A lot of people become entrepreneurs in the hopes of starting a business that frees them from their current lives and makes them a ton of money.
To many, money and happiness are so closely related that they can almost be interchangeable.
They believe that having a lot of money also buys a lot of happiness.
Think about it, what can't you do with money?
However, we also see millions of people on the other side of the fence who scream out that money does not buy happiness.
They believe that the things that truly matter in life are priceless and cannot be bought with money.
The reality is that you'll never truly uncover the answer to this elusive question until you've had the chance to experience it yourself.
While I can't say I sway to one side more than the other, I've come up with 5 reasons why money can buy you happiness.
Let's talk about them now.
Side note: I really anticipate that this article will be a simple article to write until I put pen to paper (more like fingers to keyboard) and began to write.
It proved much harder to speak about this topic as it seemed as though it's something I'm not completely familiar with or something I don't fully believe in.
Over the past 2 years (almost), I've gotten to understand the real reason I should be chasing the massive goals I'm after - and it isn't because of money.
I've come to realise the things that truly matter in life and made them my priority - my WHY.
While I agree with what I'm about to write, I don't agree that money is the answer to everything in life and true happiness goes further than just money.
Money buys materialistic things
Owning a Gucci top doesn't simply mean you own a $1000 top.
Owning a Birkin bag doesn't just mean you own a $50,000 bag.
Owning a mansion doesn't simply mean you own a big house that costs a couple million.
People don't spend unthinkable amounts of money for the sake of it, they do it because of the feeling they get after.
Whenever we believe that we have ownership over something, we get a rush of dopamine flowing through us which essentially exerts the feeling of happiness.
Whether it's momentarily or temporary, this feeling of happiness is what people die for.
Owning a designer item or a massive house, even a sports car gives people a feeling of belonging, a feeling that you can only buy with money.
People who buy materialistic things are after the status they can achieve from owning these expensive items, rather than the actual ownership of them.
Imagine you just bought the latest Mercedes Benz - everyone on social media is hyping you up and the feeling you have is unmatchable!
You finally feel relevant!
A few months later, the new Mercedez Benz comes out and you're forced to either buy it or get left behind.
What I'm getting at is that every materialistic thing has an expiry date before it becomes 'old fashion' and it's time for the next trending item.
Money gives you the ability to ride these trends.
Money buys experiences
This is likely one of the most important things that money can truly buy.
Poor weather, expensive to live in, and the list goes on.
It might be the fact that I've lived in London my entire life, however, there are a lot of people who can agree with me.
The few times I've had the opportunity to travel outside of London were the best experiences of my life - even though they may not have seemed like it at the time.
Traveling to places like Dubai has shown me that there is so much of the world that one can explore, yet many people are shackled to one place their whole lives.
While this might be for varying reasons, a big factor in this situation is money.
If you don't have the money to travel regularly, then you can't - it's that simple.
For a long time, I spent my days trapped in a room, like a prince(ss) waiting to be rescued, because I thought that all I wanted in life was for school to be over and 24/7 access to my Playstation.
However, I've come to realise that the experiences that truly matter to me are those that I've spent with people who I love, not the ones attached to a monitor.
Money not only buys the chance to make experiences in beautiful places around the world, but it also gives you the freedom to build these experiences with the people that matter to you.
At the end of the day, experiences are the most important things, and the more you can build, the happier one can be.
Money buys better well-being
LeBron James, arguably the best basketball player in the world, is still playing in the league at the old age of 37.
Although 37 is not old by any means, most people would say that it's a good age to slow down on things like sports and even retire in many cases.
No matter what sporting scene we look at, whether it's basketball, football, or boxing, many athletes have retired at 37 and sometimes much younger too.
However, at the age of 37, LeBron is still fully capable of competing with the competition that's almost two decades younger than him.
Not only can he compete, but some would say he's still dominating the NBA franchise.
Is he superhuman?
Is he an alien from Mars?
While one of those two statements could possibly be correct, the logical answer is most likely because he's rich.
You see, money can buy well-being - while it may not be able to cure severe diseases or disabilities, it can definitely be used to improve one's overall well-being.
LeBron James is rumored to spend over $1.5 million per year maintaining his body.
This includes things like trainers, chefs, workouts, coaches, doctors, and so on.
All of these things are in place to ensure that LeBron's body stays in the best possible shape it can - far from damage, injuries, and the course of mother nature.
I'm not sure about you, but if I were 37 and as capable as LeBron James, I'd be very happy.
Money buys freedom
Person A works a 9-5 job in a shopping mall, where they tend to customers all day.
They'd wake up at 6am, get ready, and leave by 7:30am.
They work 5 days a week with a $15 per hour salary.
At the end of every day, they get home around 7pm because people always forget to mention that traveling to work doesn't fall inside 'working hours.'
After they get home, they have mouths to feed, dishes to make, and a bunch to get on with.
Exhausted, they have no choice but to repeat this process - day after day.
Person B, on the other hand, works about 20 hours per work, max, and has an annual salary of about $400,000.
Person B owns a business that's almost completely automated and delegated so that they don't have to be involved in its day-to-day tasks.
Person B wakes up early, and has almost the whole day to spend doing whatever they like:
- Watching TV
- Going back to sleep
- Going on holiday
- Going out with friends, family, and loved ones
The possibilities are endless.
Although both lifestyles may have been slightly exaggerated, money can definitely sway you into one lifestyle, or the other.
While owning a business doesn't necessarily put you in the shoes of person B, there's nothing stopping you from starting something like a marketing agency or even a blogging site and living a similar life.
Humans, in general, value one thing over everything else, and that is their time.
The more time you have, the happier you are because you can spend your time doing anything you'd like.
If you don't want to believe that money buys happiness, you should at least believe that freedom does.
Money buys... more money
I remember the surreal feeling I had when I was out with a friend and received one of my first ever online payments.
It was the first time the world had showed me that making money online is real, and it's possible.
It was an amazing feeling, and I couldn't begin to explain how happy I felt.
Having more money in the bank gives you more choices.
It gives you breathing room to finally take more risks in life because now you have more money that you can afford to lose.
When you have $100,000 that you can invest into stocks or the S&P500, compared to simply having $100, your returns will be much higher.
Instead of making a mere $10 in your first year, you can make $10,000 in your first year, given that the S&P500 carries on its average annual gains.
Had I had more money in the bank, I wouldn't have been so worried about losing the capital that was on the line, and so it could have eventually paid off.
When you're bootstrapping a business where every penny is worth the world, it can be difficult to make the right decisions because a lot of your judgment will be logically aimed at preserving the most money.
However, when you have more money, you can (generally) afford to lose more, and so you have a better chance of succeeding.
The more money you can comfortably put on the line, the more you can make back, and the happier you become.
Those were the 5 reasons why money can buy you happiness.
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