“Money never made a man happy yet, nor will it.
The more a man has, the more he wants. Instead of filling a vacuum, it makes one.”
Benjamin Franklin
Estimated reading time: 7 minutes
Do you want to be rich?
“People say that money is not the key to happiness, but I always figured if you have enough money, you can have a key made.” – Joan Rivers
This may seem like a silly question, but for some, becoming rich is an all-consuming passion. The problem is, the poorer you are, the more you think that “Money is the key to happiness.” But then comes the question, “How much money is enough?” Aiming for an undefined goal can be frustrating because it usually results in failure. So, the first key is to know what you’re aiming for. Let’s be honest, money may not buy happiness, but it can relieve a lot of life’s struggles. According to an article in Forbes Magazine in 2024 and authored by two Nobel laureates ((Jennings, John in “Does Money Buy Happiness? Actually, Yes” Forbes Feb 12, 2024.)), the minimum goal one needs to aim for in life is ~$108,000/yr (Based on a 2024 dollar). After that, “additional income doesn’t impact overall happiness.” according to the authors. Here’s what they found:
“Based on survey data from 450,000 Americans, the study examined the relationship between income and the concepts of “emotional well-being” and “life satisfaction.” Emotional well-being is how good or bad we feel in the moment — it’s a proxy for our level of happiness. Life satisfaction is a broader concept; it’s whether we think we’re living a good life and are satisfied with our life circumstances overall.”
Another conclusion of their study was, “If you’re rich and miserable, more money won’t help.” I found this to be true in my experiences as an investor in entrepreneurial companies. Most entrepreneurs don’t usually start companies to get rich. They start them because they have an idea that will (in their minds) “change the world.” Getting rich is just a byproduct to them. In fact, once those few who do become rich see the results of all their labor, it is overwhelming. And the impact on their lives is surprising. Imagine going from just barely scraping by to having millions (if not billions) of dollars at your disposal. Most of the people I’ve seen go through that transition develop a condition I call entrepreneur’s guilt — they just can’t handle being that rich. The rewards seem disproportionate to what they think they have earned and that leads to an overwhelming feeling of guilt. Many look to give back some of their wealth just to push the pendulum back to what they think is fair. I’ve also seen this happen with top executives in major companies who are paid outrageous sums for their work.
Lesson #1: Be careful what you wish for — the returns may overwhelm you with guilt if the rewards exceed what you feel you deserve.
Do Riches Really make a Difference?
“Waste your money and you’re only out of money, but waste your time and you’ve lost a part of your life.” – Michael Leboeuf
Continuing with that Forbes article, there were three key take-aways about how riches affect us:
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- The correlation between money and happiness is slight — especially after you reach a certain minimum that gets you out of the “struggle zone.“
- As income increases, it has a diminishing effect on our emotional well-being and “seeking more money dampens our sense of life satisfaction.” There are only so many things you can buy, and when your resources exceed your imagination, boredom sets in and happiness decreases. In addition, there is the classic problem of: “You can’t take it with you!” This is a source of intense frustration as all people die and no amount of money will stop that from happening.
- Happiness is a complex emotion often affected by health, family, job, genetics, etc. Many, if not most of these issues cannot be resolved by money. In fact, just the opposite. Money often complicates family dynamics, it can’t reverse genetic predispositions, and many health problems cannot be cured just because you have money.
Lesson #2: The thrill doesn’t last. Like “sex, drugs, and rock and roll”, more is never enough.
Is it Easy?
“Opportunity is missed by most people because it is dressed in overalls and looks like work.” –Thomas Edison
This is the really depressing part for most people when they realize that getting rich requires work — a lot of it. And if you’re opting for luck (or a rich relative) — forget it! Studies show that those who inherit or win their way to financial freedom are less happy than those who earn it. ((https://thehappinessindex.com/blog/can-money-make-you-happy/))
Lesson #3: You’ll only appreciate that which you have earned.
Will it Measure Up?
“Empty pockets never held anyone back. Only empty heads and empty hearts can do that.” – Norman Vincent Peale
Based on all we’ve covered, achieving a certain standard of financial security is a mixed bag. It may relieve some of life’s struggles but it comes with a price.
- The journey is usually all-consuming. As a result, it often comes at the sacrifice of relationships with friends and family.
- It may require you to compromise your integrity. The cliche that it is a “dog-eat-dog” world is not just a saying, it is a reality. Many decisions along the road to prosperity will be tough. Some will be brutal. And some may even be evil. At every turn, you will have to ask yourself, “Is it worth it?”
- Once a measure of success is achieved, it can become an addiction where no amount of money is ever enough. The passion of greed and the lust for power often pushes out common sense, sacrifices integrity, and destroy’s the soul.
Lesson #4: Success, in moderation, is a blessing. In excess, it is a curse.
Is there a better source of (solution to) happiness beside riches?
The author of Hebrews warned against the love of money. Some have misquoted his warning to suggest that money is evil, yet don’t be misled. LOVING money is the problem. Don’t let it become an addiction. “Be satisfied with what you have.” Why? Because God will take care of you — not just in this life, but in the next.
Keep your lives free from the love of money, and be satisfied with what you have. God has said, “I will never leave you; I will never abandon you.” Deuteronomy 31:6 (as quoted in Hebrews 13:5 NCV)
The Apostle Timothy added another consequence to the love of money: It can lead some people to leave the faith. Money becomes their God. It is an all-consuming fire that is never satisfied and destroys everything it touches, leading to “much sorrow” and “all kinds of evil.“
The love of money causes all kinds of evil. Some people have left the faith, because they wanted to get more money, but they have caused themselves much sorrow. I Timothy 6: 10 NCV
Finally, the Apostle Matthew pointed out that, “You can’t take it with you.” All are called to die and many a rich man (or woman) has had to wrestle with who would end up with their hard-earned fortune.
19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal. Matthew 6: 19-20 NIV
Friend, hear what I am saying to you today. The thrill of money doesn’t last. It’s rewards are not what you think. And, even if you do earn it, the price may be too high. Work hard, but not so hard that you forget why and for whom you work. Trust God to take care of that which you cannot do yourself. Focus on helping others (especially if God has blessed you) and so earn your rewards in heaven (where you’ll spend eternity). Do not be selfish by only helping yourself. It’s a bad bet and one you’ll live to regret. Do all this, and you’ll find true happiness and eternal wealth.
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