Is There Such a Thing as “Enough” Money?

It’s no secret that our society values wealth and success. Just turn on the TV or open up any magazine, and you’ll be bombarded with messages telling you that you need to make more money, buy more things, and constantly strive for a bigger and better life. But is this the key to happiness, or is it possible to find contentment with less? Let’s explore both sides of the coin.

On the one hand, there’s no denying that money can provide security and comfort. Having enough money to cover your basic needs—such as food, shelter, and clothing—is essential. Most people would agree that having a bit of extra savings is also beneficial. That being said, there are drawbacks to constantly chasing after material wealth. For example, neglecting meaningful relationships or sacrificing personal well-being in favor of working long hours to make more money can lead to feelings of isolation and unhappiness. And despite what we’re often told, research shows no correlation between income and happiness once a person’s basic needs are met. Studies have found that beyond an annual salary of $75,000, additional income has no impact on life satisfaction.

So if constantly striving to make more money doesn’t lead to happiness, what does? Some experts say it’s about pursuing personal fulfillment instead of constantly chasing after material possessions. Others believe that contributing to the greater good is a more rewarding measure of success than amassing personal wealth. And still, others advocate for following a minimalist lifestyle or embracing simple living movements to declutter your life and focus on what matters.

There is no simple answer to how much money is enough. Ultimately, it depends on the individual and their unique circumstances, such as their needs and goals in life. Some people may be content with a relatively modest income that allows them to live comfortably and pursue their passions. Others might strive for a more luxurious or affluent lifestyle or want to save up for a large purchase such as a home or car. Because everyone’s situation is different, there can be no one-size-fits-all answer about what makes someone feel financially secure. However, it is essential to be aware of your own needs and values regarding money to take steps toward achieving financial well-being according to your definition of success. Whether you embrace frugality or splurge now and then, being mindful of money will help you feel more confident and in control over your finances.

A book that will get you thinking on this subject is How Much is Enough? by Robert and Edward Skidelsky. At both the societal and individual levels, it will make you think about how materialism impacts your happiness and why we are always driven for more.

There’s no right or wrong answer when determining how much money is enough. It’s a deeply personal decision that depends on your circumstances. However, it’s essential to consider the true impact of always striving for more wealth. If you’re not careful, you might end up sacrificing your relationships, your health, and your happiness in the process. So, ask yourself: is more really always better? Or could less actually be more? Only you can answer that question.