Does Money Buy Happiness?
Does Money Buy Happiness?
Donald Tolbert
John Brown University
Executive Summary
The subject of this paper is the age-old question, “Does Money Buy Happiness”. On the surface, this question appears to be an easy one. Happiness however, is a subjective item. To better answer this, several points must be analyzed such as, “What is happiness?”, “How is it measured?” etc. To better streamline this process, a research question was developed: * “Does an increase in personal income cause individuals to have a change in their level of well-being?”
In an effort to answer this question, several conflicting views were examined and several individuals were interviewed who had financial windfalls to determine the effect that an increase in income had on their well-being. The findings initially appeared to suggest that money buys happiness to a degree. Upon further review however, the results are mixed. Several people who came into money due to lottery winnings or inheritance have gone broke because they didn’t have a plan in place to deal with the money. Others had more fun giving away most of their fortune to those they felt needed it more than they did. This paper will note the details behind these interviews and articles to better determine if there is actually an answer to the initial question, “Does Money Buy Happiness?”
Statement of the Problem
Background and Introduction
The question of “Does Money Buy Happiness?” has been around for about as long as there has been money. The idea that great wealth brings great joy is almost universally shared, but rarely true. The individual who has acquired wealth suddenly usually has neither the training nor the self control to make it last and use it to the fullest benefit. Examples abound, but those presented here reflect the results of several individuals who received a windfall and their struggles to make it a worthwhile gift. In addition, an investigation is made into whether or not money
Donald Tolbert
John Brown University
Executive Summary
The subject of this paper is the age-old question, “Does Money Buy Happiness”. On the surface, this question appears to be an easy one. Happiness however, is a subjective item. To better answer this, several points must be analyzed such as, “What is happiness?”, “How is it measured?” etc. To better streamline this process, a research question was developed: * “Does an increase in personal income cause individuals to have a change in their level of well-being?”
In an effort to answer this question, several conflicting views were examined and several individuals were interviewed who had financial windfalls to determine the effect that an increase in income had on their well-being. The findings initially appeared to suggest that money buys happiness to a degree. Upon further review however, the results are mixed. Several people who came into money due to lottery winnings or inheritance have gone broke because they didn’t have a plan in place to deal with the money. Others had more fun giving away most of their fortune to those they felt needed it more than they did. This paper will note the details behind these interviews and articles to better determine if there is actually an answer to the initial question, “Does Money Buy Happiness?”
Statement of the Problem
Background and Introduction
The question of “Does Money Buy Happiness?” has been around for about as long as there has been money. The idea that great wealth brings great joy is almost universally shared, but rarely true. The individual who has acquired wealth suddenly usually has neither the training nor the self control to make it last and use it to the fullest benefit. Examples abound, but those presented here reflect the results of several individuals who received a windfall and their struggles to make it a worthwhile gift. In addition, an investigation is made into whether or not money
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