Society has, for centuries, attempted to define ”happiness“. It somehow never managed to reach a conclusion as to what being happy truly means. Happiness is most likely grey, just like this social network we are debating on.
There have been many contradicting studies with respect to happiness.
On one hand, in 1938, a nearly 80-year long study led by Harvard University where scientists tracked both mental and physical health of 268 Harvard sophomores, concluded that their happiness was triggered by their human relations and interactions, rather than their money.
On the other hand, reputable Business newspaper Bloomberg recently asserted that an academic article, using data collected via the iPhone app Track Your Happiness, found a link between emotional well-being, being satisfied, and income. The article also found that the more money an individual has, the happier she/he will be.
More money does not lead to more happiness. Like Epictetus said, the more you choose to own, the more you are owned by them (you become enslaved by posession).
This rings true despite being archaic advice. If I have less, I am more secure. One would be happy with recieving a million dollars, but after 10 years, I can assure you the high will be over, see the hedonic treadmill.
Why give yourself the pain of going through constant ups and downs, and instead resign yourself to the confines of poverty?
Being old and rich is associated with ill health: Buffet, Murdoch, Rockefeller. Poor old people in the global south are ripped af (usually farmers), with great food, loving communities, and a sense of wellbeing and security - despite owning incredibly little (although generalising for the sake of argument [the ails of modernity have changed this somewhat, which is why I aim the example at poor people in less devleoped regions of this planet]).
Certainly money makes you happy. Another study (2010, Princeton) have found that earning more money increases your wellbeing and health. So apparently if you salary is below $75000/year money, the more money the happier you get.