Laura Rowley: Money DOES Buy Happiness, But...

Financial author Laura Rowley was interviewed recently on NPR/Motley Fool radio while promoting her book, Money & Happiness: A Woman's Guide to True Wealth, and asked if money buys happiness.

Her reply - on the air, at least; we haven't read the book - was that "a certain amount of money does buy happiness."  That is, the difference between having no money and having enough money to meet one's basic human needs of food, clothing, shelter, was enormous.  Beyond that, she felt based on the studies she had reviewed, such as those showing enormous increases in wealth in countries like the United States but only marginal increases in the happiness reported over the same time frame, that additional wealth buys little, if any, additional happiness.

Vaguely referencing various studies, some of which are mentioned in other posts and links here (this being radio, there were no "cites"), she adds that lottery winners and even Forbes list-ers are only somewhat happier than the average person.

So how much is enough, according to Rowley?  Depends in part on your expenses, she says.  With the median U.S. income being $43,000 per year, she says, those earning $50,000 and more annually report fewer "blue days", according to another unnamed study.

She says scientists/economists have found the pursuit of money as a primary or number two goal in life has negative consequences such as relationship trouble, depression, and low self-esteem.  And that any increase in standard of living is quickly adjusted to, with only more and bigger looking appealing thereafter (e.g., after moving from an apartment to a house, one then wants a bigger house, one with a pool, in a better neighborhood, etc.).  Thus, more and more money is required, with presumably more work and less job options available to finance this newfound lifestyle.