Wealth and Wisdom

Can money buy happiness? According to a Princeton study and the Wharton School of Business, money can certainly enhance one's happiness. The amount necessary depends on the size of a family and the cost of living in their particular region or city. Below these studies is a deeper question of how people define happiness. It isn’t the money as much as the peace of mind that comes from adequate housing, essential needs being met, healthcare, safety, and a general sense of well-being that elevates happiness. 

There are other non-financial factors—strong relationships, health, purpose, and community—that often matter more for happiness once basic needs are met. Spending money on experiences (e.g., travel, social events) or others (e.g., charity, gifts) tends to generate more happiness than material purchases. Conversely, debt, social comparison, or chasing status can negate money’s benefits. In short, money buys happiness up to a point—covering essentials and some comforts—but beyond that, its power fades, and meaningful relationships and purpose take over.

In Ecclesiastes 5:8-20, Solomon explores the vanity of wealth.

“He who loves money will not be satisfied with money,

nor he who loves wealth with his income;

this also is vanity.” -Eccl. 5:10

Solomon argues that the essential ingredient for a right view and enjoyment of wealth is not the amount of one’s money but wealth with wisdom.