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Sadly in our consumption driven
society, many of us have come to believe that all our worries will be
solved if we have more money. Indeed, wealth has become the ultimate
measure of who we are, and we have become defined by it. When we chase
after money for its own sake, we can damage our value system and we pay
for it in time, health, and stress.

What does money mean to you?

Do you have a healthy relationship with
money? Do you worship it? Or do you use it as a tool to achieve your
goals? Does your life depend on it? What really matters to you? What
really does make you feel happy and fulfilled?

It is important to understand your own
money personality and to put it in the right perspective. The ways in
which we make money and how we spend it reveal a lot about our
personality. This relates to the emotional aspects of money such as
needs, values, relationship choices, feelings about earning and career
choices, spending, saving and investing. Issues of control, security,
self esteem, and sense of well-being are always evident when money
matters come up.

Maslow’s hierarchy of needs

What do we need? Abraham Maslow was an
American psychologist best known for establishing his theory of the
“hierarchy of needs” which he developed in the mid 1900’s.This model
served as a tool for understanding human motivation and development. He
identified five levels of human needs that must be satisfied by a
person’s environment in order for him or her to attain full potential.
Maslow’s pyramid illustrates human needs stacked in layers with
physiological needs at the base of the pyramid and self-actualisation
and fulfilment at the highest level.

The first and lowest level involves the
most basic needs; that is, what a person needs to stay alive, such as
air, water, food, sleep, warmth, shelter and hygiene. At the second
level, Maslow places safety, security, employment, money and financial
stability, and good health. By the fifth level the human being seeks
self-actualisation and fulfilment. He has the desire and ability to
grow; doing something that makes life complete such as, supporting a
cause, taking up a calling to realize personal potential, or seeking
personal growth.

Relationship between money and happiness

Why doesn’t the lucrative promotion or
the brand-new five-bedroom house keep us swathed in a permanent state
of happiness? We like to think that if we just had a little bit more
money, we would be happier but when we get there, something is still
missing. It appears that the more money you have, the more you want and
that buying the car, boat or bike of your dreams, brings you transient
joy rather than a deep lasting sense of fulfilment. We tend to
overestimate how much pleasure we will get from having more money.

Certainly, earning more makes you happy
in the short term, but you quickly adjust to your new lifestyle and all
it brings. Naturally there is that thrill of the shiny new car but soon
you get used to it and start wanting the newer, more powerful model.
Having made a special purchase, we immediately dream of acquiring the
better, “latest” version. Scientists call it ‘the hedonic treadmill’ –
and many people spend far too much time on it.

The Hedonic Treadmill

Professor Emeritus Richard Layard,
LSE’s Director of The Centre for Economic Performance, in “Happiness:
Lessons from the New Science” discusses the relationship between
happiness and rising standards of wealth. A critic of consumer society
and the all-consuming pursuit of money, he suggests that we eventually
get trapped on the “hedonic treadmill”. Our happiness begins to wane as
we start to take the new positive changes in our life for granted.

Money brings temporary happiness. A
dramatic change in wealth such as the move from abject poverty to
financial security can significantly increase happiness, but the
satisfaction will be transient; its effect will only last until the
beneficiary gets used to their new status. He argues that once poverty
and discomfort have been eliminated, extra income is much less
important than human relationships. So how do we step off the hedonic
treadmill?

What brings more lasting happiness?

Having spent several years interacting
with people with various levels of wealth, I am convinced that money
does not in itself create or sustain happiness. It certainly buys
things and improves the quality of life and a standard of living. Yes,
money is important, as it helps us to pay our bills, educate our
children, support our families, but if we rely on it as the key to
happiness, it can be illusory as it does not usually address the real
issues such as, concern for their families, problems in relationships,
and work related stress.

Money can buy food, shelter, education,
and pays for healthcare and day-to-day comforts. Of course if you don’t
have enough money to send your children to school, can’t provide for
your elderly parents, or can’t afford an expensive surgery that would
alleviate the pain from an old injury, it would be hard to be happy. In
that sense, money can buy happiness by eliminating some worries and
bringing quick relief to financial concerns.

Beyond that, longer-term happiness is
dependent upon one’s personality and how fortunate one is to have the
truly important things in life: a strong relationship with God, a
loving family, good reliable friends, good health for yourself and your
loved ones, a fulfilling and secure job, a safe environment, moral
values and freedom.

Happiness comes from giving

Having money is a great responsibility
because it enables one to do things. Material possessions eventually
lose their sparkle then beg to be replaced. Yet, one can make
transformational gifts by helping others and even shaping or saving
lives. It is through generosity that we attain the best relationship
with money. By deciding to make a difference in someone else’s life,
you give more meaning to your own. The joy that this brings is a
lasting form of happiness.

The constant message that is relayed in our society that money is
the most important thing in our lives and the constant desire for more
has far reaching consequences for our value system and morals. This
unending pursuit of money has damaged family relationships, our
environment and our country. If you earn your money in a healthy,
honest way, and spend it wisely, you have a better chance of being and
staying happy.