It’s graduation season and college graduates are contemplating careers and high school graduates are contemplating majors. It is common and expected for one to debate money vs. happiness in regards to a career decision. The debate on money vs. happiness is as old as time, yet undecided. Causal controversy lies on the importance between choosing a career that fulfills happiness or a career that will keep one or a family financially stable, which is based on personal priorities. As a college student, the debate that is relevant and often it is an issue that tugs at students or prospective employees on a global scale is the tradeoff between a satisfying job or a satisfying paycheck.
Many argue that having a high income solves most if not all problems which results in happiness and satisfaction. The saying “money doesn’t buy happiness” is well known and practiced. In an article from the New York Times titled, “Job Satisfaction vs. a Big Paycheck”, the article states that in a study conducted by the Proceedings of the National Academy of Sciences, “there is something of a magic number when it comes to income and happiness”. According to the study, “Beyond household income of $75,000 a year, money does nothing for happiness, enjoyment, sadness, or stress”. So, it is not so much about whether or not money buys happiness but instead, that the lack of money leads to potential misery and after the $75,000 cap, this lack of money no longer hurts you.
Further evidence, a 2010 study from Princeton University stated in TIME magazine’s article “6 Things You Must Know About Money and Happiness”, supports the idea that $75,000 is the “magic number”. The study found that “emotional well-being”- defined by the frequency of emotions like joy, anger, affection, and sadness- tended to rise with salary, but only up to about $75,000”. Those who participated in this study reported that their lives were more satisfying, but they didn’t experience any more happiness on a day-to-day basis. Again, money does not buy happiness in the long-run, which is why job satisfaction should be prioritized over job salary.
Balance of emotional and financial stability is dependent on family standing and financial obligation and this balance often causes happiness to be sacrificed. Often the argument that happiness needs to be sacrificed in order to provide presides as one of the top arguments for those in favor of money over happiness. However, according to the book “Your Money or Your Life” by Joe Dominguez and Vicki Robin, there is no correlation what so ever between higher income and happiness. In a study mentioned in the book and conducted over a sample of 1,000 people from the United States and Canada, it was found that people earning between $0-$1,000 a month reported being slightly happier than those who’s monthly income exceeded $4,000.
All in all, I am a proponent of job satisfaction over job salary. I’m an aspiring sports writer, I’m aware that I won’t be keeping up with the jones’s, but i will love what I do and with that, the product of my work with exude passion. I encourage college students and those entering college to choose your major and contemplate your career based on passion. After all, Biggie Smalls did say, “mo money, mo problems”.
