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Spiritual values encompass things like knowledge, beauty, self-esteem, mental health or rewarding work. Many people use money to meet many of their needs. Vanity is now a major factor in the world. Buying materialistic things is an instant feeling of happiness. More money and the time it buys, makes a pursuit a greater possibility.
A person might value being engaged with their children while they are young, or peace of mind about their retirement; more money makes these possibilities easier. One of the things these examples make plain is that money is important not only to fulfill physical desires or to acquire material goods.
It is also critical for the spiritual values. Money facilitates the achievement of all values, spiritual as well as material. Money buys good and money buys time. Money nourishes happiness by helping a person to achieve the values that happiness is made of. Like many things, money can be put to poor uses. Yet money can also be put to wonder uses, including the greatest: That fact has got to be acknowledging if people are to embrace money unapologetically, as they must if they are to attain sufficient control over their lives to realize their ends and fulfill their dreams.
Money does not offer short cuts around this fact. Economists use the term utility to represent a measure of the satisfaction or happiness that individuals get from the consumption of goods and services. Because a higher income can allow one to consume more goods and services, we say that utility increases with income.
But does greater income and consumption really translate into greater happiness? However consumption effect tells us that more consumption of goods and services will increase happiness. At least to a degree, we see that money can buy happiness. Based on research I found that money does not increase the happiness because as income increases the person behavior of preferences or satisfaction changes and will result is diminishing income. Research also showed that the more money one earned in an annual salary, one will spend more for the desires in which one has.
Happiness can be easily out weighted by the loss of a family member, or cancer that may not be cured or removed. Money brings people happiness in numerous ways. I believe that money can provide one with live. Some people say that without love there is no happiness. On the contrary there is love in money. Others might involve themselves into one life only because the person has money, but they are expressing their love none the less.
The man with a lot of money can lose all his wealth at any time, just like he can lose his personality, a career, looks or even a hairstyle. What people fail to realized is that money can bring happiness, whether or not its material objects. People are often frustrated with the rich because while they work diligently, they view the rich as those who sign a couple of papers and can continue to sit in their gold encrusted chairs, resting with their feet in the air.
Truth is money does bring happiness, one way or another. In conclusion, evidences suggest that an increase in income and consumption does not appreciably increase happiness. However, due to relative income effect, people still engage in the rat race for making more money. To the extent that satisfaction is tied to whether those aspirations are met, satisfaction may not increase as income grows over time.
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