Wealth and happiness
There is a popular analogy that no enough money can buy happiness. However, according to Research done on Quality of Life, wealth and materialism can cause an imminent impact on the way an individual gets happy and satisfied with life (Stieg, 2019). In other words, the perspective can be termed as; “Wealth is the capability to completely explore life (JILL, 2017).” In order to advance one’s wealth and happiness, an individual also needs to develop their capabilities and skills.
According to the findings done on Quality of Life at Binghamton University School of Management, which was composed of a study population of more than 7,500 of the German adults, the emotional feelings experienced by people about money tend to be nuanced (Stieg, 2019). Essentially, there exists a significant distinction between happiness embedded in materialism and success in terms of hoarding large amounts of money. Happiness brought about by money implies wealth is an outright sign of a happy life; this tends to be negative at times, as it demands one to invest a lot of time, energy, and money. This diverts from other living areas which are significant and cause a positive impact normal social life satisfaction, such as family, work and health. Having success in materialism and achieving the status of promoting people’s “economic motivation,” or inspires them to work harder and advance thereof living standards. Material success perceived in this manner makes people happy and more satisfied with their personal status present lives and raises their future hopes and expectations.
The level of income one is at can also influence happiness and satisfaction in life. According to a study conducted at Princeton University 2010, its findings showed significant interrelations between happiness and wealth (Thaler, & Sunstein, 2009). When people earn more than $75,000 on an annual basis, their happiness still remains constant, but as their income decrease, the less happy they become. So, as far as money and happiness is all about mindset and attitude, these two factors are inherently intertwined, and one directly influences the other.