Does More Money Make Us Happier?

There was a lovely neighborhood grocery store near my house.

It is owned by a Greek family and they sell food from the Mediterranean and my favorite — they have lots of Bosnian food. My husband and I often go there and really love the offerings, the atmosphere and especially — the owner who is a lovely lady with a thick Greek accent. They have been there for a long time and they seem to be doing very well.

Entrepreneur at heart, I am always thinking of ways to grow a business, build a brand, and help owners grow their business.  Last week, I was in there talking to the owner and I asked her if she ever considered doing cooking classes and adding a new stream of revenue. She smiled and said: absolutely NOT. I asked why and her answer was: “Why should I? When will I rest? I have everything I want and need, now I just want to relax when I can and spend time with my grandchildren.” It immediately reminded me of the article in the NY Times by Dan Buettner (see HERE) and how happy people seem to enjoy their rest and family time. It is not about the money, really. We have heard this so many times, but why is it so hard to overcome?

I should know better. Few years ago, my husband and I made more money that we ever imagined was possible and yet – I wasn’t happy or fulfilled. I love and appreciate financial security, but just like research shows: after the basic needs are met, people with millions are no happier than people who make 50k, for example (read more about it here).

My natural instinct is to help people with the skills I have, but the beautiful part of it all is that this woman already has everything she needs and she is perfectly happy.  I walked out smiling ear to ear.

Daniel Gilbert often talks about our inability to predict what will make us happy (read his book Stumbling on Happiness). We assume that making more money or having a certain status or growing a business is what will make us happy. Instead, happiness is found in the present moment and accepting what is. If you want to grow your business or succeed at your career and you feel great doing it – fantastic! The danger lies in doing it at a cost of your personal happiness.

What do you think? Is 50k enough for happiness in our society? Do you agree with the research? I would love to hear your thoughts!