Does Having More Money Make You Happier?
If it takes money to be happy, your search for happiness will never end.
― Bob Marley
Bob Marley, considered one of the pioneers of reggae was quoted numerous times about not being driven by wealth or money, but by wanting to live his life to the fullest. In an interview by reporter George Negus from 60 Minutes Australia (screenshots below) he famously said that money did not make him rich, instead, richness was life itself.
In one of the longest studies on human adult life on physical and mental health (more than 80 years running), researchers from Harvard have unearthed a treasure trove of data on what makes us happy. The study found that close and warm relationships, more than money or fame, were what kept people happy throughout their lives. Those ties protected people from life’s discontents, helped to delay mental and physical decline. They were better predictors of long and happy lives than social class, IQ, or even genes. The study is now in a second generation form — where the children of the participants of the original study are being assessed.
One of the most successful and wealthiest individuals in the study was one of the unhappiest, while other participants with “normal” jobs but had fulfilling relationships tended to be the happiest. They may not be rich in a financial sense, but they led a rich life.
Psychiatrist George Vaillant (joined the Harvard team in 1966 and led the study from 1972 to 2004) wrote in his book “Aging Well” that when the study first began, they were not focused on components on empathy or attachment. But as the study went on, they found that the key to healthy ageing was “relationships, relationships, relationships.”
Happiness is sometimes hard to define — for example in the discovery meetings with our clients when we ask what they want out of life, the answers that typically come back are certain career achievements or having accumulated a certain amount of money by a certain age. Climbing up the corporate ladder, having a target number in a bank account, or a certain level of fame are easier to envision and hence often used as signifiers of happiness, but happiness itself can be a little bit more nuanced and complex.
While money may not solve all your problems, it’s a fact that you still very much need it in life to survive, with a certain base amount to help us lead enriching lives. What we do at GYC is to help mitigate your worries about money and your concerns (eg. how much I need, do I have enough, what is the best way to invest, can I retire now, etc.) so that you can focus on the things that truly make you happy, and thus lead more fulfilling lives with whatever time we have left.
In the same way that you would not attempt a high risk activity such as sky-diving without professional supervision, investors can benefit greatly by relying on an adviser — having the peace of mind knowing that their plan is in the hands of a professional.
If any of the points speak to you and you would like to find out, click here to schedule a chat with us or speak to your advisor.
