Advertising

Why Money Can Buy Happiness

Advertising
Why Money Can Buy Happiness

Ah, happiness – an ideal many of us chase, hoping for contentment, bliss, and joy along the way.

While it may not be lasting, studies suggest that money can actually help you buy happiness. Forbes reports that University of Michigan economists Betsey Stevenson and Justin Wolfers convincingly demonstrated that the affluent are more content with their lives than the poor; in a paradigm-shifting study, they also showed that rich countries house happier citizens than poor countries. But why is that?

Advertising

Having money allows you to do what you want to do.

Their findings are not much of a shock, if we pause to muse. Money is a tool, and we use it to purchase high-quality food, fresh water, medical and dental care, and access to gyms or fitness classes that help keep us physically healthy. It takes funds to buy books, magazine subscriptions, adventure trips, or membership in hobby clubs to keep us intellectually stimulated. Dollar bills pay for the gas, air fare, and admission fees required to see those sites our souls thirst for, such as art museums or religious locations overseas, and allow us to donate to causes we believe in.

Having money can lead to increased confidence.

Money can create emotions that lead to positive circumstances. A new outfit, for example, is commonly considered to boost confidence. Increased confidence can land you that job, date, contract or simply add some hip-loosening swagger to your step. Money can buy fresh experiences and the equipment required to pursue hobbies, over time allowing you to cultivate a better sense of self and a creatively well-balanced being. For those who crave a sense of security, there is peace in knowing that enough money is saved in a bank account to cover a car that breaks down, a medical emergency with a child, or another unforeseen circumstance that can be smoothly and easily handled with appropriate funds.

Advertising

Financial security may also secure your marriage.

Money worries literally kill unions, as Jeffrey Dew presents in a 2009 work on the various correlations between financial problems and divorce. Loneliness or lack of a partner is a keenly felt source of sadness for many, and it stands to reason that a fulfilling, supportive partnership would be a source of happiness. An outlay of funds may also help hire nannies, cleaners, property maintenance crews, and other support staff to help a home run smoothly, easily, and with less stress on the couple in the marriage, perhaps in turn improving the chance of success in their partnership.

Money can buy happiness up to a certain point.

Buying happiness may not be quite that simple, however. Princeton University expert Angus Deaton’s work with Daniel Kahneman found that while the rich report feeling more positively about their lives, there is no direct correlation between wealth and a satisfied daily emotional state. Furthermore, they found that health, care giving, loneliness, and smoking were more prominent indicators for daily emotions. In conclusion, they argue that income can buy satisfaction but not happiness, though lack of income has a negative effect on both.

Advertising

How much money does it take to reduce stress and potentially allow for greater satisfaction or happiness? Enough to take care of needs, but not more than $75,000 in the United States, argue Deaton and Kahneman. After that threshold, subjects reported no greater increase in happiness or satisfaction than they experienced at that point.

Is money earned more satisfying than money inherited? Is it possible to quantify whether expensive tastes negatively impact happiness? The relationship between money and happiness is a complex one, but it seems that dollars can buy delight. For those who can afford it, at least.

Advertising

Wondering if anything presented here applies to you? Check out these 50 Money Quotes by Famous People that Can Change your Attitude Toward Money.

Featured photo credit: M.C. Chavez via flickr.com

Advertising

More by this author

20 Art Therapy Activities You Can Try At Home To Destress 11 Things Highly Charismatic People Do Differently 20 Things to Tell Yourself When You Are Facing Adversities 30 Life Lessons From Chinese Billionaire Jack Ma These 8 Tips Will Help You a Lot When Meeting Your Partner’s Parents for the First Time

Trending in Money

1 5 Most Affordable Australian Cities For Students 2 10 Amazing Places You Can Afford To Retire Abroad 3 33 Painless Ways to Save Money Now 4 How To Achieve Financial Freedom With the Right Mindset 5 Financial Freedom is Not a Fantasy: 9 Secrets to Get You There

Read Next

Advertising
Advertising

Last Updated on January 27, 2022

5 Most Affordable Australian Cities For Students

Advertising
5 Most Affordable Australian Cities For Students

With high standards of education, a multicultural community, and laid-back lifestyle, it’s not hard to see why so many students love Australia. However, one thing Australia is also known for is being the world’s most expensive country to study in as a foreign student.

For those willing to look beyond popular cities like Sydney or Melbourne, however, study abroad doesn’t have to be unaffordable. Check out these five more economical cities that still make for great student living.

1. Gold Coast

If you’re looking for a more affordable place to buckle down and study while still enjoying glorious beaches and a vibrant nightlife, the Gold Coast is an excellent choice. While it has no shortage of restaurants, cafes, bars, and natural attractions, the city is also well-known for its quality of education.

Gold Coast is home to Bond University, which has Australia’s highest rating for overall graduate satisfaction, but also some of the country’s highest tuition fees. Fortunately, it hosts campuses for Griffith University and South Cross University as well, both of which have affordable options for international students.

Advertising

When it comes to off-campus accommodation, there are plenty of choices, from shared housing to homestays. Real estate sites like Flatmates can be useful for finding options within your budget.

2. Wollongong

Wollongong’s close proximity to Sydney (80 km) makes it a popular choice for students who can’t afford the high cost of living in Australia’s largest city, but still want to experience all that it has to offer. Wollongong itself is a lively city as well, and is rated as the country’s most livable small city thanks to its gorgeous beaches and lively city centre.

The University of Wollongong is one of Australia’s top universities, with a comprehensive academic program, international research reputation, and high graduate employment rates.

Due to a lack of on-campus parking, most students prefer to walk, cycle, or use the free bus service that operates between the university and city centre. Living costs are quite reasonable in Wollongong, and sites like Gumtree can come in handy if you’re looking to split housing costs or even score some second-hand furniture on arrival.

Advertising

3. Hobart

Hobart is the capital of Tasmania, the second oldest city in Australia, and also the cheapest city for university students to live in. While it might not be as happening as cities like Gold Coast or Brisbane, its striking natural beauty and slower pace of life make it a great place to block out distractions and focus on studying.

The Hobart Universities sector is based on a single institution, the University of Tasmania, which is consistently rated among the top ten universities in Australia and has a large population of students from abroad, with more than one in five students being international.

Although public transport in Hobart isn’t as convenient as could be, there is plenty of student accommodation available to make up for it. Students often live in shared houses near the university so they can simply walk to class. If you’re looking to rent a shared house or room in the area, Easy Roommate can be a good place to start your search.

4. Adelaide

Of Australia’s major cities, Adelaide is the cheapest to live in. That, along with its spacious layout, clean and green atmosphere, and beachside attractions make it a great place to live and study. It’s also regarded as the food and wine capital of Australia.

Advertising

Adelaide has three universities, including the University of Adelaide, which is ranked in the top 1% of universities worldwide; the University of South Australia; and Flinders University. Its integrated bus, train, and tram transportation system connect all parts of the city and make it easy for students to get around.

Naturally, the cost of accommodation is lower outside the city centre, and depending on which university you’re studying with, the outer suburbs could be more convenient as well. Check Study Adelaide for information on a range of student accommodation options, from independent living to homestays.

5.  Brisbane

Brisbane is the capital of Queensland and Australia’s third largest city. Unlike Sydney and Melbourne, it’s known for being one of the most affordable cities in Australia, which makes it a good choice for students. It’s also known for its pleasant subtropical climate and wide range of entertainment options.

Brisbane has three major universities: the Queensland University of Technology, the University of Queensland, and Griffith University (which accepts the most study abroad undergraduates). The inner city is well-connected by public transportation, although cycling is popular as well, and there are plenty of cycle paths that make it easy for students to get around this way.

Advertising

Students typically live in and around the inner suburbs, where the bulk of Brisbane’s teaching facilities are located. If you’re looking for convenient accommodation off-campus, you can check sites like Urbanest or The Pad.

Featured photo credit: Bhavesh Patel via unsplash.com

Read Next