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Money cannot buy happiness, but it is undoubtedly essential to happiness. One should understand what money is. Money is a medium of exchange for buying another thing. One should have sufficient funds to meet the basic needs of life like food, shelter, and clothing. Money tends to have a relationship with happiness. If a monthly salary increases happiness tends to grow, and if the wages of the person drops down, happiness also tends to drop if money can make everyone happy then why rich people are sad nowadays.
We have listed ten reasons why money is essential for happiness :
10. Different Ways to Spend
Money can produce joy by spending money in different ways. There is a variety of ways to spend money like shopping, contributing to the family, spending on investment, taking a short travel break, taking classes, donating, and creating companies to generate further streams of revenue. Different people find happiness in a different way of spending money. Usually, women feel happy when they spend money on buying clothes, cosmetics, and accessories whereas boys feel joyful on spending money on investment portfolios.
9. Control and Quality of Life
The quantity of money can also be a significant factor contributing to happiness. It allows the individual to have control over their life: expenses and purchases are all calculated and most importantly they can stay safe without any debt. Without enough money, liability and losses can also be incurred.If a person doesn’t have enough money with him, then it inclines the person to take loans on higher interest rates. Taking loans will increase the psychological burden on the human person which will take away the happiness from his life. A person who is having enough money can live his life with ease, safety, and comfort.
Money also allows more opportunities to open up. When a person has money with him he can pay off a loan, invest money in the market from where he can get good returns like in a commercial property. He can do a big business like opening up a store or a showroom for his regular income. A lot of opportunities can knock his gate when a person has money with him. One should know what is required to have a lot of money with him? Saving and budgeting are crucial in creating opportunities.’ Do not do what is expedient’ is a good mantra when attempting to move from one economic bracket to the next.
7. Restaurants and Eat-Out Culture
The person with less money can only access the essential foods that is necessary for simple eating and frugal living. However, the food market and the palate of society have slowly changed due to Westernization. What is fashionable today is some form of fast food or fried food. People visit restaurants, food outlets for eating this fast food and fried food which is very high in price. Having enough financial stability allows a person to have more of exploration and luxury, as modern society encourages the head-out-to-eat culture as part of the rapid and rampant consumerism.
6. Clothes and the War of the Brands
Brands and branding are an essential part of popular culture – Nowadays individuals are defined by the brands they wear and the fast trends that they follow. People feel that they can create a social identity by following the fashion trend in clothes, accessories, shoes, etc. Such people need to keep their closet ready as per the latest fashion trends. There are different types of brands some are affordable while some are very expensive to empty nearly USD 1,000 for a single item. Buying different things needs a lot of financial capital. Dressing up and being put together psychologically creates a mindset for the individual.
5. The Big Checks of the Health Industry
Health as an industry is already strife with ridiculously high payments and fees. Regular appointments nearly range into the hundreds, while procedure costs range in the five or six digit figures. Treatments for both surgeries and chronic diseases are enough to incur debt and leave individuals without sufficient money. Without proper financial planning, and a welfare state or government aid, it becomes nearly impossible to handle a loan of such a size.
4. Mini Stress-Busters
Nothing in the present world can be done without money. Ministress busters mean that when a person is full of stress, and he wants relaxation that time he can switch his mood towards entertainment that can relieve him from stress things like TV, cable, phones, laptops, travel. Everything in the modern world revolves around monetary transactions. A person who has a lot of money with them they can enjoy these Mini Stress buster monthly or quarterly whereas people who are struggling for cash or have no money with them, it will be very tough for them to enjoy even these small Mini-stress Busters.
3. Long-Term Financial Stability
Long-term savings are not a significant concern for contemporary generations. The modern age is focused on instant gratification and small term goals. They are looking for things that provide luxuries and the dopamine hit today. They will compromise on what they will have tomorrow. Long-term financial stability focuses on saving and making suitable investments. If people are not doing long term savings then old age adverse effects may be difficult to handle for many.
2. Luxuries and Amenities
People who earn a lot are looking for a luxury life. Let us understand what do we mean by luxury life. Luxury living means having the best of anything. For living a luxurious life, it requires a lot of money. To lead a luxury life, people struggle hard for this . Luxuries and amenities are often ways that individuals reward themselves with: creating a positive feedback loop in the dopaminergic system in the brain. This induces the person’s efforts to get more of the same. It only becomes a detriment when it begins to affect daily living.
1. Unforeseen Emergencies and the Unknown
The most crucial factor that makes money essential for happiness is the ability to deal with unexpected emergencies and the unknown of life. Most people tend to make preparations to deal with the unknown by saving, or having an emergency fund. But this is not true only of money: people protect themselves from unknown people, from strange events, and hidden motives. Money provides stability in that people can abstain from stress as they have enough funds to handle any misfortunes to fall upon themselves or others.
Money does matter, and it is the most fundamental aspect of securing happiness in the long-term in a world that runs on financial security. For this present generation need to be more focused on momentary pleasures, to look at the future and what expedient behavior with money may cause them to lose out on happiness.