The Old Question in 2023: “Can Money Buy Happiness?”

Everything in America portrays the lives of the wealthy as ideal. Many of our children grow up hoping to be not just rich but wealthy where money is never a concern, simply a tool. Our government continues to place profit before people. But the old adage remains: “can money buy happiness?”

Are You Happy With Your Current Income?

The answer is within each of us. You create your own system of values, and if those values are satisfied, life is worth living. Unfortunately, about one-half of all Americans struggle to maintain a minimal quality of life.

The United States of America is expensive. Only a small percentage of our nation’s people can afford the highest quality of healthcare. Higher education has become an unfulfilled dream for younger Americans unless they were born into wealth. The American dream of owning a single family home is unattainable for most young men and women in 2023. Parents are no longer hopeful that their children will have better lives than they had.

Home Prices Are Out of Reach for Most Americans in 2023

In 2021, after the results of the 2020 Decennial Census were revealed, the median income in America was $70,784. This means that the “middle class” includes families whose yearly income is between $47,189 and $141,568.

However, a family of four whose income is at the low end of what is technically “middle class,” is in reality low income in 2023.

The average price for a home in America in 2022 was $348,079. The average rent was $1,794 per month. If a home buyer can afford 20 percent down on a $348,000 home, ($69,600), the monthly payment would be $1,250, not including taxes and insurance. However, any family making $48,000 a year is unlikely to have $70,000 for a down payment on a first home purchase.

At Least One-Half of All Americans Are Not Happy

It is impossible to be “happy” if struggling to pay your bills is a constant in your life. In America freedom is expensive. For one-half of all Americans, a single medical crisis can force them into poverty. Good-paying jobs are few for less-educated Americans. Republicans continue to protect the bloated profits of their owners and refuse to raise the federal minimum wage from $7.25 per hour. In our largest and most expensive cities, three times that number is needed to sustain life.

Income inequality is a growing problem. Unfortunately, millions of Americans face feelings of insecurity every day because security and money are married in America.

Therefore, the answer to “can money buy happiness” is relative. Each individual must make decisions about the amount of income needed to create feelings of security in their own family.

Money Cannot Buy Happiness

There is no guarantee that becoming a billionaire will make anyone happy. I have witnessed several extremely wealthy men and women who appear to substitute “things” for their definition of happiness.

I use my life as a perfect example. My bride of nearly 28 years and I have a meager income. We, and our dog, Penny, survive on our social security payments. We worry a lot. I will soon be 77 years old, and in December my bride will be 73. We cannot afford Medicare part “B.” If we have a medical emergency, I have no idea how we will pay what would be an enormous bill. But are we happy? Very. We purchased our home years ago, and fortunately our house payments are less than any apartment rental in our area. But a little insecurity stresses us every day.

Recently we experienced a costly plumbing situation. My wife was having pain and several visits to a dentist became mandatory. We were forced to use a credit card and hopefully pay it off within the year. I know we are not alone.

Written by James Turnage

My novels are available on Amazon’s Kindle

Sources:

CNBC Make It: Here’s how much money it takes to be considered middle class in 20 major U.S. cities

Health: Do You Really Need Money To Be Happy?

MortgageCalculatorPlus.com: How much would the mortgage payment be on a $348K house?

U.S. News & World Report: Does Money Make You Happy? The Latest Research Might Surprise You

Top and featured image courtesy of Freddie Collins‘ Unsplash page – Creative Commons License