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Summary
No, this is incorrect. Abstract and summary are two different things. An abstract is a brief overview of a larger work, usually found at the beginning of an academic paper. A summary is a condensed version of a larger work, typically including the main points.
Beginning
In conclusion,
Summarizing the main idea, this abstract is about…
Each person has his or her own idea of what happiness means. People have different ways of achieving happiness. It is no secret that not everyone agrees on the topic of money and happiness. The question of whether wealth has a positive or negative impact on happiness is an old one.
The idea that excessive materialism is unhealthy from a psychological or spiritual perspective has been a major motivator for those who advocate a reduction in consumption. The phrase’money cannot buy happiness’ has been proven false in today’s materialism. The correlation between money and happiness is discussed in various sources, including pro-social spend, materialism or the desire to spend on others. In modern times, money is able to purchase anything, and that includes individual happiness. Many people believe personal happiness is related to finances, but others feel that other factors are more important.
IntroductionAs you explore further to discover whether money is able to buy happiness, define what happiness means and how it relates to money and other factors. What is happiness? The word ‘happiness,’ is used to describe a positive value. It’s roughly equivalent to well-being and flourishing. Another uses the term as a pure descriptive psychological word, similar to a term like ‘tranquility’ or depression.
Happiness has been defined by philosophers of all ages as a mental condition that is composed positive emotions and thoughts. Philosophers often use the word “happiness” in two different ways. However, surveys that ask about ‘happiness or satisfaction’ have yielded subjective answers.
Happiness responses can be correlated with physical reactions, which are thought to describe true, internal happiness. People who say they are happy are more likely to smile, show higher levels of stress, and less likely than others, commit suicide. Happiness responses have been correlated to physical reactions which are thought to represent true internal happiness. People that report being happy smile more, show stress levels and are less likely commit suicide. Scholars, psychologists and socialists all came up with two theories to define happiness.
The hedonic hypothesis is one. According to this theory, happiness or well-being is all about avoiding pain and achieving pleasure. The greater your happiness and well-being, the more you enjoy pleasure and experience less pain. The hedonic viewpoint dates all the back to Aristippus. Aristippus described experiencing maximum enjoyment as the ultimate life goal.
Eudemonics focuses instead on well-being and its meaning in terms realization. “Happiness” is the evaluation by an individual of her quality of living (Veenhoven, 1997). Often used interchangeably with the term “life satisfaction”,’subjective happiness’ encompasses both concepts. To illustrate, how much we achieve our potential. Aristotle said that happiness combines immediate pleasures with a successful life. To put it another way, happiness is a combination of immediate pleasures and a life well-lived. In other words, the amount of money a person makes does not determine whether they are happy, but their method of earning money can.
According to Harvard Business School researchers Grant Donnelly, (The Happiness of Millionaires), and Michael Norton, (Spending on Happiness), they found that out of 4,000 millionaires studied, 90% of them would be willing to work less for a reward they find personally satisfying.
According to articles with titles such as ‘Maybe, Money Can Buy Happiness’ (Leonhardst, 2008) or ‘If You Are Richer, Then You Will Be Happier’ (Finkelstein, 2008), the more money you have, the happier you will be. One sample from the 1983 Forbes world list of richest people is all that’s available to give an insight into millionaires’ happiness. According to the study, 49 wealthy individuals each with a net-worth of over $125M have been compared against average earners in the same geographic areas. The very wealthy reported moderately greater satisfaction with their life and were generally happier. The authors concluded wealthy people are happier than poorer ones. The effects, however, are very small. It is also known that how people spend money affects happiness. Spending money to help others and donate to charity can be associated with a greater level of happiness.
The New York Times as well as The Times of London disprove the claim made by Richard Easterlin for many years that money can’t “buy” happiness. His reasons are given. The idea is that material values are temporary, and therefore money cannot buy happiness. The happiness of people only increases with increasing income. You earn AED 12,000 per year. You’ll be stressed out and unable to pay for food or shelter. Let’s say that you earn AED 600,000. You can afford a Tesla, a home, and you can dine in a nice restaurant. But you’re working harder than before and have less time with your family. Earning AED 12000 or AED 600000 is not likely. It’s also an absurd sum of money that you can only get by working hard and contributing to society. The majority of people associate happiness with pleasure.
Happiness is influenced by material wealth. It depends, however, on how well these materials satisfy an individual’s needs. Money gives you the ability to acquire material goods, so it is logical that having more money can make you happier. The reasons people live their lives can influence how they define happiness. Andrew Carnegie gave away most of his fortunes to foundations, charities and universities in order to lead a meaningful and worthwhile life.
This misperception explains that earning money makes you happier. The achievement of personal goals can lead to happiness and fulfillment. Many people believe that having money can make you happier. A more simple way of life could increase your happiness. A minimalistic lifestyle is based on the idea that money-related events are often responsible for saddening situations. For a concrete example of this, scientific research conducted by an acclaimed university found that having a deficit of cash is negatively related to the inability of enjoying life. It’s therefore true to say that money can affect happiness.
Modernity has put a price on everything. For many, this is the source of happiness and success. It is true that wealth can allow you to study at certain universities for a particular degree, but to be able to do so, you will need the necessary skills, talent and brains to succeed. Money can bring temporary comforts to life. However, it is important to consider who will benefit from this money. Many may consider someone rich to be lucky, but they may not understand the true value of the wealth if no one is there to share it with. Money can make people lonely and unhappy. It can also make someone who has a fatal illness miserable. From a practical perspective, it is clear that financial stress has caused many relationships to break down. Many people hold the belief that more money means more problems. More money can also lead to drug addictions, which may cause people to commit crime or even commit suicide. Money may bring pleasure but it is not a guarantee of happiness. Money is a mere tool. It’s the will to overcome difficult times and the satisfaction of finally overcoming them. Financial factors do not affect happiness. Donnelly & Norton conducted a literature review and concluded that money makes you happier when you can afford basic needs. However, once a certain threshold is reached, it’s not enough to increase happiness.
Simpler living can have a positive impact on happiness. A minimalistic lifestyle is based on the idea that sad events are often money-related. One scientific study by a prestigious college found that lack of wealth is negatively associated with an inability to live life. It is therefore correct to assume that wealth affects happiness.
ConclusionWhile there are compelling arguments from both sides, we believe that money has many benefits. In addition to proving the importance of having a prosperous life, it also highlights the implications of basic necessities. Altruistic behavior can improve your mental health and emotional well-being, according to research. You can feel happier by volunteering, supporting charitable causes, mentoring, and helping others. More ways exist to achieve happiness, including sharing and giving. Happiness starts in your mind. In the end, happiness diminishes as excess wealth is amassed. This does not mean that poor people must learn to live without the basic necessities and financial security. Money can’t really buy happiness. Money can bring happiness, but up to a limit. When you earn enough money to meet your basic needs without having to worry about them, the positive effects begin to fade. There are many compelling arguments for and against having money. However, I am convinced that its benefits far outweigh the drawbacks.
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