Sharon Levin

Does money make us happy?

The Scroll of Esther opens with a detailed description of King Ahasuerus’ enormous wealth and this motif repeats itself throughout the scroll when describing the banquets, palace, jewelry, perfumes and clothes. At the end of the scroll joy and happiness is also described in several occasions.

So, what is the connection between wealth and happiness? People tend to think that having lots of money will affect their social status and make them happier. But is this true? Does having money make us happy?

Research shows that there is a correlation between wealth and happiness. A certain level of wealth is necessary for meeting basic needs and providing a sense of security. Factors such as social connections, meaningful work, and good physical and mental health also play a significant role in overall well-being and happiness. Additionally, people’s expectations and how they perceive their wealth in comparison to others, also play a role in their happiness. With all the advantages and importance of having a balanced perspective on wealth and happiness, we should keep in mind that this isn’t the only definition of happiness.

It is a well-known fact that wealth can lead to many problems and be a main stress factor. There are many factors for financial pressure and can also be from having less money than necessary for basic needs, paying for unexpected expenses, the inability to save for the future or because of large debts. Additionally, concerns about losing money or not having enough for retirement can also be a source of stress. Money stress can also have a negative impact on mental and physical health, causing anxiety, depression, and sleep disturbances. It can also affect relationships and overall quality of life.

Do we have solutions? What really helps in these situations? Positive thinking can play a role in how individuals manage their finances and perceive their financial situation. Having a positive attitude can help people approach money-related tasks with a sense of optimism and motivation, making it easier to create a budget, save money, and work towards financial goals.

However, it’s also important to note that positive thinking alone won’t solve financial problems. Having a solid financial plan and realistic goals, improve your financial situation. In addition, positive thinking shouldn’t be used as a way to ignore financial problems or avoid taking action. Instead, it should be used as a tool to help you approach financial challenges in a more positive and productive way, to help our attitude and to get a better outcome.

Creating a budget, setting financial goals, and developing a savings plan helps mitigating stress caused by money. It’s also important to understand that financial stress is not unique to you, and you can seek professional help from Paamonim.

This article was partially based on AI-ChatGPT

About the Author
Sharon Levin has an M.A. in Public Policy and is a certified Group Facilitator. She has worked for Paamonim since 2009, lead roles include Regional Director responsible for Paamonim's volunteers who provide free one-on-one financial counseling. As Director of Group Activities, she headed the establishment of Paamonim College for Financial Education, offering courses, programs, and lectures teaching financial fundamentals to participants, all geared towards helping people acquire financial education for better living.