Will Wealth Make me Happy?

There are lots of people that feel that wealth will make them happy and therefore strive to make a lot more money or save a lot of money so that they will be able to be happier. However, it is worth thinking about whether wealth will really make you happy and whether you are actually striving for the right thing.

Does wealth make people happy?

It is worth thinking about whether having lots of money really does make people happy. It is easy to assume that it will. However, there are lots of people that have a lot of money that are not happy. This can be due to things happening in their personal life, their health or other things completely unrelated to money. However, it can also be because the money has actually caused them stress. If you use your wealth to buy a big home, for example, you then have to pay to keep it in good repair. You also have to keep it clean and tidy, decorated and do the garden etc. It can actually be a lot of work and many people do not realise how hard it will be. There also could be the stress of thinking about whether we should use our money to help others. Should we be using our money to help those less fortunate and what if people ask us for money, should we help them. Making decisions like this can be really stressful. It is also possible to have a lot of money but also a lot of debt. If you get your money form borrowing you will have to repay it as it is not really your money.

Does having financial freedom make people happy?

Financial freedom is different to being wealthy. What this tends to mean is that you have enough money invested so that you get an income that you can live off without having to work. This can be good because although you do not have to give up work, you can choose what you do and perhaps even do voluntary work or some courses. It is something which will allow you to have a lot more choice in your life and is what people have achieved when they retire. It does not mean that you necessarily have a huge amount of money but just a large enough income so that you feel happy and comfortable.

How Can I be Happy?

So you need to think about whether have a regular income would make you feel happy or whether having a big lump sum of money or whether, in fact, neither will really make you happy. It is very possible to find happiness in lots of ways and not measure it by how much wealth we each have. Of course, not having enough money to cover our needs, struggling to repay debt and feeling generally that we cannot make ends meet is stressful. So therefore, it could be the case that you will need to take a look at your finances and think about what you can do in order to make sure that things are working for you. Perhaps re-evaluate what you are spending money on, compare prices more to try to pay less for things, perhaps increase the amount of money you have saved or prepare better for your retirement. There are lots of things that we can potentially do and it is a matter of thinking about our own situation and whether we can make changes which will make us happier. It may take some work and some time, not only to think it through but also to achieve what we want, but it will be worth it.

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