Can Money Buy Happiness? Yes, According to Philosophy & Science

Some people claim that money is the root of all evil, pointing at the enormous amounts of violence humanity imposes on itself motivated by acquiring it. Others argue that not money but the lack of money is the root of evil, as people, out of fear of being unable to pay the bills or provide for their families, sacrifice their morals to survive.

Yet, practice shows that greed and immoral behavior remain prevalent among those with more than enough, while many poor people are generous and kind. The relationship between humans and money seems complicated. For example, some say money can’t buy happiness because happiness comes from within, or perhaps from things that money can’t buy, like love, friendship, inner peace, and purpose.

Others claim that money certainly can buy happiness, as money buys you great experiences like traveling around the world or going to festivals and concerts. Moreover, with enough cash, you’ll be able to retire and live without the stress of working a job and being unable to bear the cost of living. Unsurprisingly, the question “can money make you happy?” often leads to endless discussions without satisfying answers.

Nevertheless, money makes the world go round. Aside from an extreme minority, we all need money to live our lives. But there are differences in how we handle money and how we experience its value. Some get by with little, and others are perpetual squanderers. Some are perfectly content earning a modest salary supporting their frugal lifestyles; others have millions, live lavishly, and only crave more.

So it seems that the amount of money you have doesn’t correlate with how happy you feel. But does that mean that money cannot buy you happiness? Not necessarily. According to research and the ideas of certain philosophers like Epicurus and Schopenhauer, money can buy you happiness; you just have to know how to spend it.

Many things in life come with a price tag, varying from the essentials like food and water to extremely luxurious items like a 17-million-dollar Rolex. But in terms of happiness, not all purchases are worth spending your money on, as some are disproportionally expensive compared to the actual pleasure they provide. To determine the smartest purchases, we might want to look at Epicurus’ philosophy of pleasure.

This ancient Greek philosopher distinguished natural and vain desires, which we’ve explored more extensively in the video “The Philosophy of Pleasure.” Epicurus distinguishes between necessary and unnecessary natural desires. Necessary natural desires are hunger, thirst, and the need for rest and sleep, as we naturally desire them and also need to satisfy them for survival.

Unnecessary natural desires are the desire for expensive food, having an extensive social circle, or a sexual encounter, as we also naturally desire such things but don’t need them for survival. Vain desires, however, we don’t need for survival and aren’t natural. For example, who needs a 17-million-dollar Rolex? It doesn’t satisfy any natural desire; the desire for this item comes from opinion.

We believe a costly watch makes us happy, probably because of clever marketing or because people in our peer groups say so. Also, the desire for expensive things can never be satisfied, unlike, for example, hunger or thirst. We get bored quickly after purchasing something costly that we don’t need. There’s also no natural limit to such pleasures, so we tend to crave more after we obtain them.

On top of that, a person needing such expensive things walks an arduous path of constant perturbation because of fear of loss, not receiving the things one desires, and the stress and hard work to satisfy his cravings. Moreover, the person accumulating extreme wealth paints a target on his back. According to Epicurus, we don’t need vain desires to experience happiness.

However, we need to fulfill our natural desires. Pleasures that satisfy these desires are cheap and easy to obtain compared to most vain pleasures. How many meals and thirst-quenching beverages will 17 million dollars buy?