Research says that a certain amount of money makes a person happy but anything over that has little effect....
THINK PAD
Whether money can actually buy happiness is open to debate but what cannot be contested is that money certainly makes life more comfortable – if not happier. Over the years memes and comments with the phrase “I’d rather cry in a Mercedes than on a bicycle” have been exceedingly common on social media.
Research says that a certain amount of money makes a person happy but anything over that has little effect. Data collected from a 2010 study at Princeton University showed that happiness increased with salary up until participants earned $75000 per annum. Once this figure was crossed, the relation between happiness and salary decreased.
Although there is no doubt that money plays a crucial part in the quality of life but as with everything in life - too much of money can also prove to be problematic. In 1997 an American rapper sang, “Mo Money, Mo Problems”, and the overwhelming popularity of the song shows that people agree.
One of the problems of having too much money is attracting hangers on. These are greedy people who befriend wealthy individuals in order to benefit themselves. In 2006, an American man named Abraham Shakespeare won a thirty million dollar lottery. When news of his newfound wealth spread, friends and family came out of the woodwork to hound him for money. Soon Abraham was befriended by a woman who murdered him in order to take over his wealth. Shortly after his win, Abraham once said to a friend, “I’d have been better off broke”.
Rich people have to deal with friends, family and strangers who feel entitled to their money. Everyone expects the well-off person to pay for and treat others – every single time. A well off individual will be placed on a pedestal by people for his wealth and what can be gained from it.
Another issue with great wealth has to do with safety. People with a lot of money have to take extra caution with regards to their security. Often wealthy folks do not venture out alone – even for a stroll in the park, or to the grocery store for fear of being harmed or kidnapped for a big ransom by criminals.
Despite their fluffy pillows and plush blankets, wealthy people often suffer sleepless nights. Not only do they have to maintain their wealth and keep it safe but they must also increase it. It is human nature to want more and wealthy people are constantly thinking, working and planning to add more to their wealth. Concern about their great wealth can keep them awake at night.
Furthermore due to having money in excess of their needs, rich folks often spend their cash recklessly. They will happily throw away their earnings on extravagance and pomp. This is often noted in events such as birthdays and weddings. Granted, it is their money to do as they please with it, but money donated to noble and worthwhile causes brings longer lasting satisfaction.
There have been instances where wealthy people spent money on utterly pointless things. A famous singer once purchased ghost detecting equipment while another splurged on a two million dollar humidifier. As an effect, they end up having too much stuff which contributes to stress. Creating wealth and maintaining it takes ample time and effort, which is why rich people are extremely busy and frequently away from their families. As a result, marriages suffer and children are neglected. A vast amount of money never stopped couples from separating. Busy rich individuals sometimes do not get the opportunity to relax or enjoy their wealth since they have their fingers in too many pies. A certain well-off man spent his entire life making the lives of his family comfortable and giving them everything they needed. When it was time for him to retire and enjoy his wealth along with his family, he suddenly passed away.
Moreover, it is not so easy for wealthy persons to simply hand over their ventures to others such as subordinates or children because without their eye and direction the latter may mismanage and incur losses. Thus they must be on top of their game at all times and cannot just kick back and relax.
Furthermore, an abundance of money can also make life complex due to the acquisition of a large number of properties, vehicles and items. All of these require space and constant maintenance. Research shows that too many possessions can cause stress and anxiety. There is much to be said about the pleasures of minimalist and simple living which wealthy people do not get to experience. According to Sir Richard Branson, a billionaire who donated half his fortune to charity, “Stuff is not what brings happiness. Family, friends, good health and the satisfaction that comes from making a positive difference are what really matter”.
Finally, owing to their status, the actions of wealthy people are often under observation. They get criticized for their spendings and are often bashed for not donating as much as they should. They are expected to have a greater responsibility and accountability in society. If they do charity publicly, people might label it as a publicity stunt yet if they do it secretly, they will be condemned for not being charitable.
As a last note, wealth does not make a person immune to the difficulties and tragedies of life. Rich people get divorced, fall into depression, get into accidents, engage in harmful substance abuse and even take their own lives.
A good amount of money makes for comfortable living and offers great mental and physical security. However money vastly in excess of needs is not as great as it seems.
