Money's impact on happiness wanes after meeting needs though true joy often stems from experiences, purpose, and meaningful connections.
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Money plays a crucial role in meeting basic needs such as food, shelter, healthcare, and education & impact their overall happiness.
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Research suggests that while money can significantly increase happiness when it lifts individuals out of poverty or instability which lead to a proportional increase in happiness.
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It suggests that individuals quickly adapt to new levels of wealth or income, and the initial boost in happiness from financial gains tends to fade over time.
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People tend to compare their wealth and financial status with others, impacting their perception of happiness which regardless of their absolute wealth.
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While material possessions might provide a temporary boost in satisfaction, experiences and spending on activities like travel, hobbies, or socializing
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Managing finances effectively and having a sense of control over one's financial situation can contribute to better mental health and well-being.
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Beyond financial wealth, having a sense of purpose, meaningful relationships, and a feeling of contributing to something larger than oneself.
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