Mediation - Money, the Root of All Happiness

Johnny Avila

WRD 104

Mediation Essay

03/16/16

Money, The Root of All Happiness

To understand happiness, one must first understand the scientific background of what really goes on when we put on a smile. Dopamine, serotonin, oxytocin and endorphins are the quartet responsible for our happiness. Many events can trigger these neurotransmitters, but rather than harvesting them, there are many ways to directly cause them to flow. “Dopamine is the primary neurotransmitter responsible for euphoria. These chemical enables feelings of pleasure and well-being, and insufficient quantities of dopamine can inhibit a person’s ability to feel pleasure.” (“Euphoria”) Euphoria, the main product of dopamine, is usually triggered by sexual satisfaction, exciting life events, achievement, and love. These events provoke feelings of euphoria. Another way this neurotransmitter can be released as told by a writer from The Wall Street Journal is to engage in shopping. (Parker-Pope) While many sources like this can link happiness to shopping and spending money, other sources also counter the idea and say that money can actually drive away happiness. “What makes you happy? It’s a fun question because many people don’t understand the surprisingly small role that having a lot of money plays, or how acquiring material things can still leave a person feeling empty. “Shopping for something you don’t need brings only a short-lived high” (Kadlec). While spending money/shopping is meant to drive your neurotransmitters through the roof, Dan Kadlec, a writer for TIME magazine, defines the short lived feeling can leave someone feeling empty. The extensive studies by professor Michael Norton, a Harvard Business School professor, covered the science of spending. His studies pointed in the direction of “Yes” money can buy happiness. If this stands true, then at what point does one's happiness/well-being and financial well-being coincide?

        With the steady population increasing day by day, more than 7.4 billion people around the world can experience even life’s smallest rewards no matter their location. From Bangladesh to Los Angeles, California, every human being is entitled to experience happiness. As simplistic as it sounds, happiness can be enjoyed by those of all race, gender and age groups. If everyone is entitled to this right, why is it that here in America those of a middle aged group are deprived of this feeling? The article “Money and happiness: does age make a difference?” conveys an array of studies that covers multiple factors that could affect the happiness of those with a certain age or income. (Hsieh) The study goes on to focus on “the relationships between money, happiness and age among American adults. More specifically, it aims to increase understanding of the relationship between money and happiness across three commonly recognized adult age groups: young (18–44 years), middle-age (45–64 years) and older (65 or more)” (Hsieh) Hsieh agrees with the ideas that being a certain age or in a different economic status affects happiness. Hsieh believes that financial status can also drive away well-being. “To explore the relationship between money and happiness across various age groups, the following variables were used: happiness and a set of explanatory variables (which have been identified as major correlates of subjective wellbeing) including gender, race, age, marital status, education, income, perceived health condition, civic organization memberships, attendance of religious services.”(Hsieh) Chang-Ming’s exploratory study not only tests the average income one takes home but their background as well. Understanding one’s background is crucial in identifying how they’re happiness is obtained. Justin Worland, a writer for TIME Magazine expresses the similar idea that Chang-Ming studied. In the article “Income Matters Most to People in This Age Group” Worland expresses that “People in the middle of their lives likely value income because of increased financial responsibilities, including the need to support a family, the study authors say. Young adults may place less value on income because of support from their parents, and older people are more likely to have resources outside of income like retirement savings, they explain.” (Worland) Left responsible for most of the financial decision’s, those who belong to the middle-aged group become overwhelmed with the responsibilities they have financially. Certainly feeling overwhelmed financially can affect your over all mood and change your well-being substantially.  Both Chang-Ming and Justin Worland agree that finding balance within your financial well-being depends on the age group you belong to.

        Financial status is another radical variable that can affect happiness amongst those in the higher class. America’s CEOs and top executives have nothing but wealth in their name and lack central happiness, according to Alice G. Walton, a writer for Forbes. Walton expresses in her article” Why The Super-Successful Get Depressed” that “A smattering of research has suggested that authority may be linked to depression, and that CEOs may be depressed at more than double the rate of the general public (which is already about 20%).” (Walton) Walton expresses that depression can affect any and all people, but those of a higher class have a higher chance to experience it. Having nothing but success can certainly be considered a fantasy, but expressing the research that is shown, those who excel in the financial world tend to feel lower than those who don’t. As someone who belongs to the middle class, how is it that someone who has it all can feel worse than someone who does not? Arnold Washington, a contributor in Walton’s article and a psychologist at Compass Health Group, said “depression may also be more common in the people who have only known wealth, since they may not be familiar with bootstrapping themselves through difficult times. So when they find themselves in bumpy or uncharted territory, they may not fare as well, and, in fact, may fare very poorly.” (Walton, Washington) Clear inability to react to certain situations seem to affect those who depend on the use of money to solve problems. When money isn’t an expectable solution those of a higher financial status flirt in murky waters.

The same neurotransmitters that cause you to experience happiness can also cause you to experience the opposing side. Pure belief that those of a higher financial status should be happier due to economic well-being and having the opportunity to purchase whatever they would like whenever they would like caused Bruce Heady, Ruud Muffels, and Mark Wooden to pose the “Economic and Psychological Theory”. In their article, “Money Does Not Buy Happiness: Or Does It?” their theory states that “Individuals are viewed as making different trade-offs, depending on their preferences for consumption and leisure, but essentially a happy person is seen as someone with a full shopping basket and lots of free time.” (Heady, Muffels, Wooden) This theory openly assumes that those who consume on a regular basis are the happiest. Sure, having a full shopping cart can create sublimity, but it can also cause concern. Impulse buying is a result of buying things for nothing more than leisure or purchasing things when bored. How can one simply determine that those with a full shopping cart are always the happiest when these variables of impulse buying exist? Amy Novotney, a writer for the American Psychological Association disagreed with the “Economic and Psychological Theory”. Novotney published an article “Money can’t buy happiness” disagreeing with Heady, Muffels, and Wooden. She expressed that those with a “full shopping basket” are not the happiest. In her article, she stated “But when we asked how their money gets in the way, that was a payload. We received response after response on how money is not always helpful. They mentioned very specific concerns, such as the way their children would be treated by others and stereotyped as rich kids or trust fund babies, they wondered if their children would know if people really loved them or their money, whether they'd know if their achievements were because of their own skills, knowledge and talent or because they have a lot of money.” (Novotney) While the “Economic and Psychological Theory” purposed that leisurely spending leads to happiness, those of a wealthier status are indeed not only concerned with consumption and a well-being with products, but also concerned with their family and the effect that their money could bring.

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