There is often the misconception that "money buys happiness." This happens to be what economists consider "conventional wisdom" as it is merely the common belief, however it is not necessarily true or backed by facts. I do not personally believe that money buys happiness, as money is not everything in this world. The example that sticks out into my head that shows this statement is the story of Christopher McCandless, who left everything he had behind because he hated the life he had, even though he was very wealthy. He escaped and went "Into the Wild" and found happiness in doing what he felt was right, even after leaving his whole life behind. In the end of the book and movie, he comes to the realization that "Happiness is something that must be shared with others", however he does not claim that money and wealth is necessary for such happiness. Sharon Begely, the author of "Why Money Doesn't Buy Happiness", makes a lot of references to the "income threshold throughout the article. She establishes that money actually can buy happiness, but only in one real case. This situation is when money can take you out of poverty and into the middle class. In this situation it can be seen that "money buys happiness" since people will no longer have to worry about basic needs for survival. This does not hold true, according to Begely, when comparing the middle to upper classes, as many middle class people are satisfied with their lives.
This may come as a shock to some people, but not all rich people are happy with their lives. As a result of a study of American multimillionaires, who were asked to rate their happiness with their lives on a scale of 1-7, and the average was only 5.8. This shows that not all rich people are happy, as they aren't 100% satisfied with their lives. This study also showed that even poor people can be happy, as slum dwellers in Calcutta rated themselves at 4.6 on the same scale. Even though they aren't as well off as they could be in society, they are still enjoying their lives and appreciative of what they have. I agree with Begely in that money can increase ones happiness, if they are simply moving out of poverty and into the middle class, and that having more money at that point does not actually lead to increased happiness.
This income threshold is playing an impact on my life right now. In an ideal world, I would be able to apply to every dream college that I have, however I know that I will not be able to afford any of these private schools that cost upwards of $60,000/yr in some cases. I am still applying to 2 of such schools, but I know if I get accepted into them, I can only go if I get scholarships, grants, and/or financial aid(unfortunately most "middle class" people on Long Island will not receive any financial aid). This may be an impact on my college choice, as I can only attend a college I can afford, however I refuse to let this impact my career choice and major. I will not let income be a factor in allowing me to have the major I desire, or the career I end up in. There is a good chance I will end up in medical school, which is very expensive, however I will not let money hold me back, because this is what I truly want to do. Unfortunately, not everything in life is free, so this decision might lead to debt after college, but that is part of life, and I know that I need to do what feels right for my life and do something that I personally enjoy for the rest of my life. I will not let debt come in the way of my potential happiness and doing something that I love.
