Can Money Buy Happiness? Here's What 'Shark Tank' Star Matt Higgins Says

The age-old question of whether money can buy happiness intrigues many, providing a spectrum of feelings and opinions. While there is data that aims to answer the nearly impossible question, we asked our Twitter followers and received a plethora of colorful responses.

We'll get into the data in just a bit, but first, we wanted to share what you, our readers, had to say.

Matt Higgins, CEO of RSE Ventures, author of "Burn The Boats" and "Shark Tank" regular, firmly believes that money indeed brings happiness by solving problems caused by its absence. A Benzinga employee, Caleb Naysmith, emphasized that money can provide essentials like quality time with family, good healthcare, and comfort, leading to increased overall happiness.

But, not everyone shares that opinion.

Some highlighted that while money does not directly bring happiness, it does make life easier. Others mentioned that wealth can sometimes lead to isolation and the loss of important family and values.

Many agreed that money can facilitate happiness to a certain extent, but it cannot fulfill all aspects of one’s well-being.

Going one step further on the topic, we'll refer to a piece written by our colleague Melanie Schaffer, who cited research on money and happiness.

The study, conducted by Daniel Kahneman and Matthew Killingsworth, revealed that people generally experience increasing levels of happiness as their income rises. However, the trend plateau's at an average annual income of $75,000.

The research Schaffer presented also highlighted a counterpoint, which some of our readers would agree with. Read her story here.

Killingsworth, a happiness researcher at the University of Pennsylvania’s Wharton School, cited recent studies indicating that the experience of well-being can continue to rise beyond the $200,000 income threshold, implying that higher income can contribute to increased happiness for some individuals.

The study by Killingsworth and Kahneman involved surveying 33,391 American adults aged 18 to 65, with a minimum household income of $10,000. The majority of participants reported higher levels of happiness with increased income, while a minority felt their happiness reached a plateau.

Unfortunately, data for households earning over $500,000 was insufficient, limiting the study’s conclusions for that income bracket.

When combining insights gleaned from our Twitter responses and the research findings, it becomes evident that the relationship between money and happiness is nuanced. While our Twitter followers express diverse opinions, the research indicates a general correlation between higher income and increased happiness, up to a certain threshold.

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