are more important? Or your hands are more important?

Probably, both hands and legs are important and you definitely do not want to lose any of them. The same can be said for love and money. Both can be important in their own way to make our life work.

Money should not be the main objective of your relationship. And financial success usually comes as a result of a partnership that works, from love. That is why it is important to have both money and love. And you need to learn how to make both works for you in life.

Every time you do something for the sole reason of earning money, you will feel empty inside. And every time you do not have money, you will feel depressed and life can be tough. Money is not the objective of a relationship, but often, money will affect the relationship in its own way.

Always remember that money is a tool. Without money, you will miss out a lot of opportunities and you will lose your freedom to make things happen.

On the other hand, with money, you can help people and make your dreams a reality. Want to travel the world? With money, you can easily make this dream come true. Thus, money is a tool. You must learn how to use this tool wisely.

Instead of letting money to control your life and your relationship, learn to make it work. Learn to control your money and grow it. Money is responsible for the creation of innovative products and companies. Money is required to help and feed those who are in need.

And please understand that money is not evil, but greed is. The money will not turn you into a bad guy. The money will only reveal more of who you already are.

For example, if a kind-hearted person becomes rich, he will do more good, donate to charity and help those who are in need. Oppositely, if a bad person becomes rich, he will use the money to fulfill all his bad ideas.

Therefore, money is neither good nor bad. Money is just a tool that can help you realize your inner desire.

And when you learn to master money and learn to grow it, you will become rich beyond your wildest dreams.

You have heard countless of times that success gurus and people who have accomplished extraordinary results in life always mentioned that love and passion are important.

Steve Jobs has a great commencement speech at Harvard University, he said:

“Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.”

Everything starts from love. If you want to accomplish great success in life, learn to love yourself, your work, and the people around you. As what you have already learned from above when you are in love, you will be happier and are able to perform better result.

And when you perform better in life, you will achieve more. When you achieve more, you will earn more and as a result, you will have more money. This is why love is important and it can make you rich.

Remember, this is not to say that money is not important or people can only achieve greatness with love. It is possible to achieve greatness without love, but in the end, you will feel empty inside and there is no one to share your success.

Love is a support structure for you to build your ship on. Whatever future you desire, methods you want to follow or wherever you see yourself going, you know that you will have someone who believes in you, trust you, and wants to see you succeed.

This is an important feeling and this emotion can catapult your life to a higher level. This is also why you need to find love in your life and in everything that you do.

Again, both love and money are important because they are different things that will make your life worth living.

Learn to love and be loved so that you can turn the inspiration into energy that drives you to success. At the same time, learn to use money as a tool to achieve your dreams and enrich your loves.

References:

• returnofkings.com/36650/the-importance-of-money
• gulfbend.org/poc/view_doc.php?type=doc&id=10638&cn=217
• wealthpilgrim.com/why-money-is-more-important-than-love/
• bustle.com/articles/64844-6-reasons-money-actually-does-matter-in-every-relationship-whether-you-want-it-to-or-not
• thebridalbox.com/articles/why-love-is-important_0018723/
• 7reasons.org/2011/02/11/7-reasons-that-love-is-important
• psychologytoday.com/blog/sapient-nature/201401/the-need-love

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Love Is More Important Than Money (Essay Sample)

Love is more important than money.

Everyone always wishes to have the best in life; people think that winning a lottery or working hard to advance their career to come to the top CEO  of a multinational company will bring them all the happiness in the world. Many people imagine that if they have money, they will have everything in life. They imagine that they will not run out of money, hence, everything will be all right. It is not surprising to find people working throughout from 7.00am in the morning to late at night to be rich because they believe that being rich is finding true happiness.

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For some people, happiness is having lots of money to be able to buy a big house or afford the latest sports car. Naturally, humans need to be loved and have a sense of belonging; money cannot buy love and affection, it only provides temporary joy. Money is necessary but not important because money only helps us meet our basic needs like food, clothes, and shelter it cannot buy emotion. Money can only buy love temporarily.  Such love will end once the money is over. Even if we buy all the luxuries like cars, big houses and live in a posh neighborhood, it is until we find love that we will have a fulfilling life.

Living a luxurious life does not mean that you are happy and contented with life; love is important for emotional and personal development. When you love yourself, love others and your spouse all these emotional feelings will make your life feel complete. Not everyone understands that money is just important for survival in the modern world, the amount of money we have does not affect our happiness .Our life can be fulfilling if only we look at life beyond materialistic things. It is a common notion in the world that if you marry a rich person, you will live happily, this is not true. I believe that you can marry for love and not money and you will still be happy without money.  We come across many people who believe that to impress his partner he needs money to impress his partner.

Spending a lot of money to impress a person is not true love. Human beings have emotional needs to be fulfilled, that is why emotional needs come naturally even the best money cannot replace a mother’s love or a father care. Money cannot buy friends, money can surely get you a date and the necessary company, but it cannot give you a soul mate. Compared to money love last forever, therefore, no one needs to rely on money to gain to be happy. We need to strive to find love and live a fulfilling life.

If we are in a relationship because of money, it defeats the idea of love because people invest in a relationship for another motive. If you find true love, your life will be complete. There are many people who believe that in the end, it’s only love that matter. People say that love is the best feeling and if you are lucky to experience, it is you will be the happiest person on earth. Therefore, money should never be compared to love because love is endless, hence money cannot buy it. Love truly makes a positive impact than money; love gives us joy and joy create healthy and positive relationships compared to money. Choosing the right life partner depends on what we want in life, if we want happiness we will choose someone who makes us truly happy but not someone who is rich.

discuss: Is money the most important thing in life?

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