Money Only Buys Happiness, If You Spend It to Buy Back Time

All work and no play, leads to burnout and unhappiness

Photo by Mohau Mannathoko on Unsplash

Grinding to make more money without changing your spending habits is a recipe for unhappiness.

More money won’t make you happier.

More time will.

In this article, I review:

• Why more money doesn’t automatically equal more happiness and;
• How ambitious career-focused people can climb the economic ladder without sacrificing happiness.

Most people overestimate the impact of income on happiness

A 2009 research paper titled “From Wealth to Well-Being? Money Matters, but Less than People Think” examined the relationship between income and happiness.

The study involved two national surveys (where Americans reported their happiness and predicted the happiness of others and themselves across different income levels.

In line with past research, the study found a positive correlation between income and happiness. But, the study suggests that people may overestimate the impact that making more money will have on happiness — especially at lower income levels.