essay about money and wealth

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Does More Money Really Make Us More Happy?

• Elizabeth Dunn
• Chris Courtney

A big paycheck won’t necessarily bring you joy

Although some studies show that wealthier people tend to be happier, prioritizing money over time can actually have the opposite effect.

• But even having just a little bit of extra cash in your savings account ($500), can increase your life satisfaction. So how can you keep more cash on hand?
• Ask yourself: What do I buy that isn’t essential for my survival? Is the expense genuinely contributing to my happiness? If the answer to the second question is no, try taking a break from those expenses.
• Other research shows there are specific ways to spend your money to promote happiness, such as spending on experiences, buying time, and investing in others.
• Spending choices that promote happiness are also dependent on individual personalities, and future research may provide more individualized advice to help you get the most happiness from your money.

Where your work meets your life. See more from Ascend here .

How often have you willingly sacrificed your free time to make more money? You’re not alone. But new research suggests that prioritizing money over time may actually undermine our happiness.

• ED Elizabeth Dunn is a professor of psychology at the University of British Columbia and Chief Science Officer of Happy Money, a financial technology company with a mission to help borrowers become savers. She is also co-author of “ Happy Money: The Science of Happier Spending ” with Dr. Michael Norton. Her TED2019 talk on money and happiness was selected as one of the top 10 talks of the year by TED.
• CC Chris Courtney is the VP of Science at Happy Money. He utilizes his background in cognitive neuroscience, human-computer interaction, and machine learning to drive personalization and engagement in products designed to empower people to take control of their financial lives. His team is focused on creating innovative ways to provide more inclusionary financial services, while building tools to promote financial and psychological well-being and success.

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Can Money Really Buy Happiness?

Money and happiness are related—but not in the way you think..

Updated November 10, 2023 | Reviewed by Chloe Williams

• More money is linked to increased happiness, some research shows.
• People who won the lottery have greater life satisfaction, even years later.
• Wealth is not associated with happiness globally; non-material things are more likely to predict wellbeing.
• Money, in and of itself, cannot buy happiness, but it can provide a means to the things we value in life.

Money is a big part of our lives, our identities, and perhaps our well-being. Sometimes, it can feel like your happiness hinges on how much cash is in your bank account. Have you ever thought to yourself, “If only I could increase my salary by 12 percent, I’d feel better”? How about, “I wish I had an inheritance. How easier life would be!” I don’t blame you — I’ve had the same thoughts many times.

But what does psychological research say about the age-old question: Can money really buy happiness? Let’s take a brutally honest exploration of how money and happiness are (and aren’t) related. (Spoiler alert: I’ve got bad news, good news, and lots of caveats.)

Higher earners are generally happier

Over 10 years ago, a study based on Gallup Poll data on 1,000 people made a big headline in the news. It found that people with higher incomes report being happier... but only up to an annual income of $75,000 (equivalent to about $90,000 today). After this point, a high emotional well-being wasn’t directly correlated to more money. This seemed to show that once a persons’ basic (and some “advanced”) needs are comfortably met, more money isn’t necessary for well-being.

But a new 2021 study of over one million participants found that there’s no such thing as an inflection point where more money doesn’t equal more happiness, at least not up to an annual salary of $500,000. In this study, participants’ well-being was measured in more detail. Instead of being asked to remember how well they felt in the past week, month, or year, they were asked how they felt right now in the moment. And based on this real-time assessment, very high earners were feeling great.

Similarly, a Swedish study on lottery winners found that even after years, people who won the lottery had greater life satisfaction, mental health, and were more prepared to face misfortune like divorce , illness, and being alone than regular folks who didn’t win the lottery. It’s almost as if having a pile of money made those things less difficult to cope with for the winners.

Evaluative vs. experienced well-being

At this point, it's important to suss out what researchers actually mean by "happiness." There are two major types of well-being psychologists measure: evaluative and experienced. Evaluative well-being refers to your answer to, “How do you think your life is going?” It’s what you think about your life. Experienced well-being, however, is your answer to, “What emotions are you feeling from day to day, and in what proportions?” It is your actual experience of positive and negative emotions.

In both of these studies — the one that found the happiness curve to flatten after $75,000 and the one that didn't — the researchers were focusing on experienced well-being. That means there's a disagreement in the research about whether day-to-day experiences of positive emotions really increase with higher and higher incomes, without limit. Which study is more accurate? Well, the 2021 study surveyed many more people, so it has the advantage of being more representative. However, there is a big caveat...

Material wealth is not associated with happiness everywhere in the world

If you’re not a very high earner, you may be feeling a bit irritated right now. How unfair that the rest of us can’t even comfort ourselves with the idea that millionaires must be sad in their giant mansions!

But not so fast.

Yes, in the large million-person study, experienced well-being (aka, happiness) did continually increase with higher income. But this study only included people in the United States. It wouldn't be a stretch to say that our culture is quite materialistic, more so than other countries, and income level plays a huge role in our lifestyle.

Another study of Mayan people in a poor, rural region of Yucatan, Mexico, did not find the level of wealth to be related to happiness, which the participants had high levels of overall. Separately, a Gallup World Poll study of people from many countries and cultures also found that, although higher income was associated with higher life evaluation, it was non-material things that predicted experienced well-being (e.g., learning, autonomy, respect, social support).

Earned wealth generates more happiness than inherited wealth

More good news: For those of us with really big dreams of “making it” and striking it rich through talent and hard work, know that the actual process of reaching your dream will not only bring you cash but also happiness. A study of ultra-rich millionaires (net worth of at least $8,000,000) found that those who earned their wealth through work and effort got more of a happiness boost from their money than those who inherited it. So keep dreaming big and reaching for your entrepreneurial goals … as long as you’re not sacrificing your actual well-being in the pursuit.

There are different types of happiness, and wealth is better for some than others

We’ve been talking about “happiness” as if it’s one big thing. But happiness actually has many different components and flavors. Think about all the positive emotions you’ve felt — can we break them down into more specifics? How about:

• Contentment
• Gratefulness

...and that's just a short list.

It turns out that wealth may be associated with some of these categories of “happiness,” specifically self-focused positive emotions such as pride and contentment, whereas less wealthy people have more other-focused positive emotions like love and compassion.

In fact, in the Swedish lottery winners study, people’s feelings about their social well-being (with friends, family, neighbors, and society) were no different between lottery winners and regular people.

Money is a means to the things we value, not happiness itself

One major difference between lottery winners and non-winners, it turns out, is that lottery winners have more spare time. This is the thing that really makes me envious , and I would hypothesize that this is the main reason why lottery winners are more satisfied with their life.

Consider this simply: If we had the financial security to spend time on things we enjoy and value, instead of feeling pressured to generate income all the time, why wouldn’t we be happier?

This is good news. It’s a reminder that money, in and of itself, cannot literally buy happiness. It can buy time and peace of mind. It can buy security and aesthetic experiences, and the ability to be generous to your family and friends. It makes room for other things that are important in life.

In fact, the researchers in that lottery winner study used statistical approaches to benchmark how much happiness winning $100,000 brings in the short-term (less than one year) and long-term (more than five years) compared to other major life events. For better or worse, getting married and having a baby each give a bigger short-term happiness boost than winning money, but in the long run, all three of these events have the same impact.

What does this mean? We make of our wealth and our life what we will. This is especially true for the vast majority of the world made up of people struggling to meet basic needs and to rise out of insecurity. We’ve learned that being rich can boost your life satisfaction and make it easier to have positive emotions, so it’s certainly worth your effort to set goals, work hard, and move towards financial health.

But getting rich is not the only way to be happy. You can still earn health, compassion, community, love, pride, connectedness, and so much more, even if you don’t have a lot of zeros in your bank account. After all, the original definition of “wealth” referred to a person’s holistic wellness in life, which means we all have the potential to be wealthy... in body, mind, and soul.

Kahneman, D., & Deaton, A.. High income improves evaluation of life but not emotional well-being. . Proceedings of the national academy of sciences. 2010.

Killingsworth, M. A. . Experienced well-being rises with income, even above $75,000 per year .. Proceedings of the National Academy of Sciences. 2021.

Lindqvist, E., Östling, R., & Cesarini, D. . Long-run effects of lottery wealth on psychological well-being. . The Review of Economic Studies. 2020.

Guardiola, J., González‐Gómez, F., García‐Rubio, M. A., & Lendechy‐Grajales, Á.. Does higher income equal higher levels of happiness in every society? The case of the Mayan people. . International Journal of Social Welfare. 2013.

Diener, E., Ng, W., Harter, J., & Arora, R. . Wealth and happiness across the world: material prosperity predicts life evaluation, whereas psychosocial prosperity predicts positive feeling. . Journal of personality and social psychology. 2010.

Donnelly, G. E., Zheng, T., Haisley, E., & Norton, M. I.. The amount and source of millionaires’ wealth (moderately) predict their happiness . . Personality and Social Psychology Bulletin. 2018.

Piff, P. K., & Moskowitz, J. P. . Wealth, poverty, and happiness: Social class is differentially associated with positive emotions.. Emotion. 2018.

Jade Wu, Ph.D., is a clinical health psychologist and host of the Savvy Psychologist podcast. She specializes in helping those with sleep problems and anxiety disorders.

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How Money Changes the Way You Think and Feel

The term “affluenza”—a portmanteau of affluence and influenza, defined as a “painful, contagious, socially transmitted condition of overload, debt, anxiety, and waste, resulting from the dogged pursuit of more”—is often dismissed as a silly buzzword created to express our cultural disdain for consumerism. Though often used in jest, the term may contain more truth than many of us would like to think.

Whether affluenza is real or imagined, money really does change everything, as the song goes—and those of high social class do tend to see themselves much differently than others. Wealth (and the pursuit of it) has been linked with immoral behavior—and not just in movies like The Wolf of Wall Street .

Psychologists who study the impact of wealth and inequality on human behavior have found that money can powerfully influence our thoughts and actions in ways that we’re often not aware of, no matter our economic circumstances. Although wealth is certainly subjective, most of the current research measures wealth on scales of income, job status, or socioeconomic circumstances, like educational attainment and intergenerational wealth.

Here are seven things you should know about the psychology of money and wealth.

More money, less empathy?

Several studies have shown that wealth may be at odds with empathy and compassion . Research published in the journal Psychological Science found that people of lower economic status were better at reading others’ facial expressions —an important marker of empathy—than wealthier people.

“A lot of what we see is a baseline orientation for the lower class to be more empathetic and the upper class to be less [so],” study co-author Michael Kraus told Time . “Lower-class environments are much different from upper-class environments. Lower-class individuals have to respond chronically to a number of vulnerabilities and social threats. You really need to depend on others so they will tell you if a social threat or opportunity is coming, and that makes you more perceptive of emotions.”

While a lack of resources fosters greater emotional intelligence, having more resources can cause bad behavior in its own right. UC Berkeley research found that even fake money could make people behave with less regard for others. Researchers observed that when two students played Monopoly, one having been given a great deal more Monopoly money than the other, the wealthier player expressed initial discomfort, but then went on to act aggressively, taking up more space and moving his pieces more loudly, and even taunting the player with less money.

Wealth can cloud moral judgment

It is no surprise in this post-2008 world to learn that wealth may cause a sense of moral entitlement. A UC Berkeley study found that in San Francisco—where the law requires that cars stop at crosswalks for pedestrians to pass—drivers of luxury cars were four times less likely than those in less expensive vehicles to stop and allow pedestrians the right of way. They were also more likely to cut off other drivers.

Another study suggested that merely thinking about money could lead to unethical behavior. Researchers from Harvard and the University of Utah found that study participants were more likely to lie or behave immorally after being exposed to money-related words.

“Even if we are well-intentioned, even if we think we know right from wrong, there may be factors influencing our decisions and behaviors that we’re not aware of,” University of Utah associate management professor Kristin Smith-Crowe, one of the study’s co-authors, told MarketWatch .

Wealth has been linked with addiction

While money itself doesn’t cause addiction or substance abuse, wealth has been linked with a higher susceptibility to addiction problems. A number of studies have found that affluent children are more vulnerable to substance abuse issues , potentially because of high pressure to achieve and isolation from parents. Studies also found that kids who come from wealthy parents aren’t necessarily exempt from adjustment problems—in fact, research found that on several measures of maladjustment, high school students of high socioeconomic status received higher scores than inner-city students. Researchers found that these children may be more likely to internalize problems, which has been linked with substance abuse.

But it’s not just adolescents: Even in adulthood, the rich outdrink the poor by more than 27 percent.

Money itself can become addictive

The pursuit of wealth itself can also become a compulsive behavior. As psychologist Dr. Tian Dayton explained, a compulsive need to acquire money is often considered part of a class of behaviors known as process addictions, or “behavioral addictions,” which are distinct from substance abuse.

These days, the idea of process addictions is widely accepted. Process addictions are addictions that involve a compulsive and/or an out-of-control relationship with certain behaviors such as gambling, sex, eating, and, yes, even money.…There is a change in brain chemistry with a process addiction that’s similar to the mood-altering effects of alcohol or drugs. With process addictions, engaging in a certain activity—say viewing pornography, compulsive eating, or an obsessive relationship with money—can kickstart the release of brain/body chemicals, like dopamine, that actually produce a “high” that’s similar to the chemical high of a drug. The person who is addicted to some form of behavior has learned, albeit unconsciously, to manipulate his own brain chemistry.

While a process addiction is not a chemical addiction, it does involve compulsive behavior —in this case, an addiction to the good feeling that comes from receiving money or possessions—which can ultimately lead to negative consequences and harm the individual’s well-being. Addiction to spending money—sometimes known as shopaholism —is another, more common type of money-associated process addiction.

Wealthy children may be more troubled

Children growing up in wealthy families may seem to have it all, but having it all may come at a high cost. Wealthier children tend to be more distressed than lower-income kids, and are at high risk for anxiety, depression, substance abuse, eating disorders, cheating, and stealing. Research has also found high instances of binge-drinking and marijuana use among the children of high-income, two-parent, white families.

“In upwardly mobile communities, children are often pressed to excel at multiple academic and extracurricular pursuits to maximize their long-term academic prospects—a phenomenon that may well engender high stress,” writes psychologist Suniya Luthar in “The Culture Of Affluence.” “At an emotional level, similarly, isolation may often derive from the erosion of family time together because of the demands of affluent parents’ career obligations and the children’s many after-school activities.”

We tend to perceive the wealthy as “evil”

On the other side of the spectrum, lower-income individuals are likely to judge and stereotype those who are wealthier than themselves, often judging the wealthy as being “cold.” (Of course, it is also true that the poor struggle with their own set of societal stereotypes.)

Rich people tend to be a source of envy and distrust, so much so that we may even take pleasure in their struggles, according to Scientific American . University of Pennsylvania research demonstrated that most people tend to link perceived profits with perceived social harm. When participants were asked to assess various companies and industries (some real, some hypothetical), both liberals and conservatives ranked institutions perceived to have higher profits with greater evil and wrongdoing across the board, independent of the company or industry’s actions in reality.

Money can’t buy happiness (or love)

We tend to seek money and power in our pursuit of success (and who doesn’t want to be successful, after all?), but it may be getting in the way of the things that really matter: happiness and love.

More on Inequality

Read Jason Marsh's award-winning story on how inequality hurts everyone's happiness .

Discover how inequality can make the wealthy less cooperative .

Find out why affluent people are more likely to break rules .

Explore whether the rich are really less generous .

There is no direct correlation between income and happiness. After a certain level of income that can take care of basic needs and relieve strain ( some say $50,000 a year , some say $75,000 ), wealth makes hardly any difference to overall well-being and happiness and, if anything, only harms well-being: Extremely affluent people actually suffer from higher rates of depression . Some data has suggested money itself doesn’t lead to dissatisfaction—instead, it’s the ceaseless striving for wealth and material possessions that may lead to unhappiness. Materialistic values have even been linked with lower relationship satisfaction .

But here’s something to be happy about: More Americans are beginning to look beyond money and status when it comes to defining success in life. According to a 2013 LifeTwist study , only around one-quarter of Americans still believe that wealth determines success.

This article originally appeared in the Huffington Post and Fulfillment Daily .

About the Author

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Essays About Money: Top 5 Examples and 6 Prompts

With money comes great power; however, power must always come with responsibility. Discover thought-provoking essays about money in our guide.

Money is everywhere. We use it to eat, drink, clothe ourselves, and get shelter, among many other uses. Nowadays, it is an undisputed fact that “money makes the world go round.” The earliest known form of money dates back to around 5,000 years ago ; trade was previously carried out using a barter system. However, over the centuries, more and more nations began implementing a currency system, and money has become more critical. 

In the contemporary world, it seems to be “all about money.” However, it is important not to lose sight of what is important; we must maintain good physical and mental health and healthy relationships with the people around us. Money is necessary; it is just not the only thing necessary. To start your essay, read these examples to write insightful essays about money. 

5 Top Examples On Essay About Money

1. essay on money by prasanna, 2. how money changed human history by jacob wilkins, 3. capitalism: money that make money by ernestine montgomery, 4.  is money the most important thing by seth higgins.

• 5. ​​An Introduction to Saving Money by Jeremy Vohwinkle

Writing Prompts For Essays About Money

1. good uses for money, 2. the “dark side” of money, 3. money’s role in history, 4. morality vs. money, 5. can money buy happiness, 6. how to save money.

“Imagine the world without money. We will eventually come to a point where we will be asking questions like “what’s the point of life”. Hope and goals are some of the important things that will keep a man going in life. Without any sense of achievement or motivation, there wouldn’t be any inventions or progress in the world. People work to get money and then people work harder to get more money. This cycle of life that keeps a man motivated and hopeful is one of the biggest advantages of the system of money”

This essay gives readers a general outlook on money and its advantages and disadvantages. It gives people equal opportunity to work for their dreams and motivates them to be productive members of society, while it also raises the question of greed. Money, without a doubt, has its positive and negative aspects, but it exists and is only becoming more critical.

“But the barter economy was flawed. There was no universal measure for determining the value of an item. It was all based on the subjective opinion of the individuals involved. And to make matters worse, the barter economy relied on both sides wanting something the other had to offer. Trade, therefore, could be sluggish and frustrating. Human beings needed something different, and money was the answer.”

Wilkins writes about how money revolutionized the way trade was conducted. The barter system involved trading any objects if both parties agreed to a deal, such as trading animal skins for fish or medicine for timber. However, the only measure of an item’s value was how much one party wanted it- both sides needed to have something the other wanted. The introduction of money allowed people to put a solid value on commodities, making trade easier.  

“So, if you were to closely observe the dirty, disordered canvas of economic progress during the 20th and 21 st century, you should conclude that, for all its warts, capitalism has been the winner. It has sometimes caused pain; suffered from serious cycles; and often needed the clout of the state- such as we have seen from September 2008. It has also been quite resistant to sensible regulation. Even so, the basic institutions of capitalism have worked, not just in the US and the OECD (Organization for Economic Co-operation and development) nations, but also many developing countries, of which India is one.”

Albeit lengthy, Montgomery’s essay discusses the debate between socialism and capitalism, a topic of which money is at the core. Montgomery describes Karl Marx’s criticism of capitalism: all the money goes to a few people, not the workers. She believes these are valid to an extent and criticizes certain forms of capitalism and socialism. Neither capitalism nor socialism is perfect, but according to Montgomery, capitalism creates a better economy. 

“Being the richest man in the world does not mean you are the happiest man in the world, although money can buy you happiness sometimes, but not always. If we could all appreciate the way life is, the fun, and the beauty I think the world would be better. If people weren’t power hungry maybe we’d have a lesser demand for money. Those people who is money hungry and power hungry need to relax. Money can’t buy you happiness. These individuals need to understand that.”

Higgins implores readers to remember that money is not the only thing people need in the world. He stresses the necessity of money, as it is used to pay for various necessary goods and services; however, he believes it is not a prerequisite for happiness. Material things are temporary, and there are other things we should focus on, like family and friends. 

5. ​​ An Introduction to Saving Money by Jeremy Vohwinkle

“A financial emergency may take the form of a job loss, significant medical or dental expense, unexpected home or auto repairs, a hurricane or major storm, or something unthinkable, such as a global pandemic. The last thing you want to do is to rely on credit cards with their hefty interest fees or to be forced to take out a loan. That’s where your emergency fund can come in handy. Historically, the formula for an emergency account is to have enough readily available cash to cover three to six months of living expenses.“

Vohwinkle’s essay gives readers some suggestions on how to save more money. Most importantly, he suggests setting up an emergency fund, as all other saving techniques stem from there. He also suggests creating an automatic savings plan and cutting down on “spending leaks,” like buying coffee. You might also be interested in these essays about celebration .

In this essay, write about why money is necessary and the ways to use it for the greater good, and include ways in which it can be used (investing, donating, etc.). For each point, you make, be sure to explain why. Of course, this is entirely subjective; feel free to write about what you consider “good uses” for money. 

On the other hand, money also has a negative side —research on money-related issues, such as taxpayer-funded corruption and trading of illegal goods. In your essay, explore this side of money and perhaps give solutions on how to stop these problems. 

Money has played a progressively more important role throughout human history. Discuss the development of currency and the economy, from the barter system to the digital world we live in today. You need not go too in-depth, as there is a lot of ground to cover and many eras to research. Be sure to cite reputable sources when discussing history. 

Many people warn of “selling your soul” for financial gain. In your essay, you can write about the importance of having solid values in this day and age, where money reigns supreme. What principles do you need to keep in mind? Explain how you can still value money while staying grounded; mention the balance between material needs and others. 

As stated in Higgins’ essay, more people have begun to prioritize money over all else. Do you believe that money is truly the most important thing? Can it alone make you happy? Discuss both sides of this question and choose your position accordingly. Be sure to provide precise supporting details for a stronger argument. 

Enumerate tips on how you can save money. Anything works, from saving certain things for special occasions to buying more food in the grocery rather than eating out. This is your opinion; however, feel free to consult online sources and the people around you for extra advice. 

For help with your essays, check out our round-up of the best essay checkers .If you’re still stuck, check out our general resource of essay writing topics .

Martin is an avid writer specializing in editing and proofreading. He also enjoys literary analysis and writing about food and travel.

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114 Money Essay Topic Ideas & Examples

Inside This Article

Money is a topic that affects us all in one way or another. Whether we are saving for the future, managing our finances, or trying to make ends meet, money plays a crucial role in our lives. If you are looking for inspiration for your next essay on money, here are 114 money essay topic ideas and examples to help get you started.

• The importance of financial literacy in today's society
• The impact of inflation on consumer purchasing power
• The role of credit cards in modern society
• How to create a budget and stick to it
• The psychology of money and spending habits
• The effects of consumerism on society
• The benefits of saving money for the future
• The impact of student loan debt on young adults
• The relationship between money and happiness
• The rise of digital currencies like Bitcoin
• The ethics of wealth distribution in society
• The impact of social media influencers on consumer spending
• The role of advertising in shaping consumer behavior
• The pros and cons of investing in the stock market
• The effects of globalization on the economy
• The importance of financial planning for retirement
• The impact of income inequality on society
• The role of government in regulating the economy
• The benefits of investing in real estate
• The rise of the gig economy and its impact on workers' finances
• The impact of automation on job security and wages
• The benefits of diversifying your investment portfolio
• The impact of interest rates on borrowing and saving
• The role of insurance in protecting your finances
• The impact of taxes on personal finances
• The benefits of starting a side hustle to supplement your income
• The impact of technology on personal finance management
• The role of education in improving financial literacy
• The impact of economic recessions on personal finances
• The benefits of setting financial goals and milestones
• The impact of social class on access to financial resources
• The role of gender in shaping financial attitudes and behaviors
• The benefits of investing in education and skills development
• The impact of gambling and addiction on personal finances
• The role of philanthropy in giving back to society
• The benefits of creating a will and estate plan
• The impact of healthcare costs on personal finances
• The role of entrepreneurship in creating wealth
• The benefits of investing in your health and well-being
• The impact of consumer debt on financial stability
• The role of family and social support in managing finances
• The benefits of financial independence and autonomy
• The impact of cultural norms and values on money management
• The role of government assistance programs in alleviating poverty
• The benefits of investing in sustainable and ethical companies
• The impact of climate change on the economy and personal finances
• The role of corporate social responsibility in business practices
• The benefits of creating a financial plan for emergencies and unexpected expenses
• The impact of job loss and unemployment on personal finances
• The role of mental health in shaping financial attitudes and behaviors
• The benefits of investing in renewable energy and green technologies
• The impact of social media on consumer spending and peer pressure
• The role of peer-to-peer lending and crowdfunding in raising capital
• The benefits of investing in your personal and professional development
• The impact of economic sanctions and trade wars on global finances
• The role of data privacy and security in financial transactions
• The benefits of investing in your community and local economy
• The impact of political instability on financial markets and investments
• The role of financial advisors and planners in managing wealth
• The benefits of investing in your education and career advancement
• The impact of social welfare programs on poverty alleviation
• The role of charitable giving and philanthropy in society
• The benefits of investing in arts and culture for economic growth
• The impact of natural disasters and emergencies on personal finances
• The role of sustainable and ethical investing in creating a better world
• The benefits of investing in technology and innovation for economic progress
• The impact of healthcare reform on access to affordable medical care
• The role of trade unions and labor organizations in advocating for workers' rights
• The benefits of investing in infrastructure and public services for economic development
• The impact of corruption and fraud on financial stability and trust
• The role of entrepreneurship and small businesses in driving economic growth
• The benefits of investing in education and skills training for future generations
• The impact of globalization and free trade agreements on the economy
• The role of financial regulators and watchdogs in protecting consumers
• The benefits of investing in research and development for innovation
• The impact of income inequality on social mobility and opportunity
• The role of microfinance and small loans in empowering marginalized communities
• The benefits of investing in healthcare and wellness programs for employees
• The impact of climate change on food security and agricultural production
• The role of financial institutions and banks in promoting economic stability
• The benefits of investing in renewable energy and sustainable practices
• The impact of aging populations on social security and retirement funds
• The role of digital currencies and blockchain technology in financial transactions
• The benefits of investing in education and skills training for refugees and immigrants
• The impact of artificial intelligence and automation on job displacement
• The role of social entrepreneurship in addressing social and environmental challenges
• The benefits of investing in affordable housing and urban development
• The impact of income tax policies on wealth redistribution and social welfare
• The role of consumer advocacy groups in promoting fair and transparent practices
• The benefits of investing in clean water and sanitation for public health
• The impact of economic sanctions and embargoes on global trade and finance
• The role of financial education programs in empowering individuals and communities
• The benefits of investing in mental health and wellness services for employees
• The impact of political instability and conflict on economic development
• The role of corporate governance and ethics in business practices
• The benefits of investing in gender equality and women's empowerment
• The impact of natural disasters and emergencies on supply chains and production
• The role of community development and social enterprises in poverty alleviation
• The benefits of investing in arts and culture for community engagement and cohesion
• The impact of climate change on insurance premiums and risk management
• The role of financial technology and mobile banking in promoting financial inclusion
• The benefits of investing in vocational training and skills development for youth
• The impact of income inequality on social cohesion and trust
• The role of microfinance and small loans in promoting entrepreneurship and innovation
• The benefits of investing in healthcare and wellness programs for seniors
• The impact of automation and robotics on manufacturing and job displacement
• The role of social enterprises and impact investing in sustainable development
• The benefits of investing in affordable housing and urban renewal projects
• The impact of economic sanctions and trade wars on global supply chains
• The role of financial literacy programs in empowering marginalized communities
• The benefits of investing in renewable energy and sustainable practices for the environment
• The impact of aging populations on healthcare costs and social security systems
• The role of digital currencies and blockchain technology in promoting financial transparency
• The benefits of investing in education and skills training for underserved populations

In conclusion, money is a complex and multifaceted topic that touches on various aspects of our lives. Whether you are interested in personal finance, economic policy, or social justice, there is a wealth of essay topics to explore. By delving into these topics, you can gain a deeper understanding of the role of money in society and how it shapes our lives. So go ahead and choose a topic that resonates with you, and start writing your next money essay today.

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138 Research Topics on Money - Essay Topics, & More

Welcome to our list of money essay topics! Here, we’ve collected the most interesting research topics about money, titles for essays, presentation ideas, and even samples. Use them to get inspired!

🏆 Best Essay Topics on Money

✍️ money essay topics for college, 👍 good money research topics & essay examples, 🎓 most interesting research topics about money.

• 💡 Simple Money Topics to Write About

❓ Research Questions About Money

• Can Money Always Buy Everything You Want?
• The Philosophy of Money by Georg Simmel
• Comparison Between Love and Money in Life
• Why Men Spend More Money Than Women?
• Money and Expenditures: Personal Opinion
• Money Issues in Romantic and Marital Relationships
• How to Teach Children to Value Money
• Aspects of Money Management The paper states that money management is a critical skill, which will help improve the financial well-being and reduce the stress associated with money.
• Stealing Money From Corporations Stealing money from corporations affects the financial sector of the business and economy and reflects the ethical issues of the act.
• Money to Charity: Moral Differences Many families across the globe continue living below the poverty line and cannot meet their basic needs like food, health, or even sleep.
• Financial Planning. Money Management Skill Financial literacy can be defined as knowledge about financial planning and management that allows making reasonable choices about money spending and saving.
• Bitcoin: The Use of the Digital Money The paper has elaborated Bitcoin is used, its features, and its impacts on society. The digital currency has features similar to other currencies, such as durability.
• Metaphysical Secrets of Manifesting Money Abundance Money is one of the most important influencing factors in modern life. Some scholars single it out as one of the three most distorting forces of human existence.
• History and Role of the Money Money is any commodity or token that serves as a medium of exchange that is legally and socially acknowledged in payment for services and goods and in the disbursement of debts.
• Time Value of Money in a Medical Organization A medical organization may use the concepts of the “time value of money” and “useful life” to organize the purchase of new equipment and to calculate the depreciation expenses.
• Art’ and Money Relations While the cultural value of many artworks exceeds material dimensions, it is hard to imagine how the masterpieces would be preserved without being involved in commodity-money relations.
• Monetary Theory and Policy. Money in the Utility Function Money is an asset, making positive or negative or some other functional effect. Goods, demands, propositions are constantly dependent on the money supply.
• Money Issues in a Relationship In the contemporary world, both men and women contribute equally to the economy of the household. This has changed the household role of men from being the sole breadwinners.
• Tradesmart Inc.: The Money-Back Guarantee Tradesmart Inc. is a fairly broad marketplace, which, in addition to low prices, also provides customers with a unique policy of returning money for the goods.
• “Where Does the Money Go?” by Scott Bittle and Jean Johnson In their book Where Does the Money Go?, Scott Bittle and Jean Johnson focus on the growing national debt of the United States and examine inefficiencies that led to the crisis.
• Money and Relationship in King Lear by Shakespeare King Lear, one of Shakespeare’s most well-known tragedies, is a nihilistic story of destruction, money, and power conflicts that was originally performed in 1606.
• Foundations and Applications of the Time Value of Money This paper intends to discuss the concept of time value of money. The goal is to show that current cash flow is valued highly compared with future cash flows.
• Lloyd’s Tsb Bank Is Under Fire for Money Laundering Offense This research article discusses the role of the bank, either knowingly or unknowingly, in laundering the money obtained by cheating.
• “Money, Greed, and God: Why Capitalism Is the Solution and Not a Problem” by Jay Richards In his book “Money, Greed, and God,” Jay Richards, an American analytical philosopher, seeks to address the most common myths about capitalism.
• Aspects of Functions of Money Money is one of the vital tools in society. The paper looks at the feasibility of money-stably completing these functions in the near future.
• Money as a Means Rather Than a Result of Achieving Happiness The paper states that one can note that money is a tool that allows buying things that make a person happy, but money itself does not bring happiness.
• Is Money a Virtue or Evil: Discussion The study will have to document how money has been used in good ways through spreading the gospel and how it has been used in evil ways for personal or selfish purposes.
• Personal Finance: Turning Money Into Wealth There are many different bond kinds, and each has benefits and drawbacks for the parties involved. Municipal and corporate bonds will be reviewed in this session.
• Governmental Organizations: Value for Money Audits and Performance Audits Value for Money audit and performance audit have different objectives and complement each other, but neither is sufficient on its own to audit an organization’s performance.
• Divine Currency: The Theological Power of Money in the West Money in Christianity is a dangerous matter, which requires careful and proper management to stay on the path of Christ.
• Politics, Money, and Free Expression In 2011, the Supreme Court “decided that corporations and unions could contribute an unlimited amount of money to political campaigns.”
• Inflation and Increase in Money Supply Even though the increase in the money supply might stimulate the economy, it is a dangerous strategy, and the Federal Reserve has to act with caution.
• The Federal Reserve System and the Money Supply The Federal Reserve (FR) has three main tools to control the money supply in the economy: the discount rate, open market operations, and reserve requirements.
• Social Work Assignment: Gender, Money, and the Charity Organization Society Throughout the history of its development, the sphere of social work has witnessed the work of various contributors dedicated to achieving social equality.
• Money, Happiness, and Materialism Correlation The paper concludes that happiness doesn’t depend on material goods, and it should be understood that respect and empathy are superior to any material wealth.
• Daily Budget Cutting: Methods of Saving Money Nowadays, there are many more possibilities to spend additional money than in the past. Consequently, people should be more attentive to their budget and spending structure.
• Financial Management: Where Does the Money Go It is increasingly possible to hear about the importance of financial literacy in the modern world, which largely boils down to thoughtful money management.
• How Money Laundering Practices Violate Financial Ethics Corruption is one of the biggest problems a government can face, and in this blog, the author aims to explain how money laundering practices violate financial ethics.
• Forecasting and Time Value of Money Time value of money is a valuable instrument that helps comprehend the value of a currency in relation to a given period and significantly impact investing decision.
• Analysis of Anti-Money Laundering Strategies Money-laundering has been a significant problem for Canada because such a practice enables and facilitates many criminal activities such as drug trade, fraud or even global terrorism.
• Money Laundering, Corruption and Terrorism Issues Money laundering, corruption and terrorism are rife in East and Southern Africa is largely attributed to the abject poverty that at times seems to be endemic.
• Firms Raising Money Through Debt vs. Equity Debts as a source of operating funds can be from within or outside the company specifically individual borrowings or banks.
• Eastern and Southern Africa Anti-Money Laundering Group Money laundering, corruption and terrorism are rife in East and Southern Africa. This phenomenon is attributed to the abject poverty that seems to be endemic in this region.
• This American Life: Toxie Asset by Planet Money When recounting the story of Toxie, the reporters explain how “she” came to be, and how her life began at the peak of the housing market, progressed through the years.
• Montley Fool Money Guide: A Book’s Review It is an educative book that gives an insight into saving, spending, and investing. The author tries to bring out the foolish things people do with their money.
• Money Supply in the United States This essay discusses the money supply, what constitutes it, and the current supply in the US. It will also examine how the COVID-19 pandemic affected the M2 supply in the country.
• Finance, Currency Alternatives, and Money in the Bible The currency used in all countries nowadays is an example of fiat money, meaning that it lacks intrinsic value.
• ”Money Supply” Article by Enam Ahmed Analysis In this article, Enam Ahmed explains why central banks should use the Divisia approach to measure the effectiveness of monetary policies.
• York College Medical Center Managing Grant Money Despite numerous positive effects that financial recognition of the employees could bring to the general state of the center, free healthcare services are of higher priority.
• Men, Women & Money – How the Sexes Differ with Their Finances’ Article Review? Amy Livingston’s article Men, Women & Money – How the Sexes Differ with Their Finances provides comparative gender-related research.
• Can Money Buy Happiness? This article analyzes Sandy LaMotto’s research that money brings happiness and that selfish spending is associated with a good mood.
• What Does Money Have to Do With It? The policy-oriented toward providing judges with the information on the costs of sentencing types can be discussed as rather controversial.
• The Money Factor in Drug and Alcohol Treatment A vast number of individuals fail to take up drug treatment because they are unable to raise the money that is required to enroll in such a program.
• Exchange Rate and Price: U.S. and Chinese Money The exchange rate quotation is derived by stating the number of units of term currency that can be bought in terms of the unit currency, which is also known as the base currency.
• Entrepreneurship. Money in the Resource Equation Money is the least important part of the resource equation because starting a new business requires an entrepreneur’s ability to take risks.
• Macroeconomics: Monetary Policy in the United States There are various monetary policy tools which can be used by the fed in order to achieve its desired policy objectives.
• “Illegal Immigrants: They’re Money” by Rodrigez The focal point of the paper is to present a critical evaluation of Gregory Rodrigez’s article Illegal Immigrants: They’re Money.
• Illegal Immigrants – They Are Money The paper looks at the issue of “illegal immigrants” to the US from the perspective of their value to businesses as cheap labor and as a market for their goods like credit cards.
• “Rivers of Blood and Money” Article by Burden The article “Rivers of Blood and Money” by Burden takes a different approach when analyzing the issue of anti-Semitism and events before and during the Holocaust.
• Money and Happiness in Economic Theories The pursuit of additional wealth and income usually becomes addictive thereby reducing an individual’s time with their family members and friends and limiting their social life.
• Money and Politics in Healthcare Reform Having initiated the healthcare reform, President Obama met stiff opposition to the insurance and pharmaceutics lobby. It would be disadvantageous and made them lose revenue.
• Time Value of Money and Interest Rate Risk Time value of money (TVM) is a financial concept, which implies that money available to an individual or a company at the present time is much more valuable.
• How Can American Cities Raise More Money? One of the main ways through which urban governments in the United States can avert revenue problems is through prudent reduction of services that they currently offer.
• World Money: From the Eurodollar to the Sinodollar
• Treasury Operations, Bank Credit, and the Money Market
• Working From Home Can Earn You Money
• The Money Demand Function for the Euro Area: Some Empirical Evidence
• Trade Credit and the Money Market
• U.S. Domestic Money, Inflation and Output
• The U.S. Money Market and the Term Auction Facility in the Financial Crisis of 2007–2009
• Varying the Money Supply of Commercial Banks
• The Uses of the Money in the Six Century B.C
• Tight Money Policies and Inflation Revisited
• Working Through the Distribution: Money in the Short and Long Run
• Utilizing the Time Value of Money
• Women Are Working and Spending Money Same as Men
• Wall Street: Money Never Sleeps
• Velocity and Money Growth Variability: Evidence From Japan
• The Swiss Sovereign Money Initiative
• Velocity and the Variability of Anticipated and Unanticipated Money Growth in Malaysia
• The Translog Utility Function and the Demand for Money in the United States
• Why Money Talks and Wealth Whispers: Monetary Uncertainty and Mystique?
• Triodos Bank: Conscious Money in Action
• Transactions Costs, the Wage Rate, and the Demand for Money
• The Obsession With Money and the New Consumer Culture of the 1920s
• U.S. Banking and Money
• The Relationship Between Government Deficits, Money Growth and Inflation
• Understanding How Money Works

Simple Money Topics to Write About

• The Rules for Saving Money by Consolidating Debt
• Thinking About Monetary Policy Without Money
• The Relationship Between Economic Growth and Money Laundering
• Work Can Provide More Than Money
• Velocity and the Growth of Money in the United States, 1970-1985
• Trade, Money, and Employment in Intertemporal Optimizing Models of Growth
• Unemployment, Real Wages and the Money Supply in Australia
• The Money Demand and the Loss of Interest for the Euro in Romania
• Wealth, Financial Liberalization, and the Demand for Money in Japan
• The Relationship Between Mobile Money Technology and Financial Development
• U.S. Narrow Money for the Twenty-First Century
• Working for Little Money: Does Germany Need a Minimum Wage?
• Where Has the Money Gone? The Case of Value Added Tax Revenue Performance in Indonesia
• The Trouble With Money: A Prescription for America’s Financial Fever
• Why Most PPC Advertisers Lose Money?
• Unconventional Monetary Policy and Money Demand
• Winning Money Online With Web Analytics
• Utility Function Transformations and Money Illusion: Reply and Further Results
• The Relation Between Money, Income and Prices in South Africa
• York Times Victims Money Fund
• Why Isn’t Money Considered Capital in Economics?
• Tight Money and the Sustainability of Public Debt
• Wealth and How Money Influences People’s Lives
• Tight Money-Tight Credit: Coordination Failure in the Conduct of Monetary and Financial Policies
• Can Money Buy Happiness and Freedom?
• Does Money Equal Power in American Politics?
• Does Money Improve Academic Achievement?
• Does Ones Success Depend on the Amount of Money a Person Earns?
• What Are Some Fundamental Strategies for Saving Money?
• How Does Federal Reserve Control the Money Supply?
• How Does Inflation Affect the Function of Money?
• How Does Shakespeare Present the Issues of Love and Money in His Plays?
• How Does the RSPCA Persuade Us to Part With Our Money?
• How Money and Appearance Control the World?
• How Money Changes the Way We Think and Behave?
• How Money Has Become the Enemy of Our Society?
• How Money Was Created and the Basic Political Ideology of Money?
• How Much Money Does California Get From the Federal Government?
• What Are the Anticipations and the Nonneutrality of Money?
• What Is the Role of the State and the Hierarchy of Money?
• What Alternative Approaches to Money and Growth Are There?
• What Are the Statistical Mechanics of Money?
• What Is the Influence of Money on Medical Science?
• What Is the Development of a Money Attitude Scale?
• Will Money Increase Subjective Well-being?
• What Is the Structure and Performance of the Money Management Industry?
• Why Is There a Difficulty With the Optimum Quantity of Money?
• What Are the Distributions of Money in Model Markets of Economy?
• What Are the Monetary Policy Implications of Digital Money?

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StudyCorgi. (2022, February 11). 138 Research Topics on Money - Essay Topics, & More. https://studycorgi.com/ideas/money-essay-topics/

"138 Research Topics on Money - Essay Topics, & More." StudyCorgi , 11 Feb. 2022, studycorgi.com/ideas/money-essay-topics/.

StudyCorgi . (2022) '138 Research Topics on Money - Essay Topics, & More'. 11 February.

1. StudyCorgi . "138 Research Topics on Money - Essay Topics, & More." February 11, 2022. https://studycorgi.com/ideas/money-essay-topics/.

Bibliography

StudyCorgi . "138 Research Topics on Money - Essay Topics, & More." February 11, 2022. https://studycorgi.com/ideas/money-essay-topics/.

StudyCorgi . 2022. "138 Research Topics on Money - Essay Topics, & More." February 11, 2022. https://studycorgi.com/ideas/money-essay-topics/.

These essay examples and topics on Money were carefully selected by the StudyCorgi editorial team. They meet our highest standards in terms of grammar, punctuation, style, and fact accuracy. Please ensure you properly reference the materials if you’re using them to write your assignment.

This essay topic collection was updated on January 8, 2024 .

Money and Happiness in Poor and Wealthy Societies Essay

Introduction, positive correlation between happiness and money, insignificant correlation between happiness and money, works cited.

Many societies believe that money does not buy happiness. However, others affirm the contrary belief by saying that income levels affect people’s happiness. Before delving into the details of these perceptions, it is important to understand that happiness is an emotional or mental state where people experience more positive than negative feelings. These feelings outline how people interact with different stimuli, such as income, to influence their happiness. People experience different emotional effects through such stimuli. The positive and negative effect refers to the effects that varying income levels have on people’s feelings and emotions. In detail, a positive effect refers to the extent that a person experiences positive moods (such as joy and interest), while negative affect refers to negative emotions (such as anxiety, sadness, and depression) that most people experience from varying income levels.

Using the above definitions, happiness, and emotional outcomes, Kesebir and Diener (117) say unsurprisingly different researchers have investigated the relationship between happiness and money. Indeed, many societies believe that life is not about (merely) living, but living a fulfilling and happy life (quality life). This realization has caused many philosophers to explore different ways of rising above the mere existence of life to a more fulfilling purpose of living.

Comprehending the motivations for pursuing money and happiness is the key to understanding this correlation. In this paper, I argue that wealthy and poor societies have different relationships between money and happiness. In detail, after exploring different types of correlation between the two variables, I explain that the relationship between both variables is strong in low-income societies, but it gradually weakens as income increases (especially in wealthy societies). Based on this understanding, money affects happiness to a limited extent. Indeed, beyond the satisfaction of basic human needs, other non-monetary factors, such as social relationships, have a more significant correlation with happiness than money does.

The positive correlation between money and happiness mainly exists in low-income societies. The utilitarian philosophies of the modern era affirm this relationship (Kesebir and Diener 117). However, their influences stem from common beliefs in the 19 th century (and beyond), which equaled happiness to utility (utility refers to the ability of material possessions to satisfy human needs and wants). Using the relationship between happiness and utility, many medieval societies believed the latter was equal to human pleasure (Kesebir and Diener 117). Jeremy Bentham and Aristotle (among other philosophers) supported this view by saying that most people should strive to experience more pleasure than pain (as a measure of their happiness) (Kesebir and Diener 117). They also argued that different societies should use this basis for understanding morality and legislation (Kesebir and Diener 117).

As many societies embraced this idea, the medieval conception of happiness, as a function of virtue and perfection, disappeared (Kesebir and Diener 117). People started to see material possessions as more important than gaining respect from society (by practicing good morals and virtues). Similarly, this ideological shift made it uncommon for many people to focus on issues of human well-being (human well-being closely associates with happiness because it refers to a state of health or prosperity) (Kesebir and Diener 117). Therefore, their focus shifted to material possessions as a measure of happiness.

In line with the above argument, Aristotle argued that wealth was an important requirement for happiness. Easterlin (3) shared the same view by explaining America’s perception of happiness. He said many US citizens perceived happiness through “material” lenses. The Easterlin (3) paradox summed this view by showing that income had a direct correlation with happiness. It based this argument on several cross-national studies, which showed that rich people were happier than poor people were. For example, in a 1970 American study, Easterlin (4) found out that less than one-quarter of low-income people believed they were “happy” people. Comparatively, about double this number of respondents (in the high-income group) said they were happy. The same findings appeared in more than 30 similar researches conducted in other parts of the world. Although the same study established a correlation between happiness and education, health, and family relationships, income emerged as having the strongest and most consistent relationship with happiness (Easterlin 4).

Although Easterlin (3) used the above findings to support the correlation between income and happiness, he said increasing everybody’s income weakened the correlation between both variables. Therefore, income variations affected people’s perceptions of happiness (people always judge their happiness based on what their peers think of them). Lane (57) supported these views when he said that most people often adjusted to a new standard of measuring their happiness whenever they increased their income levels (the desire for money tapers off as income increases). Using this analogy, Easterlin (5) believed that wealthy nations were no happier than poor nations. Based on the same logic, he said that people’s subjective perceptions of happiness depended on their welfare perceptions (Easterlin 5).

Therefore, as opposed to perceiving their happiness through “material” lenses, they did so by understanding how it compared to their social norms. Consequently, people who are above the “norm” feel happier than those who are below it (how people perceive the social norm depends on the economic well-being of the society).

Although Easterlin (5) argued that happiness was subjective to the national income (as shown above), researchers who have conducted studies that are more recently told that the correlation between happiness and well-being was stronger than his paradox showed. Consequently, they revised this model by saying that increased national income affected the overall sense of individual well-being in a country. Unlike the data relied on Easterlin (4), researchers established the above fact, using findings that are more reliable. For example, Lane (56) quoted the findings of a 1976 transnational study, which showed that a nation’s poverty index affected the well-being of its citizens (such as people’s attitudes, feelings, and perceptions). These studies showed that personal satisfaction increased with increased levels of economic development (money “bought” happiness).

Money has an insignificant correlation with happiness in wealthy societies. This is an old view of this relationship because philosophers from ancient Greece started exploring this insignificant correlation in 370 BC (Kesebir and Diener 118). They said material wealth had an indirect correlation with happiness. Based on this understanding, they believed that a man’s mind defined his level of happiness. Similarly, they believed it was difficult for people to be happy if they lacked morals and virtues (money was not a priority). Democritus and Epicurus (two ancient Greek philosophers) mainly advanced this view (Kesebir and Diener 118).

Similarly, other ancient Greek philosophers, such as Socrates and his student, Plato, refuted the claim that happiness depended on the “enjoyment” of beautiful and good things. They believed that all people needed to show prudence and honor to be happy (Kesebir and Diener 118). Lane (56) has also reported the same findings after analyzing the relationship between money and happiness in a contextual approach. Like, Easterlin (3), he said in many developed countries, money did not increase happiness levels. Frank Andrews and Stephen Withey (cited in Lane 58) also supported these findings when they said that different socioeconomic groups showed small differences in people’s well-being. They also said that income levels had an insignificant impact on life as a whole.

The above findings show the different correlations between income and happiness. However, I believe this limited correlation mainly emerges in wealthy societies, as opposed to low-income societies. For example, non-monetary issues have a strong correlation with happiness in wealthy societies. Economists also affirm this fact through the Maslow hierarchy of needs because they say people crave for higher-level needs, such as love, social relationships, and recognition after they have met their primary needs such as food, shelter, sex, and clothing. Since many people in wealthy societies do not struggle to meet basic human needs, the insignificant correlation between happiness and money applies to this group of people.

Some philosophers maintain a “middle ground” by supporting the limited influence of money on happiness. Epicureans also supported this view because they said wealth was important to people’s happiness, to the extent that it gave people their basic needs, like shelter and clothing (Kesebir and Diener 118). However, beyond this threshold, it had an insignificant relationship with happiness. This analysis affirms the different correlations between happiness and income across poor and wealthy nations. Indeed, Kesebir and Diener 117) say there is a strong correlation between happiness and income in low-income countries, while wealthy economies experience an insignificant correlation between the two variables. A comparative study conducted in America revealed that the wealthiest Americans (profiled in Forbes) were only modestly happier than middle-income and low-income control groups that lived with them in the same location (Lane 58).

Based on the above analysis, income is not the only variable that affects happiness. Non-monetary issues affect happiness too. Lane (58) supports this argument by highlighting the need to distinguish individual pleasures from human well-being issues. Individual pleasures may depend on income, but people’s well-being is subjective. Therefore, besides income, other factors affect people’s happiness. To support this view, Lane (58) cited a 1982 study (conducted by Gallup), which asked Americans what made them happy (Lane 58). The respondents said family relationships made them happier than money did. Other things that made them happy included television, friends, reading books (and other pleasures) that most people from low-income families could afford (Lane 57).

Therefore, income does not solely define happiness. This analysis shows that although most people need to have adequate money to be happy, money, in isolation, is not sufficient to guarantee happiness, beyond providing basic needs. In the book, Happy People , Jonathan Freedman (cited in Lane 57) affirmed the above fact by saying that rich and poor people have different perceptions of the role of wealth in increasing people’s happiness levels. Overall, while many rich people understand that wealth does not automatically guarantee happiness, people from low-income societies believe it does. This was similarly true for their perceptions of well-being. Therefore, when a person is extremely poor, money looks like a “savior” of some sort, but as income increases, this idea disappears. This analogy has stronger merit than the general perception that money “buys” happiness. Indeed, not all happy people are rich. In this regard, many human societies have focused so much on material wealth that they have forgotten. It does not guarantee happiness.

After weighing the findings of this paper, easily, a person could affirm an indirect relationship between happiness and income. Some researchers say money has a direct relationship with happiness, while others do not affirm this relationship. This inconsistency stems from the contextual appeal of income and wealth to human societies. For example, income has a weak correlation with happiness in wealthy societies. However, this relationship is stronger in low-income societies. Evidence also shows that there was a weak correlation between income and happiness in medieval societies because many people believed adhering to human virtues made people happy (this was the medieval standard for happiness).

However, the modern era changed this perception and shifted the societal focus from virtues and morals to material wealth. Now, people attach more value to income and similar “material” factors. However, as changes to the Easterlin (3) paradox suggest, wealth increases happiness to a limited extent. Overall, this paper shows that income and happiness have a “contextual” relationship. For example, if there is a broad increase in income across a nation, this correlation weakens (the Easterlin (3) paradox mainly supports this view); however, as income levels decrease, the correlation strengthens. Consequently, there is a strong correlation between money and happiness in low-income societies. In wealthy societies, non-monetary factors like health and the quality of family relationships have a stronger impact on happiness than money does.

Easterlin, Richard. “Does Money Buy Happiness?” Public Interest 30.3 (1973): 3-10. Print.

Kesebir, Pelin and Ed Deiner. “In pursuit of happiness: Empirical Answers to Philosophical Questions.” Perspectives on Psychological Science 3.2 (2008): 117-123. Print.

Lane, Robert. “Does Money buy Happiness?” Public Interest 113.3 (1993): 56-65. Print.

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IvyPanda. (2020, May 26). Money and Happiness in Poor and Wealthy Societies. https://ivypanda.com/essays/money-and-happiness-in-poor-and-wealthy-societies/

"Money and Happiness in Poor and Wealthy Societies." IvyPanda , 26 May 2020, ivypanda.com/essays/money-and-happiness-in-poor-and-wealthy-societies/.

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IvyPanda . 2020. "Money and Happiness in Poor and Wealthy Societies." May 26, 2020. https://ivypanda.com/essays/money-and-happiness-in-poor-and-wealthy-societies/.

1. IvyPanda . "Money and Happiness in Poor and Wealthy Societies." May 26, 2020. https://ivypanda.com/essays/money-and-happiness-in-poor-and-wealthy-societies/.

Bibliography

IvyPanda . "Money and Happiness in Poor and Wealthy Societies." May 26, 2020. https://ivypanda.com/essays/money-and-happiness-in-poor-and-wealthy-societies/.

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Essay On Money: 100, 250 Words Samples

• Updated on  
• Nov 9, 2023

Why do you think money is important? Can we live without money? Does money have its own value? What’s the difference between hard money and digital money? When we plan on buying something, we have to pay a certain amount. Let’s say you want to buy a wristwatch worth $50. How do you compare that commodity with money? Do they have equal value? Is there any authority that states the value of money ? These and several other questions about money can make one wonder why money is given so much importance. Let’s go in-depth with an essay on money and find answers to all these questions.

Table of Contents

• 1 What is Money?
• 2 Why is Money So Important?
• 3 Essay on Money in 100 Words
• 4 Essay on Money in 250 Words

Also Read: Essay on Chandrayaan – 3

What is Money?

According to Wikipedia and Oxford Dictionary, Money is simply a medium of exchange. Some even consider money as one of the most important resources , which is used to make transactions of goods, services, or repayment of debts within a specific country or socio-economic context.

Money can have various forms, coins and banknotes in physical form, and electronic balances in bank accounts in digital forms. Money serves as a unit of account, facilitating the measurement of value in terms of prices, and as a store of value, allowing individuals to save purchasing power for future use.

Learn Why Financial Literacy is Important for Students.

Why is Money So Important?

What makes money such an important resource is its acceptance across the globe in multiple transactions and services. From serving as a medium of exchange to facilitating financial activities, the importance of money goes beyond our everyday needs. Here are several reasons stating the importance of money.

• Money serves as a convenient medium of exchange that facilitates the buying and selling of goods and services, making transactions more efficient than barter systems.
• It provides a standardized unit for measuring the value of goods, services, and assets, allowing for easier comparison and assessment of value across different items.
• Money enables individuals and businesses to store wealth and purchasing power over time, facilitating savings and investment for future needs and goals.
• A stable and reliable monetary system encourages investment, trade, and economic growth, fostering overall prosperity within an economy.
• By using money, individuals and businesses can avoid the high transaction costs associated with bartering and the inefficiencies of non-monetary exchange systems.
• The use of money encourages specialization in the production of goods and services, leading to increased productivity and efficiency within an economy.
• Money is essential for the functioning of financial markets, banking systems, and investment activities, which are crucial for the allocation of resources and capital within an economy.

Also Read: Essay on National Unity Day 

Essay on Money in 100 Words

El dinero or money is used as a medium of exchange, unit of account, and store of value. It facilitates trade, allowing for the smooth exchange of goods and services, while also enabling efficient allocation of resources and encouraging economic growth. As a unit of account, it provides a standardized measure of value, simplifying the comparison of different goods and assets. 

Moreover, money acts as a store of value, allowing individuals to save and plan for the future. Its role in reducing transaction costs, enabling specialization, and supporting complex financial activities highlights its significance in the functioning of contemporary economies.

Essay on Money in 250 Words

Modern economics is heavily dependent on money or we can say that money is the pillar of modern economies. As a medium of exchange, it simplifies trade by providing a universally accepted method of payment for goods and services, eliminating the inefficiencies and limitations of barter systems. Its characteristic fosters the development of complex market systems, encouraging specialization and the efficient allocation of resources.

Apart from being a medium of exchange, money functions as a unit of account, providing a standardized measure of value that enables individuals to compare prices and evaluate the worth of different goods and services. This uniformity in valuation streamlines commercial activities and allows for effective planning and decision-making in both personal and business contexts.

Money serves as a store of value, allowing individuals to save and accumulate wealth over time. This feature empowers people to prepare for future expenses, emergencies, or long-term goals, providing a sense of security and stability in an uncertain world.

In addition to its role in daily transactions , money fuels economic growth by facilitating investment, entrepreneurship, and innovation. Financial institutions utilize money as a tool to allocate capital efficiently, enabling the development of new businesses, industries, and technologies that contribute to overall economic prosperity.

Money plays multiple roles in our lives; it is a physical or digital representation of currency; it is a fundamental pillar of modern economies, underpinning the intricate web of commercial activities, financial systems, and societal well-being. Its importance lies not only in its tangible properties but also in the complex functions and structures it supports within the global economic framework.

Money is globally accepted as a medium of exchange in multiple transactions and services. From serving as a medium of exchange to facilitating financial activities, the importance of money goes beyond our everyday needs. To buy goods or services, you are required to pay a certain amount, which is fulfilled by paying money. 

To write an essay on money, you need to highlight the key aspects of this essential resource. The multiple transactions in which money is used in our day-to-day lives make money an important part of our lives. Give examples of how money can change our lives and what would happen if we were out of money. Highlight the latest trends in the financial sector and what governments are doing to save our money from inflation. 

Here are the 5 strongest currencies in the world: Kuwait Dinar (KWD), Bahraini Dinar (BHD), Omani Rial (OMR), Jordanian Dinar (JOD), and Gibraltar Pound (GIP).

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Home — Essay Samples — Literature — Money and Class in America — The Importance of Saving Money

The Importance of Saving Money

• Categories: Money and Class in America Personal Growth and Development

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Essay on Saving Money

Students are often asked to write an essay on Saving Money in their schools and colleges. And if you’re also looking for the same, we have created 100-word, 250-word, and 500-word essays on the topic.

Let’s take a look…

100 Words Essay on Saving Money

Understanding the importance of saving.

Saving money is a crucial habit everyone should develop. It helps us prepare for unforeseen events, achieve financial goals, and secure our future.

Ways to Save Money

There are many ways to save money. You can start by setting a budget, cutting down on unnecessary expenses, and putting aside a portion of your income regularly.

Benefits of Saving Money

Saving money offers several benefits. It provides financial security, enables us to make big purchases, and contributes to a stress-free life.

In conclusion, saving money is a wise and beneficial practice. It leads to financial independence and a comfortable life.

Also check:

• Paragraph on Saving Money

250 Words Essay on Saving Money

The importance of saving money.

Saving money is a vital life skill, especially for college students who are just beginning to navigate the financial world. Understanding the importance of saving and implementing it in daily life can pave the way for financial security and independence.

Why Save Money?

The primary reason to save money is to achieve financial security. Unpredictable life events, such as job loss, medical emergencies, or unexpected expenses, can create financial stress. Having a safety net in the form of savings can mitigate these risks. Moreover, savings can fund life goals like education, homeownership, or starting a business.

Strategies for Saving Money

Creating a budget is the first step towards saving. It helps to track income and expenses, revealing potential areas for cost-cutting. Next, establishing an emergency fund can provide a financial buffer against unforeseen circumstances. Investing is another powerful tool for saving. It allows money to grow over time, leveraging the power of compounding.

The Role of Discipline and Consistency

Saving money requires discipline and consistency. It’s important to regularly contribute to savings, even if the amounts are small. Over time, these small amounts can accumulate into significant savings. It’s also crucial to resist the temptation of unnecessary spending and to prioritize long-term financial goals.

In conclusion, saving money is an essential skill that can lead to financial security and the ability to achieve life goals. By budgeting, creating an emergency fund, investing, and practicing discipline and consistency, college students can lay a solid foundation for their financial future.

500 Words Essay on Saving Money

Introduction.

Money, the lifeblood of modern society, is a central aspect of our lives. Its management, particularly the act of saving, is a crucial skill to master. Saving money is not just about accumulating wealth; it’s a strategic practice that promotes financial security, fosters discipline, and cultivates a sense of responsibility.

The importance of saving money cannot be overstated. It provides a safety net during unexpected circumstances like medical emergencies, job loss, or sudden large expenses. In addition, it can help fund significant life events such as higher education, buying a house, or retirement.

Moreover, saving money can lead to financial freedom. It allows us to make investments that can generate passive income, ultimately leading to a more comfortable and secure future. It’s not just about having money; it’s about the freedom and peace of mind that come with it.

There are several strategies for saving money. The first step is to create a budget. This involves tracking income and expenses, setting financial goals, and allocating a certain portion of income towards savings. It’s advisable to follow the 50/30/20 rule, where 50% of income goes to needs, 30% to wants, and 20% to savings.

Another strategy is automating savings. By setting up automatic transfers to savings accounts, we can save money without even thinking about it. This not only ensures regular saving but also reduces the temptation to spend.

Investing is another powerful way to save. By investing in stocks, bonds, or real estate, we can grow our wealth over time. However, investing requires careful planning and understanding of the market.

The Psychological Aspect of Saving Money

Saving money is not just a financial act; it’s a psychological one. It requires discipline, patience, and the ability to delay gratification. It’s about making conscious decisions to forego immediate pleasures for long-term benefits.

The act of saving also fosters a sense of responsibility. It makes us more aware of our spending habits and encourages us to make smarter financial decisions. Moreover, it can boost our confidence and self-esteem, knowing that we are taking control of our financial future.

In conclusion, saving money is a vital skill that everyone should cultivate. It’s not just about accumulating wealth; it’s about ensuring financial security, gaining financial freedom, and fostering personal growth. By adopting effective saving strategies and understanding the psychological aspects of saving, we can make informed decisions that will benefit us in the long run. Remember, every penny saved is a step towards a more secure and prosperous future.

That’s it! I hope the essay helped you.

If you’re looking for more, here are essays on other interesting topics:

• Essay on Pocket Money
• Essay on Money Is the Root of All Evil
• Essay on Money is Not Everything

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Wealth vs. Well-Being: The Truth About Money and Happiness

Money makes the world go round – or does it?

For every positive quote about money, it seems as though there are 5 negative ones.

Money is the root of all evil.

You can’t buy happiness.

Eat the rich.

Even as far back as Greek mythology, we can see warning lessons about money.

Just look at King Midas, who wished that everything he touched would turn to gold – it seemed like a great idea, until even his food and drink turned to gold!

Many people believe that money leads to corruption, greed, and hubris.

But what if money is everything?

Money Is Everything – Or Is It? An In-Depth Look at the Relationship Between Money and Happiness

Is money everything.

Money can’t buy everything…or can it?

Money can’t buy fulfillment, but it can buy great therapists, wellness retreats, and all the soul searching you need to do in order to find that fulfillment.

Money can’t buy happiness, but it can buy trips to the Maldives, fast cars, concert tickets, and a nice house.

The more you think about it, the more you realise that money can buy the vast majority of things needed for a happy life.

Here are just some things that money can buy:

Money can’t buy total security, but it can buy everything you need to cover your basic needs such as food, water, shelter, and clothing.

Money can also buy future security, as you can use it to build a retirement fund or invest.

It isn’t even just your security that money can buy – with the right amount of money, you can pay for a nursing home for your elderly parents, give your children money for a down payment on a house, and ensure that your pets are always taken care of.

One of the most important things that money can buy is time.

In How to Get Rich by Felix Dennis (which is a brilliant book, by the way), Dennis says that being rich is about being able to buy the only thing more valuable than health and love – time.

Time to learn a new language, or go and find yourself at a meditation retreat in India.

Money is about having the time to spend with loved ones, pursue further education, or travel to every country in the world.

When you stop trading your time for money at a 9 – 5, and learn how to make your money work for you (one of the key lessons in Rich Dad, Poor Dad), you have the time to focus on the things that make you feel happy and fulfilled.

Money allows you to pursue your passions

Whether you’ve always wanted to return to education to pursue a PhD, or you want to put your children through the best school, money is the key to doing just that.

True story – the reason I didn’t go on to get a Masters degree after my Bachelors was that I couldn’t afford to, and I knew that I wouldn’t have the time to work and study unless I took a part-time degree.

If I’d had money, this wouldn’t have been an issue, and I could have focused all of my efforts on my education.

One of the best things that money can buy is travel, and as many people say, ‘travel is the only thing you buy that makes you richer.’

The reason for this is that being exposed to new cultures, religions, and people, makes you grow in ways you never could if you stayed your home town.

It might not be fair, and it might not be right, but the truth is that with a lot of money comes respect, and if you want people to listen to what you have to say, having money certainly helps.

You can use this to your advantage, to draw attention to issues you care about, or fight for those who can’t fight for themselves.

No, I’m not talking about freedom from consequences (although corruption can certainly bring that too, heheh), but another kind of freedom.

Money can buy the freedom to be able to make spontaneous purchases without worrying about going over budget, or to take up new hobbies.

It can buy the freedom to say ‘yes’ to new opportunities that come your way, from last-minute vacations to international conferences, World Cup tickets, or your place on Elon Musk’s next trip to Mars (if you’re so inclined).

It also gives you the freedom to be generous and help others. This could mean simply buying gifts for your whole family at Christmas, or making a substantial donation to a charity of your choice.

Money buys you the freedom to start your own business, or pursue a lower-paying job that actually makes you happy.

It also gives you the freedom not to work at all, should you so wish!

Of course, money can’t buy health itself, but it can buy the best healthcare available, which is essential in countries that don’t provide free healthcare (or where the state healthcare is very limited).

It can also buy appointments with chiropractors, personal trainers, nutritionists, therapists, and dermatologists.

Money gives you the opportunity to pay for premium health and fitness products

Why You Should Care About Money

Money is everything.

Most of the negative things that people associate with money actually result from the obsession with making money and stereotypes that surround the super rich, rather than the money itself.

Money is neither good, nor bad. It is neutral.

You (yes you, reading this), should absolutely care about money and the things that it can do for you and your loved ones.

You see, money is more than just ‘pieces of paper,’ as some people like to say.

It is something that can be directly exchanged for things that bring you joy, things that bring your loved ones joy, and it can be used to help people thousands of miles away who aren’t as fortunate as you.

How to Make More Money

If money is everything (or at least something), then you’re probably wondering how to make more of it!

Here are 5 things you can do to start making more money right NOW.

Get Clear on Your Goals

Goals are powerful motivators that give us purpose and motivation in life.

By getting clear on your goals, you will be far more likely to achieve success.

First, figure out your why. When you know why you want the things you want, you’ll be able to set measurable SMART goals that align with your true purpose.

Break down your biggest goals into smaller milestones, which are easier to accomplish and keep you motivated.

Start a Side Hustle

The fastest way to start making money fast is by starting a side hustle.

Whether you’re looking for side hustles for stay at home moms, or easy freelance jobs you can do with no experience, there is something you can do online to start earning more money.

From selling clothes on Poshmark to making money selling feet pictures, there is truly something for everyone out there, and you never know – your side hustle just might turn into your 7-figure business!

Just one thing – don’t fall into the trap of joining an MLM. Network marketing is a predatory business model that NYBB does not endorse.

Even knitting can be a profitable side hustle!

Educate Yourself

We all have a responsibility to educate ourselves about money.

School won’t do it, and oftentimes, our parents won’t do it either, so becoming financially literate is our responsibility.

Read books (Rich Dad, Poor Dad is a must), watch videos, and talk to business owners and entrepreneurs to learn the secrets of their success.

Investing is something that everybody should do (in my personal opinion).

You don’t have to take huge risks, or put a large portion of your savings on the line – I make small monthly investments on eToro which have built up into a larger sum over time.

Investing also doesn’t have to be scary. Clever Girl Finance has a bunch of free courses about investing for beginners, and I can personally vouch for how great they are because I’ve taken them myself!

If you’re wary of investing, you could try starting with high-interest bonds – I have a couple of no risk savings accounts on Monzo that generate 3% AER!

Get Rid of Your Money Blocks

Money blocks can have a huge impact on our lives, and many of us have no idea they even exist!

A money block is a set of thoughts, beliefs, or emotions that stand in the way of your financial success.

These blocks can prevent you from getting out of debt, saving money, increasing your income, or achieving the lifestyle you desire, so it’s super important that we overcome these money blocks if we want to become financially free.

Developing a growth mindset is also a key part of overcoming your limiting beliefs surrounding money.

The Connection Between Money and Happiness

Can money really buy happiness?

The answer isn’t so simple.

Money and happiness share a complex and intriguing relationship that goes beyond a simple cause-and-effect dynamic.

It’s certainly true that having the money to fulfill our basic needs and create a sense of security can enhance our overall happiness and well-being – having to constantly worry where your next meal is coming from is not fun for anybody, and neither is constantly having to say ‘no’ to things you really want to do.

Numerous studies have discovered a correlation between a higher income and greater life satisfaction, which makes total sense. It’s natural to feel a sense of contentment when our financial worries are alleviated and we have the means to live comfortably.

However, it’s essential to recognise that the pursuit of money and material possessions can also have a negative effect on our happiness.

In fact, an excessive focus on money can often lead to heightened stress levels, anxiety, and a sense of social disconnection.

Factors such as meaningful social connections, personal fulfillment, and a sense of purpose play pivotal roles in our overall happiness. It’s crucial to strike a balance and not let the pursuit of wealth overshadow the significance of the other important things in life.

Overall then, money does contribute to our happiness to a certain extent, particularly when it fulfills our basic needs and provides a sense of security.

However, it’s important to recognise that true and lasting happiness goes beyond monetary measures.

Nurturing social connections, pursuing personal passions, and finding fulfillment in meaningful endeavors are essential ingredients for a truly happy and fulfilling life.

Money is Everything | Final Thoughts

The bottom line is that anybody who says that money doesn’t matter is probably suffering from some limiting beliefs about money that have become self-fulfilling prophecies.

Money might not be everything, but it is a tool that, when used correctly, can certainly have a positive impact on your life.

Money is not the root of all evil (the people behind it are), and wanting to have money doesn’t make you a bad person.

I hope that this article has given you some things to think about, and as always, if you have any questions then don’t hesitate to leave them in the comments section below!

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Ranking the Top and Bottom 24 U.S. Universities

Wondering which universities are the cream of the crop and which ones fall short of the mark? Today, we’re ranking the 24 best and worst universities in the United States to give you the inside scoop on higher education excellence and disappointment. Are you ready to uncover the highs and lows of academia? Ranking the Top and Bottom 24 U.S. Universities

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18 Trending Jobs That Let You Travel While Working

Dreaming of turning your wanderlust into a way of life? Believe it or not, there are careers that not only allow but encourage you to explore the globe, dive into new cultures, and collect experiences instead of things. Here are 18 unconventional jobs that offer just that, with a bit more insight into each. 18 Trending Jobs That Let You Travel While Working

Grow Every Day: 14 Habits for Tangible Personal Progress

Ready to take your personal growth journey to the next level? Incorporating small, tangible practices into your daily routine can lead to significant positive changes in your life. From expressing gratitude to nurturing connections with loved ones, these 14 daily habits are designed to empower you to thrive and flourish. Let’s dive in and elevate your life one day at a time! Grow Every Day: 14 Habits for Tangible Personal Progress

The post Wealth vs. Well-Being: The Truth About Money and Happiness first appeared on Not Your Boss Babe .

Featured Image Credit: Shutterstock / LightField Studios.

The content of this article is for informational purposes only and does not constitute or replace professional financial advice.

For transparency, this content was partly developed with AI assistance and carefully curated by an experienced editor to be informative and ensure accuracy.

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Four Stand-Out College Essays About Money

By Ron Lieber

• May 9, 2014

Talking about money is hard. Writing well about yourself may be harder still. So trying to do both at once, as a teenager, while addressing complete strangers who control your future, would seem to be foolhardy.

But each year, plenty of high school seniors who are applying to college give it a go. Many skip the story of the sports team triumph or the grandparent’s death and write essays about weighty social issues like work, class and wealth, or lack thereof. Perhaps that’s what affects them most. Or maybe those are the subjects that they think will attract an admissions officer’s eye.

In any case, for the second year, we put out a nationwide call for the best college application essays about these topics. With the help of Jennifer Delahunty , the dean of admissions and financial aid at Kenyon College in Gambier, Ohio, and an accomplished essayist and editor herself, we picked four to share here.

They are a diverse lot, touching on topics ranging from work at McDonald’s and thrift store shopping to homelessness and reckoning with a parent’s job loss. What they share, however, is a quality that admissions officers crave but don’t see as often as they’d like: The applicant’s brain, laid bare on the page, wrapping itself around a topic that most people don’t write enough about or don’t write about in a deep or moving way.

“It’s the one part of the application where they completely control the voice, and that makes it a really valuable document for us,” said Jeremiah Quinlan , Yale’s dean of undergraduate admissions. “When you’re applying to an institution with thousands of students who have the same general academic and testing credentials, those things only get you in the door. The rest of the application will separate you out.”

Mr. Quinlan accepted Viviana Andazola Marquez, who lives in Thornton, Colo., into the class of 2018. Her short, matter-of-fact essay about the logistics of homelessness was the most powerful one we read.

“There it sits, sullen in the passenger’s seat like a child in time out,” she wrote of her frequent attempts to get her homework done using borrowed computers. “Here we go again — someone else’s laptop to navigate, another Wi-Fi network to hack, another stubborn connection to overcome. After a frustrating drive through the neighborhood and careful identification of a network, success is stated simply: connected.”

Ms. Delahunty was struck by two things in this essay. The first was the language. “This is almost like a poem, it’s so laconic and compressed,” she said. “ ’I fill the cracks in the road to success made by forces beyond myself.’ What a beautiful line.”

The second was the lack of bitterness, which Mr. Quinlan picked up on as well. “She uses the story to her advantage but she doesn’t lament it,” he said. “Lots of people write about obstacles, but there is a forward-looking nature to this. It’s a look at what she’s overcome without her steeping in it.”

Clare Connaughton steeps readers in her financial struggles a bit in her essay, noting how hard her mother has worked cleaning houses to keep them in a middle-class neighborhood. But much of it is about the joy she eventually found in shopping at thrift stores with her mother near their home in Mineola, N.Y. “We woke up early and are now waiting on a long line behind Brooklyn hipsters,” she wrote. “ Our beloved thrift store is now trendy and popular. My mom and I laugh about it all the time during dinner.”

Ms. Connaughton will attend the University of Pennsylvania in the fall. “There is a real sense of enlightened awareness in this one,” Ms. Delahunty said. “The idea that necessity became trendy is such an interesting perspective on how she lived her life.”

If there was an underdog in this group, it was Griffin Karpeck. The Darien, Ill., resident did a fair bit of telling and not quite enough showing in his essay about working at McDonald’s and what he learned from his colleagues. A job at McDonald’s is an ordinary thing, and teenagers tend to not make it a goal, let alone build a college application around it. So perhaps that’s why Ms. Delahunty, who has read over 15,000 application essays during her career, had never seen one about working under the golden arches before.

Neither had Laura Schutt, the assistant director of admission at Butler University, where Mr. Karpeck will matriculate this fall. She was thrilled to see it, however, given how often she tells prospective students that they shouldn’t be afraid to discuss their part-time jobs. “When I got this I thought ‘Oh my gosh, somebody finally wrote about something I talk about!’ ” she said. “It jumped out at me.”

I asked her whether this might be too big a risk, and said that a snooty admissions officer would wonder why an ambitious teenager would choose to write about selling hamburgers instead of literature. “No, it’s opening us up to him,” she said. “Him getting beyond that bubble of the suburbs and seeing how a job at McDonald’s is so important to various individuals and the meanings it has to them — he’s already dealing with the topics that you can carry forward onto a campus that was founded on liberal arts principles.”

Mr. Karpeck might have missed one big opportunity because of timing. One of the children of the chief executive of McDonald’s happens to be in one of his high school classes this school year. That would have made for a zinger of an opening line had it happened sooner, but he sent his application in before he realized who was sharing a class with him.

Andy Duehren, who will attend Harvard, took a different kind of risk, writing about his father’s job loss and depression and his own uncaring response to it.

“I became more critical, more attentive to his flaws and shortcomings,” he wrote of his father. “He lost his glasses, got linguini when we asked for rigatoni at the grocery store, and forgot my friends’ names. At family dinner he sat largely silent until he interrupted with a non sequitur or unrelated question. I promised myself, with all of my naïve bravado, that I would never make myself vulnerable like he did, that I would never wallow in past regrets or failures.”

In the essay, however, he makes himself plenty vulnerable. “I do love that, when a writer self-implicates,” Ms. Delahunty said. “And then comes this point of redemption. It’s a loving, honest portrait of a breadwinner that was operating on so many different levels.”

One thing that we’ve never seen in our two years of soliciting these essays is a great one about what it means to be rich. Bad ones abound at Kenyon, alas. “We see a lot of essays about students who have studied abroad and they recognize either their own privilege or that the poor brown people are happier than I,” she said. “That’s always the ending. I absolutely hate those essays, though I sound like a cynic.”

Ms. Delahunty allows, however, that it is hard for teenagers to write about privilege without sounding like they’re bragging. And it’s complicated, given how seldom affluent children are encouraged to acknowledge their class status and how few of them ever dislike the comfort and experiences that wealth can bring. Mr. Quinlan adds that given how hard many top colleges are working to attract the best lower-income students, applicants may be getting an implicit message that it’s better to write about struggling financially.

Still, plenty of parents are paying full freight at $60,000 a year or more. Here’s hoping that one of their children sends in an essay about an underexplored aspect of that life next year. We’ll be looking for them again in the mailbox at [email protected] starting next winter, and we’ll publish a new batch in the spring.

Twitter: @ronlieber

Daniel Victor contributed reporting.

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Sat / act prep online guides and tips, best analysis: money and materialism in the great gatsby.

Book Guides

In The Great Gatsby , money is a huge motivator in the characters' relationships, motivations, and outcomes. Most of the characters reveal themselves to be highly materialistic, their motivations driven by their desire for money and things: Daisy marries and stays with Tom because of the lifestyle he can provide her, Myrtle has her affair with Tom due to the privileged world it grants her access to, and Gatsby even lusts after Daisy as if she is a prize to be won. After all, her voice is "full of money—that was the inexhaustible charm that rose and fell in it, the jingle of it, the cymbals' song of it. . . . High in a white palace the king's daughter, the golden girl. . . ." (7.106).

So how exactly does materialism reveal itself as a theme, how can it help us analyze the characters, and what are some common assignments surrounding this theme? We will dig into all things money here in this guide.

Money and materialism in the plot Key quotes about money/materialism Analyzing characters via money/materialism Common assignments and analysis of money/materialism in Gatsby

Quick Note on Our Citations

Our citation format in this guide is (chapter.paragraph). We're using this system since there are many editions of Gatsby , so using page numbers would only work for students with our copy of the book.

To find a quotation we cite via chapter and paragraph in your book, you can either eyeball it (Paragraph 1-50: beginning of chapter; 50-100: middle of chapter; 100-on: end of chapter), or use the search function if you're using an online or eReader version of the text.

Money and Materialism in The Great Gatsby

In the opening pages, Nick establishes himself as someone who has had many advantages in life —a wealthy family and an Ivy League education to name just two. Despite not being as wealthy as Tom and Daisy, his second cousin, they see him as enough of a peer to invite him to their home in Chapter 1 . Nick's connection to Daisy in turn makes him attractive to Gatsby. If Nick were just a middle-class everyman, the story could not play out in the same way.

Tom and Daisy 's movements are also supported by their money. At the beginning of the novel they move to fashionable East Egg, after moving around between "wherever people played polo and were rich together," and are able to very quickly pick up and leave at the end of the book after the murders, thanks to the protection their money provides (1.17). Daisy, for her part, only begins her affair with Gatsby after a very detailed display of his wealth (via the mansion tour). She even breaks down in tears after Gatsby shows off his ridiculously expensive set of colored shirts, crying that she's "never seen such beautiful shirts" before (5.118).

Gatsby 's notoriety comes from, first and foremost, his enormous wealth , wealth he has gathered to win over Daisy. Gatsby was born to poor farmer parents in North Dakota, but at 17, determined to become rich, struck out with the wealthy Dan Cody and never looked back (6.5-15). Even though he wasn't able to inherit any part of Cody's fortune, he used what he learned of wealthy society to first charm Daisy before shipping out to WWI. (In a uniform she had no idea he was poor, especially given his sophisticated manners). Then, after returning home and realizing Daisy was married and gone, he set out to earn enough money to win Daisy over, turning to crime via a partnership with Meyer Wolfshiem to quickly amass wealth (9.83-7).

Meanwhile, Tom's mistress Myrtle , a car mechanic's wife, puts on airs and tries to pass as rich through her affair with Tom, but her involvement with the Buchanans gets her killed. George Wilson , in contrast, is constrained by his lack of wealth. He tells Tom Buchanan after finding out about Myrtle's affair that he plans to move her West, but he "[needs] money pretty bad" in order to make the move (7.146). Tragically, Myrtle is hit and killed that evening by Daisy. If George Wilson had had the means, he likely would have already left New York with Myrtle in tow, saving both of their lives.

Hardly anyone shows up to Gatsby's funeral since they were only attracted by his wealth and the parties, not the man himself. This is encapsulated in a phone call Nick describes, to a man who used to come to Gatsby's parties: "one gentleman to whom I telephoned implied that he had got what he deserved. However, that was my fault, for he was one of those who used to sneer most bitterly at Gatsby on the courage of Gatsby's liquor and I should have known better than to call him" (9.69).

In short, money both drives the plot and explains many of the characters' motivations and limitations.

Key Quotes About Money

Then wear the gold hat, if that will move her; If you can bounce high, bounce for her too, Till she cry "Lover, gold-hatted, high-bouncing lover, I must have you!"

—THOMAS PARKE D'INVILLIERS

The epigraph of the novel immediately marks money and materialism as a key theme of the book—the listener is implored to "wear the gold hat" as a way to impress his lover. In other words, wealth is presented as the key to love—such an important key that the word "gold" is repeated twice. It's not enough to "bounce high" for someone, to win them over with your charm. You need wealth, the more the better, to win over the object of your desire.

"They had spent a year in France, for no particular reason, and then drifted here and there unrestfully wherever people played polo and were rich together." (1.17)

Our introduction to Tom and Daisy immediately describes them as rich, bored, and privileged. Tom's restlessness is likely one motivator for his affairs, while Daisy is weighed down by the knowledge of those affairs. This combination of restlessness and resentment puts them on the path to the tragedy at the end of the book.

"There was music from my neighbor's house through the summer nights. In his blue gardens men and girls came and went like moths among the whisperings and the champagne and the stars. At high tide in the afternoon I watched his guests diving from the tower of his raft or taking the sun on the hot sand of his beach while his two motor-boats slit the waters of the Sound, drawing aquaplanes over cataracts of foam. On week-ends his Rolls-Royce became an omnibus, bearing parties to and from the city, between nine in the morning and long past midnight, while his station wagon scampered like a brisk yellow bug to meet all trains. And on Mondays eight servants including an extra gardener toiled all day with mops and scrubbing-brushes and hammers and garden-shears, repairing the ravages of the night before…." (3.1-3.6)

The description of Gatsby's parties at the beginning of Chapter 3 is long and incredibly detailed, and thus it highlights the extraordinary extent of Gatsby's wealth and materialism. In contrast to Tom and Daisy's expensive but not overly gaudy mansion , and the small dinner party Nick attends there in Chapter 1 , everything about Gatsby's new wealth is over-the-top and showy, from the crates of oranges brought in and juiced one-by-one by a butler to the full orchestra.

Everyone who comes to the parties is attracted by Gatsby's money and wealth, making the culture of money-worship a society-wide trend in the novel, not just something our main characters fall victim to. After all, "People were not invited—they went there" (3.7). No one comes due to close personal friendship with Jay. Everyone is there for the spectacle alone.

He took out a pile of shirts and began throwing them, one by one before us, shirts of sheer linen and thick silk and fine flannel which lost their folds as they fell and covered the table in many-colored disarray. While we admired he brought more and the soft rich heap mounted higher—shirts with stripes and scrolls and plaids in coral and apple-green and lavender and faint orange with monograms of Indian blue. Suddenly with a strained sound, Daisy bent her head into the shirts and began to cry stormily.

"They're such beautiful shirts," she sobbed, her voice muffled in the thick folds. "It makes me sad because I've never seen such—such beautiful shirts before." (5.117-118)

Gatsby, like a peacock showing off its many-colored tail, flaunts his wealth to Daisy by showing off his many-colored shirts. And, fascinatingly, this is the first moment of the day Daisy fully breaks down emotionally—not when she first sees Gatsby, not after their first long conversation, not even at the initial sight of the mansion—but at this extremely conspicuous display of wealth. This speaks to her materialism and how, in her world, a certain amount of wealth is a barrier to entry for a relationship (friendship or more).

"She's got an indiscreet voice," I remarked. "It's full of——"

I hesitated.

"Her voice is full of money," he said suddenly.

That was it. I'd never understood before. It was full of money—that was the inexhaustible charm that rose and fell in it, the jingle of it, the cymbals' song of it. . . . High in a white palace the king's daughter, the golden girl. . . . (7.103-106)

Daisy herself is explicitly connected with money here, which allows the reader to see Gatsby's desire for her as desire for wealth, money, and status more generally. So while Daisy is materialistic and is drawn to Gatsby again due to his newly-acquired wealth, we see Gatsby is drawn to her as well due to the money and status she represents.

I couldn't forgive him or like him but I saw that what he had done was, to him, entirely justified. It was all very careless and confused. They were careless people, Tom and Daisy—they smashed up things and creatures and then retreated back into their money or their vast carelessness or whatever it was that kept them together, and let other people clean up the mess they had made. . . . (9.146)

Here, in the aftermath of the novel's carnage, Nick observes that while Myrtle, George, and Gatsby have all died, Tom and Daisy are not punished at all for their recklessness, they can simply retreat "back into their money or their vast carelessness… and let other people clean up the mess." So money here is more than just status—it's a shield against responsibility, which allows Tom and Daisy to behave recklessly while other characters suffer and die in pursuit of their dreams.

Analyzing Characters Through Materialism

We touched on this a bit with the quotes, but all of the characters can be analyzed from the point of view of their wealth and/or how materialistic they are. This analysis can enrich an essay about old money versus new money, the American dream , or even a more straightforward character analysis , or a comparison of two different characters . Mining the text for a character's attitude toward money can be a very helpful way to understand their motivations in the world of 1920s New York.

If you analyze a character through this theme, make sure to explain:

#1 : Their attitude towards money.

#2 : How money/materialism drives their choices in the novel.

#3 : How their final outcome is shaped by their wealth status and what that says about their place in the world.

Character Analysis Example

As an example, let's look briefly at Myrtle . We get our best look at Myrtle in Chapter 2 , when Tom takes Nick to see her in Queens and they end up going to the New York City apartment Tom keeps for Myrtle and hosting a small gathering (after Tom and Myrtle hook up, with Nick in the next room!).

Myrtle is obsessed with shows of wealth , from her outfits, to insisting on a specific cab, to her apartment's decoration, complete with scenes of Versailles on the overly-large furniture: "The living room was crowded to the doors with a set of tapestried furniture entirely too large for it so that to move about was to stumble continually over scenes of ladies swinging in the gardens of Versailles" (2.51). She even adopts a different persona among her guests : "The intense vitality that had been so remarkable in the garage was converted into impressive hauteur. Her laughter, her gestures, her assertions became more violently affected moment by moment and as she expanded the room grew smaller around her until she seemed to be revolving on a noisy, creaking pivot through the smoky air" (2.56).

In Myrtle's eyes, money is an escape from life with her husband in the valley of ashes , something that brings status, and something that buys class. After all, Tom's money secures her fancy apartment and allows her to lord it over her guests and play at sophistication, even while Nick looks down his nose at her.

Obviously there is physical chemistry driving her affair with Tom, but she seems to get as much (if not more) pleasure from the materials that come with the affair—the apartment, the clothes, the dog, the parties. So she keeps up this affair, despite how morally questionable it is and the risk it opens up for her—her materialism, in other words, is her primary motivator.

However, despite her airs, she matters very little to the "old money" crowd, as cruelly evidenced first when Tom breaks her nose with a "short deft movement" (2.126), and later, when Daisy chooses to run her over rather than get into a car accident. Myrtle's character reveals how precarious social climbing is, how materialism is not actually a path to happiness/virtue.

Common Assignments and Discussion Topics About Money and Materialism in The Great Gatsby

Here are ways to think about frequently assigned topics on this the theme of money and materialism.

Discuss Tom & Daisy as people who "smash things and retreat into their money"

As discussed above, money—and specifically having inherited money—not only guarantees a certain social class, it guarantees safety and privilege : Tom and Daisy can literally live by different rules than other, less-wealthy people. While Gatsby, Myrtle, and George all end up dead, Tom and Daisy get to skip town and avoid any consequences, despite their direct involvement.

For this prompt, you can explore earlier examples of Tom's carelessness (breaking Myrtle's nose, his behavior in the hotel scene, letting Daisy and Gatsby drive back to Long Island after the fight in the hotel) as well as Daisy's (throwing a fit just before her wedding but going through with it, kissing Gatsby with her husband in the next room). Show how each instance reveals Tom or Daisy's carelessness, and how those instances thus foreshadow the bigger tragedy—Myrtle's death at Daisy's hands, followed by Tom's manipulation of George to kill Gatsby.

You can also compare Tom and Daisy's actions and outcomes to other characters to help make your point—Myrtle and Gatsby both contribute to the conflict by participating in affairs with Tom and Daisy, but obviously, Myrtle and Gatsby don't get to "retreat into their money," they both end up dead. Clearly, having old money sets you far apart from everyone else in the world of the novel.

What do Nick's comments about money reveal about his attitude towards wealth?

This is an interesting prompt, since you have to comb through passages of Nick's narration to find his comments about money, and then consider what they could mean, given that he comes from money himself.

To get you started, here is a sample of some of Nick's comments on money and the wealthy, though there are certainly more to be found:

"Only Gatsby, the man who gives his name to this book, was exempt from my reaction—Gatsby who represented everything for which I have an unaffected scorn." (1.4)

"My own house was an eye-sore, but it was a small eye-sore, and it had been overlooked, so I had a view of the water, a partial view of my neighbor's lawn, and the consoling proximity of millionaires—all for eighty dollars a month. (1.14)

Nick's comments about money, especially in the first chapter, are mostly critical and cynical. First of all, he makes it clear that he has "an unaffected scorn" for the ultra-rich, and eyes both new money and old money critically. He sarcastically describes the "consoling proximity of millionaires" on West Egg and wryly observes Tom and Daisy's restless entitlement on East Egg.

These comments might seem a bit odd, given that Nick admits to coming from money himself: "My family have been prominent, well-to-do people in this middle-western city for three generations" (1.5). However, while Nick is wealthy, he is nowhere near as wealthy as the Buchanans or Gatsby—he expresses surprise both that Tom is able to afford bringing ponies from Lake Forest ("It was hard to realize that a man in my own generation was wealthy enough to do that" (1.16), and that Gatsby was able to buy his own mansion ("But young men didn't—at least in my provincial inexperience I believed they didn't—drift coolly out of nowhere and buy a palace on Long Island Sound" (3.88)), despite the fact they are all about 30 years old.

In other words, while he opens the book with his father's advice to remember "all the advantages [he's] had," Nick seems to have a chip on his shoulder about still not being in the highest tier of the wealthy class . While he can observe the social movements of the wealthy with razor precision, he always comes off as wry, detached, and perhaps even bitter. Perhaps this attitude was tempered at Yale, where he would have been surrounded by other ultra-wealthy peers, but in any case, Nick's cynical, sarcastic attitude seems to be a cover for jealousy and resentment for those even more wealthy than him.

Why does Gatsby say Daisy's voice is "full of money"? What does it reveal about the characters' values?

Gatsby's comment about Daisy's voice explicitly connects Daisy the character to the promise of wealth, old money, and even the American Dream . Furthermore, the rest of that quote explicitly describes Daisy as "High in a white palace, the King's daughter, the golden girl…" (7.106). This makes Daisy sound like the princess that the hero gets to marry at the end of a fairy tale—in other words, she's a high-value prize .

Daisy representing money also suggests money is as alluring and desirable—or even more so—than Daisy herself. In fact, during Chapter 8 when we finally get a fuller recap of Daisy and Gatsby's early relationship, Nick notes that "It excited [Gatsby] too that many men had already loved Daisy—it increased her value in his eyes" (8.10). In other words, Gatsby loves Daisy's "value" as an in-demand product .

But since Daisy is flighty and inconsistent, Gatsby's comment also suggests that wealth is similarly unstable. But that knowledge doesn't dampen his pursuit of wealth—if anything, it makes it even more desirable. And since Gatsby doesn't give up his dream, even into death, we can see how fervently he desires money and status.

Connecting new/old money and materialism to the American dream

In the world of The Great Gatsby , the American Dream is synonymous with money and status —not so much success, career (does anyone but Nick and George even have a real job?), happiness, or family. But even Gatsby, who makes an incredible amount of money in a short time, is not allowed access into the upper echelon of society, and loses everything in trying to climb that final, precarious rung of the ladder, as represented by Daisy.

So the American Dream, which in the first half of the book seems attainable based on Gatsby's wealth and success, reveals itself to be a hollow goal. After all, if even wealth on the scale of Gatsby's can't buy you entry into America's highest social class, what can? What's the point of striving so hard if only heartbreak and death are waiting at the end of the road?

This pessimism is also reflected in the fates of Myrtle and George, who are both trying to increase their wealth and status in America, but end up dead by the end of the novel. You can read more about the American Dream for details on The Great Gatsby 's ultimately skeptical, cynical attitude towards this classic American ideal.

Connecting money to the status of women

Daisy and Jordan are both old money socialites, while Myrtle is a working class woman married to a mechanic. You can thus compare three very different women's experiences to explore how money—or a lack thereof—seems to change the possibilities in a woman's life in early 1920s America.

Daisy maintains her "old money" status by marrying a very rich man, Tom Buchanan, and ultimately sticks with him despite her feelings for Gatsby. Daisy's decision illustrates how few choices many women had during that time—specifically, that marrying and having children was seen as the main role any woman, but especially a wealthy woman, should fulfill. And furthermore, Daisy's willingness to stay with Tom despite his affairs underscores another aspect of women's roles during the 1920s: that divorce was still very uncommon and controversial.

Jordan temporarily flouts expectations by ""[running] around the country," (1.134) playing golf, and not being in a hurry to marry—a freedom that she is allowed because of her money, not in spite of it. Furthermore, she banks on her place as a wealthy woman to avoid any major scrutiny, despite her "incurable dishonesty": "Jordan Baker instinctively avoided clever shrewd men and now I saw that this was because she felt safer on a plane where any divergence from a code would be thought impossible. She was incurably dishonest. She wasn't able to endure being at a disadvantage, and given this unwillingness I suppose she had begun dealing in subterfuges when she was very young" (3.160). Furthermore, by the end of the novel she claims to be engaged, meaning that like Daisy, she's ultimately chosen to live within the lines society has given her. (Even if she's not actually engaged, the fact she chooses to tell Nick that suggests she does see engagement as her end goal in life.)

Myrtle feels trapped in her marriage, which pushes her into her affair with Tom Buchanan, an affair which grants her access to a world—New York City, wealth, parties—she might not otherwise have access to. However, jumping up beyond her roots, using Tom's money, is ultimately unsustainable—her husband finds out and threatens to move out west, and then of course she is killed by Daisy before they can make that move. Myrtle—both working class and a woman—is thus trapped between a rock (her gender) and a hard place (her lack of money), and perhaps for this reason receives the cruelest treatment of all.

So all three women push the boundaries of their expected societal roles—Daisy's affair with Gatsby, Jordan's independent lifestyle, and Myrtle's affair with Tom—but ultimately either fall in line (Daisy, Jordan) or are killed for reaching too far (Myrtle). So Gatsby ultimately provides a pretty harsh, pessimistic view of women's roles in 1920s America.

What's Next?

In The Great Gatsby, money is central to the idea of the American Dream. Read more about how the American Dream is treated in The Great Gatsby and whether the novel is ultimately optimistic or pessimistic about the dream.

Money (or the lack of it!) is also why the novel's symbols of the green light and the valley of ashes are so memorable and charged. Read more about those symbols for a fuller understanding of how money affects The Great Gatsby.

Want the complete lowdown on Jay Gatsby's rags-to-riches story? Check out our guide to Jay Gatsby for the complete story.

Thinking about indulging in a little materialism yourself alà Gatsby? We've compiled a list of 15 must-have items for fans of The Great Gatbsy book and movie adaptations .

Looking for other literary guides? Learn more about The Crucible , The Cask of Amontillado , and " Do not go gentle into that good night " with our expert analyses.

Anna scored in the 99th percentile on her SATs in high school, and went on to major in English at Princeton and to get her doctorate in English Literature at Columbia. She is passionate about improving student access to higher education.

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Holly R. "I am absolutely overjoyed and cannot thank you enough for helping me!”

IELTS opinion essay about wealth

Model answer for an ielts essay on the topic of wealth and helping others..

Before writing anything we must always analyse the task. Take 2 minutes to do this and underline keywords and decide what exactly you need to write about. In this stage check the instruction words too.

It might seem obvious but this is a crucial stage before even planning or writing. I have seen so many essays go off-topic because the student did not spend the time at the start analysing the task Let’s see the task question below.

Some say that the most important thing about being rich is that one has the opportunity to help others . To what extent do you agree or disagree?

This is an opinion essay as the instruction words ask ‘To what extent do you agree or disagree?’. So you need to give your opinion throughout the whole essay , don’t just leave the opinion to the conclusion. Take a look at a good structure you can use below.

IELTS opinion essay structure

So give 2 reasons for your opinion, state them in the thesis statement and explain them in each main body paragraph. It’s pretty simple really.

Model Answer

Some say that the most important thing about being rich is that one has the opportunity to help others. To what extent do you agree or disagree?

Some people hold the view that the most significant aspect of being wealthy is having the chance to help other people. I completely agree with this as rich people can engage in charity work and create employment opportunities for local communities.

To begin with, I believe wealthy individuals have the unique ability to assist less fortunate members of society, with philanthropy and charity projects. This means that people in need, such as underprivileged children, can have a chance at higher education with the funding of new schools and academies by successful CEOs, who have made billions from their businesses. For instance, Warren Buffet a famous Wall Street trader and billionaire donated a large proportion of his wealth to philanthropic causes over the past decade, particularly in the education sector. This has helped countless youngsters from low-income families that could not afford a decent education.

Another important point to consider is that rich people can create many opportunities at a local business level bringing new jobs to the local community. With investment from millionaires and top executives, many local shops and factories can be opened up, resulting in towns that have low employment being transformed economically. To illustrate this, Luton in the UK benefitted greatly from investment from Alan Sugar, a popular technology CEO, who opened a production line for Amstrad computers in the late 1990s. This resulted in many new jobs which also attracted further investment from other tech giants such as Apple and IBM.

To sum up, I firmly believe that the wealthy can assist others through charities and investment in communities, thus greatly benefitting poorer members of society.

Time management

If you don’t finish your essay and leave the conclusion out, then you will end up with a lower band score. Make sure you have worked on your timing so that you can get an essay done in 40 minutes . See this video about that.

In terms of word count, keep it under 300 words as you will not have time to write a very long essay in just 40 minutes. Plan your essay too. Set aside 10 minutes of planning time, do not just go straight into writing or change your ideas halfway through as that will leave you in a confusion and the stress builds up.

Any questions? Leave them in the comments below.

2 thoughts on “IELTS opinion essay about wealth”

i enjoyed your teaching. Please,how do i count to know the total number of my written words.

Average the number of words on each line and count the lines…thanks

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Essay on Wealth

Short and Long Essays on Wealth in English Language

Essay on wealth # 1. essay on the true definition of wealth, essay on wealth # 2. essay on: – what does it mean to be wealthy, essay on wealth # 3. essay on wealth is not everything in life.

• Essay on Wealth #4. Essay on the Relationship between Wealth and Happiness

Essay on Wealth # 5. Essay on the Relationship between Wealth and Power

Essay on wealth # 6. essay on: wealth is root of all evils, essay on wealth # 7. essay on: is wealth a curse, essay on wealth # 8. essay on the uses of wealth.

Everyone wants to be rich and wealthy, but what is the real meaning of the word, “wealthy”? Wealth can mean many things to different people.

For instance, when you check it out from Merriam-Webster Dictionary, wealth means an abundance of valuable material possessions or resources. However, Robert Kiyosaki, the famous author of the best-selling book, “Rich Dad Poor Dad” has a totally different meaning of wealth. Kiyosaki defines wealth as “A person’s ability to survive X number of days forward”. He says that he was introduced to this definition from the brilliant inventor, Buckminster Fuller.

How Many Days Can You Survive Without Working?

For most people, they think that being wealthy equals to having a lot of money, luxury items, shiny objects, real estates, stocks, sports cars, yachts, and more. And the word wealth is often associated with success. When someone is successful, he or she is wealthy in the eye of the public.

However, when you think about it, does having a lot of luxury items make you wealthy? Not really. According to Kiyosaki’s definition, he focuses more on the freedom one can accomplish with his wealth than on wealth itself.

For example, if you own a million-dollar house, does that make you a millionaire? It depends on if you own the house free and clear or if you still owe the banks a huge portion of it. Kiyosaki takes debt into calculation. If you own a $200,000 car, but you increase your debt and you have to serve the loan payment each month, it does not make you wealthy.

Kiyosaki says that truly wealthy people are those who are financially free. They have assets that provide cash flow every month to cover their expenses. In financial terms, you need to ask yourself how many days you can survive if you stopped working today. How long can you survive with the amount of money you have right now?

If you are earning passive income from your investments for $5,000 per month, but your monthly living expenses are only about $3,000 per month, you are wealthy because you are able to retire, stopped work, and still are able to survive for as long as you want.

The Secret to Wealth is Gratitude

Another important factor you need to consider when it comes to wealth is your feeling. In an interview with Sir John Templeton, the investment pioneer who turned $10,000 into billions during the World War II era, Tony Robbins, the world’s number one success coach asked, “What is the secret to wealth?” And Templeton’s replied surprised Tony.

Sir Templeton said, “You know it. You teach it. It’s gratitude.” And continued to say that because if you have a million dollars, but you are not grateful for it, you can feel like you have nothing. On the other hand, if you have next to nothing, but you feel grateful for everything that you have, you will become the wealthiest person that you are going to know.

Therefore, it does not matter how much money you have. If you do not have the gratitude, even a million dollar can seem like a penny to you. So learn to be grateful.

The word “Wealth” is commonly used to describe someone who has a lot of money and possessions. This may be true to the public because we have been conditioned by the media and marketing to believe so.

When someone drives a luxury car, we see them as wealthy. When someone lives in an upscale neighborhood, we expect them to be earning more money and are wealthy. Is this true? Yes and no. Before we define someone as wealthy, we should look at their ability to live a life with financial freedom.

If someone builds a business that earns him a passive income of $10,000 a month without him working on it, and the money is enough to cover all of his monthly expenses, then yes, he is wealthy because he can choose to stop working and are still able to maintain his lifestyle.

Take Your Net Worth into Consideration

This is why money and wealth do not define how much you have. Another better word is net worth. Most media ranks rich people according to their net worth, and not how much money they have in the bank.

So it is not the amount of money you save that determines your wealth, it is the percentage of the nest egg that you spend.

There are a lot of professional athletes who make millions, but after they retired, they went bankrupt within a short couple of years because they spent all of their nest egg. Too many people are concerned with living a lifestyle that is beyond their income’s ability to allow for proper savings.

The one who makes the most money may not be the wealthiest. He can earn a million dollars a year, but if he has a high profile lifestyle to maintain and he spends it all, he is as good as someone who earns just a thousand dollars and has nothing left to show for by the end of the month.

Money is a Byproduct

This is where frugality comes into play. Take a look at most of the highly wealthy people like Bill Gates, Warren Buffett, Mark Zuckerberg, and much more. They live a frugal lifestyle. Rather than spending all the billions that they have made, they use the money for a bigger and better cause.

Highly successful people believe that money is a vehicle that makes dreams possible. And to them, money is just the byproduct of their hard work. It is the means to an end. And they do not focus on making the most money; rather, they focus on building their businesses and chasing their passion.

The moment when Mark Zuckerberg made his first billion, he could have chosen to stop and enjoy his life, which he did not. Instead, he chose to move forward and try to build something even better. The same goes for Elon Musk. When he sold PayPal to eBay, he could live a great life, but instead, he chose to follow his dreams to build Tesla and SpaceX.

Sure, you will see rich people pamper themselves with luxury cars and other expensive items, but please remember that those are the rewards of their hard work. When Elon Musk bought a McLaren cost $1 million, the amount is less than 1% of his net worth. Unfortunately, most people only see the material possessions and they spend a large portion of their money on buying expensive cars that they cannot really afford.

In today’s world, people are becoming more materialistic than ever and living a luxury lifestyle has become something to compare among each other. When you see someone shares that he just bought a new car on Facebook, you want one. And when you see someone went for holidays in Paris, you want to do that too.

So is wealth and money everything in life? Some people say that money is everything because without money, there is no way you can survive. This is a fair statement, but let us discover more about wealth and money, and how your life depended on them.

Money is Important in Where it Works

It is true that money is extremely important. Without money, there is no way that you can buy food for survival. Without money, there is no way you can live or pay the bills for your children’s education. People who say that money is not important simply do not have a lot of it.

However, please understand that money is only important in the areas where it works. For example, money cannot buy you time or happiness. If you think that money can make you happy, you are wrong. This is because happiness is a feeling, and you can control your feelings without external things like money.

Just focuses your mind on the happy moments you have had before and you will instantly feel happy. You do not need money or wealth to be happy.

Always remember that money is important because it is a means to an end. It is a score of how well you are doing in your life.

Treat Wealth as Freedom and Money as a Tool

When you are wealthy and you have a lot of money, you have more choices. You can choose to buy things that most people cannot afford and you can travel in class. Wealth gives you freedom, but not everything.

Besides that, money can work as a tool in materializing your desire. For example, money can buy you houses. You can use the money to materialize your dreams of visiting countries you have never been before or you can use it as capital to start a business. When you have more money, you can live more comfortably depending on your lifestyle. And you can even use the money to buy people food and build schools and houses for those who need them.

Therefore, money is a tool or a vehicle that helps you in achieving your goals and dreams. This is why people are busy looking for money, but they have forgotten that money is just a tool and most people are trying to earn as much as possible for the sake of earning.

Unfortunately, the media and our society have made us believe that money is everything. When you have the money and are wealthy, you can buy a big mansion, but it cannot buy you a family to live in.

More importantly, life is supposed to be more than just money and wealth. Family and friends, relationships, your wellbeing, growth, satisfaction, passion, and more, require your attention as well. Of course, the best is that if you can manage all and enjoy all. That will be a true success in life.

Essay on Wealth # 4. Essay on the Relationship between Wealth and Happiness

The relationship between money and happiness is one of the most debated topics for since ages ago. Some people believe that money can make you happy, while others think otherwise. It is a complex subject because it involves human feelings that cannot be quantified or measured.

Furthermore, happiness is state of emotion that can be understood in many ways by different people. There is a day-to-day momentary happiness that one gets out of little pleasures, and then there is a general satisfaction; the feeling of emotional well-being and contentment with life.

Wealth can bring a certain kind of happiness depending on the amount. First, we have to understand that money has the power to buy things that one desires, especially luxury ones, to fulfill one’s aspiration. This will lead to immediate happiness, but usually, the happiness dies out quickly as soon as people get used to the object.

This goes on to explain why someone rich can feel unsatisfied even when they have all the luxury objects like sports cars and a big mansion. On the other hand, someone poor can still feel extremely happy and satisfied when they earn enough to buy themselves a normal shirt.

Therefore, money and happiness are indeed significantly correlated at some point, but the relationship isn’t super strong.

Does Money Really Buy Happiness?

The relationship between money and happiness only holds for a certain kind of happiness. When surveys conducted and asked people to consider how happy or satisfied they are in general, yes, those with more money reported being happier and more satisfied.

However, when people are asked how happy they are from moment-to-moment in their daily lives, those with more money are no more likely to have experienced happy feelings.

Another important point to note is that money only makes a great reward when the pure effort is involved. For example, someone who was born in a wealthy family may not value money as much than someone who was born in a poorer family. If money is given to you without hard work from your side, you will not appreciate it and feel happy when you receive it.

Just like the oxygen we breathe at each moment or the clothes we are wearing right now, because we have used to these things, we tend to take them for granted. And when this happens, we associate that having these things will not make us happy.

People will never appreciate or happy to have something when they have plenty of it. Ask a 20-year-old and you will find that he or she wants luxury items more than time and health. Ask someone on their deathbed and they will tell you otherwise.

So can money really buy you happiness? The answer is yes, but only to a certain extent. When you have no food to eat or worry about having not enough money to pay for your basic living, then yes, money can make you happy.

Things will be different when you have a lot of money. This is just like giving more water to fish that is already in the water will not make a big difference. Try to give the same water to someone who is thirsty and are living in the desert, you will find a huge difference.

Another popular topic about wealth is its relationship with power. People often argue and to say that money brings power. How true is this? We will discover the answer here.

When we speak of wealth, the images that come into most people’s mind are big houses, expensive cars, and luxury items. Wealth is represented by money and the possessions. On the other hand, power is the ability to manifest our intentions, to change our environment, to require someone to do something to our desire, to have authority, and so on.

Can you find the similarity in both definitions? The truth is that wealth or money is one type of power. In other words, when you have the money, you can hire people to do works for you. With money, you can buy the organized labor of others, trading your money with their work, within the confines of the marketplace.

Wealth Brings You More Power and Vice Versa

Wealth can be traded for certain types of power. For example, you can use the money to influence those in the positions of authority, through both legitimate and unlawful method.

So when you ask the question, “Do you want power or wealth?” it is like asking if you want fruits or apple. Wealth is a subset of power. Both power and wealth belong to the same side of a coin. When you are wealthy, you can command higher power. And when you have more power, you can bring more wealth into your life too.

That said, someone who is wealthy tends to have better chances to succeed in life because they have both direct and indirect power to help and support them in their venture.

For instance, wealthy people can use its money to make a better deal for themselves, allowing them to make more money and become wealthier and have even more power. Someone who starts from the ground up will have to face many difficulties and challenges than those who started off with money.

Leverage Your Wealth and Power

Wealth and power are only useful when you know how to make good use of them. For example, someone who is working in a low salary income society can become rich if he knows how to leverage the resources he had. We often hear stories of how people turn from rags to riches, and it is true that wealth and power can be acquired if you know how to leverage them.

On the contrary, someone who has wealth and power may lose it all if he does not know how to manage and grow what he already had. We have seen professional athletes who made a lot of money at the peak of their career, but only to lose all their wealth and power after years into their retirement. The reason is that they do not know how to handle the resources available to them.

Therefore, if you are not wealthy or you do not have power or authority, worry not. You can learn to grow and climb from the bottom of the ladder. It is how you manage your wealth that determines how powerful you can be. And it is how you handle your power that determines how wealthy you are.

People often say that wealth is the root of all evils, how true is this statement? Well, this is what we are going to discuss here.

First, some people may think that having a lot of money and become wealthy is not a good thing, especially in terms of gospel and spirituality. For some people, the more money you have the less spiritual you will be. After all, they believe that in order to make money, you need to manipulate others or earn more from others when you can earn just enough. You are trying to make the most out of other people in order to get rich.

Is this so? Well, there are also sources that say otherwise. If money is the root of all evils, what do you have to say about money build churches, hospitals, put food on the table, and able to pay the medical bills for someone who is severely ill?

Well, perhaps, wealth is not really the root of all evils as most people know.

The Love of Wealth is the Root of All Evils

Wealth in itself has no potential power. It is the manipulation of wealth that creates evil. In other words, wealth is not evil, but the love of wealth is the root of all evil.

If you are rich, it does not mean that you are a bad person. If you are poor, it does not mean that you are a good person either. It can be either way and thus, wealth does not define if you are good or evil.

The problem is that people can become so obsessed with wealth that they are willing to do unlawful and unethical things. And when this happens, they are not driven by their conscience anymore. They are willing to do something bad that may be hurtful to the other in order to gain wealth.

Therefore, wealth is not the root of all evils, the love of wealth is.

Wealth and Money Work as a Magnifying Glass

Another important point to look into is that wealth is a magnifying glass. For example, someone who is kind, loving, helpful, and always care about the society, guess what will happen to him when he becomes rich? Well, he will become even more helpful and kind to others. He will donate to charity and support even more people who are in need. Now, turn it the other way round. What if someone unethical becomes rich and wealthy? Well, he will go on and do even more and bigger unethical things.

Thus, wealth can be a magnifying glass by bringing out who we are internally. Money and wealth have nothing to do with being good or evil. It is the people who own the wealth that get to decide whether they want to do something good with evil with the money they have.

Hence, when money falls into the hand of the bad guys, they will plan and do something evil. However, if the money falls into someone who has an angel’s heart, he will help and support others who are in need.

“Is wealth a curse?” This is one of the hottest topics that people debate when it comes to wealth and money. So can wealth really be a curse? Well, it depends. There is no right or single answer to this question. It is not a math question with just one right answer.

When Wealth Becomes a Curse

Wealth can really become a curse when you do not know how to manage it. Many people will love to have millions and billions of dollars with them, but they never realize that with great wealth, comes great responsibility.

Imagine the people you love fighting over money. Imagine you found the girl of your dream and you intend to marry her and live with her for the rest of your life, but only to discover that she only loves you for your wealth. Now, imagine your children only care about your wealth and not you, how does this make you feel?

Thus, in this case, wealth can be a curse. When wealth is not properly managed, many bad things can happen and it may not bring you happiness in life.

When Wealth Becomes a Blessing

On the other hand, wealth can also be a blessing. Never to forget that it is money that builds the church, the house you live in, and also able to buy food to avoid hunger. When you are wealthy, you can use the money to save a lot of lives. You can pay the hospital bills for people who are in need. You can build schools for the needy children or donate it.

Not only that, when you have more money, you can bring a better and more comfortable life to your family. You can bring your children overseas and provide a better education for them.

Hence, in this case, wealth is a blessing and not a curse. When you appreciate and know how to manage your wealth properly, it can be a blessing.

Being Wealthy Means Being Grateful

Sir John Templeton said it well. He said that the secret to wealth is gratitude. When you are grateful for everything that you have, you will feel like you have more than enough. You will be happy, feeling blessed, and you appreciate everything and everyone around you.

Things will be totally different if you do not grateful for what you have. Even if you have millions of dollars in the bank, you can feel like you are the poorest of the poor when you are not grateful. You will feel sad, resentful, frustrated, and angry if you do not know how to appreciate things around you.

Therefore, wealth can be a curse or a blessing. It all depends on how you look at wealth and money. Learn from Sir John Templeton, one of the richest men during the World War II era.

You do not really need a lot of money to feel wealthy. Instead, choose to be grateful for what you have and learn to appreciate the people and things around you. When you do, wealth will automatically come to you.

One of the key reasons people are chasing for money and building their wealth is because of what money and wealth can give them. When you are rich and wealthy, there are plenty of things you can do than when you have none of them.

Wealth Give You Freedom

The very first thing you will have when you are wealth is freedom. Yes, money buys you freedom and gives you more choices in life. If you are rich, you can choose where you want to live. When you have the money, you can choose what to eat. And more importantly, you can choose to have the freedom of time when you are rich.

One of the most valuable things we have in life is our time. And when you are wealthy, you can hire, outsource, and delegate your work. This frees you up and gives you more time to spend on other more important things such as being with your family and the people that you love.

Of course, you can choose however you want to spend your time and to continue to work, or to retire. You can have a lot of freedom in your life when you are wealthy.

Wealth Grow Your Experiences

Another important use of wealth is that it can grow your experience. When you are wealthy, you can make your dreams possible. Many people’s goals and dreams are directly related to money. For example, when you are rich, you can experience traveling to countries that you desire, you can experience driving the sports car you have always wanted, you can dive in the Great Barrier Reef, and also attend seminars and workshops to learn new experiences.

In fact, most of the things that we want in life are nothing but experiences. Think about it, people want to drive a sports car not because of the car itself, but it is because of the experience that they get from driving the car.

Wealth Enhance Your Mortality

Besides buying you freedom and experience, wealth can enhance your mortality. When you are wealthy, you can buy nutritious food and supplement to prolong your health. You are accessible to better health and environment condition that enables you to live longer.

People who are living in the poorer country will not have the privilege to access the clean water or even nutritious food. So if you have the money, you are able to maintain a healthier lifestyle.

Wealth Can Make the World a Better Place

And finally, wealth allows you to contribute and make the world a better place. You can donate a portion of your money to help and support a greater cause. Just like what Bill Gates and Warren Buffett did. They started “The Giving Pledge” to encourage billionaires to donate and help make the world better.

When you are wealthy, a thousand dollars can seem like nothing to you, but to those who are less fortunate, this amount of money can save their lives.

Wealth can greatly impact your life and the lives of others. When you properly channeling wealth and handle it well, it can create a lot of positive ripples to you and the rest of the world.

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Health Is Wealth Essay for Students and Children

500+ words health is wealth essay.

Growing up you might have heard the term ‘Health is Wealth’, but its essential meaning is still not clear to most people. Generally, people confuse good health with being free of any kind of illness. While it may be part of the case, it is not entirely what good health is all about. In other words, to lead a healthy life , a person must be fit and fine both physically and mentally. For instance, if you are constantly eating junk food yet you do not have any disease, it does not make you healthy. You are not consuming healthy food which naturally means you are not healthy, just surviving. Therefore, to actually live and not merely survive, you need to have the basic essentials that make up for a healthy lifestyle.

Introduction

Life is about striking a balance between certain fundamental parts of life. Health is one of these aspects. We value health in the same way that we value time once we have lost it. We cannot rewind time, but the good news is that we can regain health with some effort. A person in good physical and mental health may appreciate the world to the fullest and meet life’s problems with ease and comfort. Health is riches implies that health is a priceless asset rather than money or ownership of material possessions. There is no point in having money if you don’t have good health.

Key Elements Of A Healthy Lifestyle

If you wish to acquire a healthy lifestyle, you will certainly have to make some changes in your life. Maintaining a healthy lifestyle demands consistent habits and disciplined life. There are various good habits that you can adopt like exercising regularly which will maintain your physical fitness. It also affects your mental health as when your appearance enhances, your confidence will automatically get boosted.

To live a healthy life, one must make some lifestyle modifications. These modifications can include changes to your food habits, sleeping routines, and lifestyle. You should eat a well-balanced, nutrient-dense diet for your physical wellness.

Further, it will prevent obesity and help you burn out extra fat from your body. After that, a balanced diet is of great importance. When you intake appropriate amounts of nutrition, vitamins, proteins, calories and more, your immune system will strengthen. This will, in turn, help you fight off diseases powerfully resulting in a disease-free life.

Above all, cleanliness plays a significant role in maintaining a healthy lifestyle. Your balanced diet and regular exercise will be completely useless if you live in an unhealthy environment. One must always maintain cleanliness in their surroundings so as to avoid the risk of catching communicable diseases.

Get the huge list of more than 500 Essay Topics and Ideas

Benefits Of A Healthy Lifestyle

As it is clear by now, good health is a luxury which everyone wants but some of them cannot afford. This point itself states the importance of a healthy lifestyle. When a person leads a healthy lifestyle, he/she will be free from the tension of seeking medical attention every now and then.

On the contrary, if you have poor health, you will usually spend your time in a hospital and the bills will take away your mental peace. Therefore, a healthy lifestyle means you will be able to enjoy your life freely. Similarly, when you have a relaxed mind at all times, you will be able to keep your loved ones happy. A healthy individual is more likely to fulfil all of his goals because he can easily focus on them and has the energy to complete them. This is why the proverb “Health is Wealth” carries so much weight.

A socially healthy individual is one who is able to interact effectively and readily connect with others. Without his ego, he can easily blend with the person in front of him, exuding a nice feeling and energy.

Every human being should participate in sports and activities to get away from the monotony of daily life. It is because sports and games assist in instilling a sense of oneness in people, build leadership skills, and make a person absolutely disciplined.

Moreover, a healthy lifestyle will push you to do better in life and motivate you to achieve higher targets. It usually happens that people who are extremely wealthy in terms of money often lack good health. This just proves that all the riches in the world will do you no good if there is an absence of a healthy lifestyle.

In short, healthy life is the highest blessing that must not be taken for granted. It is truly the source of all happiness. Money may buy you all the luxuries in the world but it cannot buy you good health. You are solely responsible for that, so for your well-being and happiness, it is better to switch to a healthy lifestyle.

Good Health for Children

Childhood is an ideal period to inculcate healthy behaviours in children. Children’s health is determined by a variety of factors, including diet, hydration, sleep schedule, hygiene, family time, doctor visits, and physical exercise. Following are a few key points and health tips that parents should remember for their children:

• Never allow your children to get by without nutritious food. Fruits and vegetables are essential.
• Breakfast is the most important meal of the day, therefore teach them to frequently wash their hands and feet.
• Sleep is essential for your child.
• Make it a habit for them to drink plenty of water.
• Encourage physical activity and sports.
• Allow them enough time to sleep.
• It is critical to visit the doctor on a regular basis for checks.

Parents frequently focus solely on their children’s physical requirements. They dress up their children’s wounds and injuries and provide them with good food. However, they frequently fail to detect their child’s deteriorating mental health. This is because they do not believe that mental health is important.

Few Lines on Health is Wealth Essay for Students

• A state of physical, mental, emotional, and social well-being is referred to as health. And all of this is linked to one another.
• Stress, worry, and tension are the leading causes of illness and disease in today’s world. When these three factors are present for an extended period of time, they can result in a variety of mental difficulties, which can lead to physical and emotional illnesses. As a result, taking care of your own health is critical.
• Unhealthy food or contaminated water, packed and processed food and beverages, unsanitary living conditions, not getting enough sleep, and a lack of physical activity are some of the other primary causes of health deterioration.
• A well-balanced diet combined with adequate exercise and hygienic habits, as well as a clean environment, can enhance immunity and equip a person to fight most diseases.
• A healthy body and mind are capable of achieving things that a sick body and mind are incapable of achieving, including happiness.
• It is also vital to seek medical and professional assistance when necessary because health is our most valuable asset.
• Activities such as playing an instrument, playing games, or reading provide the brain with the required exercise it requires to improve health.

Maintaining healthy behaviours improves one’s outlook on life and contributes to longevity as well as success.

Frequently Asked Questions

Question 1: What are the basic essentials of a healthy life? Answer: A healthy life requires regular exercise, a balanced diet, a clean environment, and good habits.

Question 2: How can a healthy life be beneficial? Answer: A healthy lifestyle can benefit you in various ways. You will lead a happier life free from any type of disease. Moreover, it will also enhance your state of mind.

Question 3: When is World Health Day celebrated?

Answer: Since 1950, World Health Day has been observed on the 7th of April by the World Health Organization (WHO), after a decision made at the first Health Assembly in 1948. It is observed to raise awareness about people’s overall health and well-being around the world.

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The Wealth of Billionaires: Where It Came From, Where It Is, and Why It Matters

Authors: Preston Brashers and Alexander Frei

Key Takeaways

The great wealth of America’s richest people came from the businesses they created, not inherited wealth.

Billionaires’ wealth is concentrated in company stock, and their companies’ value lies mostly in ideas and processes, not cash and physical property.

The economy depends on some people having more than they need to consume, as their investments of capital fund business operations and private lending.

Select a Section 1 /0

Is the economy a zero-sum game? When the rich get richer, does that come at the expense of everyone else? Much political discourse is predicated on this idea. The common term “wealth distribution,” for example, invokes the idea that there is a fixed quantity of money that policymakers must decide how to divvy up. REF In reality, the economy is the aggregation of all the goods and services people create and consume and all the inputs—labor, materials, capital, and innovation—that go into that process.

The amount of economic output is not fixed; it depends on how much each person engages in the economy. Rather than there being a “wealth distribution,” it is much more accurate to think of there being wealth creation and wealth redistribution . Wealth creation is not zero-sum, but wealth redistribution is zero-sum at best. REF

Did the very rich create the fortunes that they possess, did they inherit their fortunes, or did they amass their wealth through exploitation or by taking what rightfully belonged to others? This Backgrounder explores this question by examining the fortunes of the world’s 10 richest men and the market values of the public companies they own. It shows that most of their wealth derives from and is actively engaged in their businesses. Very little of their wealth is comprised of cash sitting idly or in personal luxuries; instead, it represents their stake in the businesses that they had an indispensable role in building.

Likewise, their businesses are valuable not because of the amount of physical assets they hold, but because of the innovative ways they have developed for serving customers. The report dispels some common misconceptions about what wealth is, how the rich acquired it, how they use it, how much of it there is, and how much good or harm is done with it.

Wealth and Net Worth

The Middle Class. The typical American’s wealth includes some highly liquid (easily spendable) assets like cash and checking or savings accounts. It also includes some tangible assets such as a house, vehicles, or jewelry. It may also include some less liquid financial assets like an Individual Retirement Account, a 401(k), a life insurance policy, stocks and/or bonds. Nearly 99 percent of American adults have a checking or savings account, 87 percent own one or more vehicles, 66 percent own the home they live in, and 54 percent have retirement accounts. REF An individual’s net wealth or “net worth” is the sum value of all these assets minus any liabilities such as mortgages, student loan debt, or credit card debt.

A relatively small portion of most Americans’ net worth comes from the value of any single asset (aside from a home). To the extent they own company equity, most Americans diversify across many companies’ stocks to reduce their exposure to risk. REF

Billionaires. Perhaps counterintuitively, the wealth owned by many billionaires is concentrated in a single asset, namely, their stock or ownership of the company that they run.

Bloomberg and Forbes magazine compile lists of the wealthiest people in the world and in the U.S., respectively. REF Valuing billionaires’ publicly traded corporate stock is relatively straightforward, but valuing ownership stakes in closely held companies and other assets is more challenging. REF Forbes , for example, interviews billionaires, their representatives, rivals, and peers to gather information about the value of closely held companies and assets. Forbes notes, “While some billionaires provided documentation for their assets and companies, others were less forthcoming.” REF Where a reliable valuation is not available for private companies, for example, analysts use price-to-sales ratios (or other metrics) of similar peer companies to infer the estimated value of private companies. REF

Even if Bloomberg and Forbes had perfect visibility into individuals’ finances, valuing private assets is an inexact science, therefore there is inherent uncertainty in these lists. Still, despite using different methodologies to estimate the billionaires’ net worth, there is a high degree of correlation (over 99 percent) between the estimated wealth of the top 100 American billionaires on the two lists. REF

Based on Bloomberg’s Billionaire Index, the 10 richest men in the world held a median of about 89 percent of their net worth in companies (mostly public) they built. Typically, their wealth from company ownership derived almost exclusively from a single company.

How The World’s Richest Men Made Their Billions

As of March 2024, nine of the 10 richest people in the world are Americans, according to Bloomberg’s Billionaire’s Index. Each of them is, or was recently, the founder, CEO, and/or president of a major corporation (or corporations). Table 1 lists these 10 men, the primary company with which each of them is associated, their roles in the companies, and some data about the individuals’ net worth and the companies’ value.

The world’s 10 richest men not only lead (or led) their companies as CEO and/or company president, but in most cases they also founded or co-founded the companies. One exception, Elon Musk, was not originally counted as a founder of Tesla. REF However, Tesla later gave Musk the title “co-founder” because he was instrumental in the company from its early days. REF Tesla, Musk’s flagship company, was founded in July 2003. After e-Bay bought his shares in his former company, PayPal, Musk invested heavily in Tesla. REF Musk reportedly provided $6.35 million of Tesla’s $6.5 million initial Series A financing in 2004. REF Musk provided tens of millions of dollars more in subsequent rounds of financing.

He served as Tesla’s chairman beginning in 2004 and became CEO and product architect in 2008 when the company, along with much of the auto industry, was in dire straits. REF Tesla finally started turning financial profits years later and, under Musk’s leadership, became the most valuable car company in the world based on market capitalization. REF

The world’s 10 richest men made their fortunes from their businesses. If not for these 10 men, the companies they are known for would not exist or would be nothing like we know them today. The 10 panels in Chart 1, which shows time series plots of the net worth of billionaires with the market value of their primary companies, offers a striking visual representation of the extent to which the billionaires made their fortunes from their businesses and how closely tied the billionaires’ wealth is to their companies.

Clearly, in Chart 1 the pairs of curves rise and fall together—the correlation between most of the billionaires’ individual net worth and their businesses’ market capitalization is over 99 percent. In other words, changes in the market value of their businesses can explain nearly all the shifts and volatility in these billionaires’ net worth. The only exception among the 10 billionaires is Bill Gates and Microsoft. Gates left his full-time role at Microsoft in 2008 to focus on his foundation, and over time sold much of his company stock. By 2014 Steve Ballmer (also shown in the chart) was Microsoft’s largest shareholder.

The percentage growth in the companies’ market value is generally higher than the percentage growth in the corresponding billionaire’s net worth. The median of the billionaires’ net worths as a share of their primary companies’ respective market values is about 12.4 percent, meaning for every dollar of wealth billionaires earn from their companies, seven or more dollars typically accrues to other investors, whether active traders or those who passively invest by contributing to (or whose employers contribute to) retirement accounts. REF

Non-investors also benefit from the companies’ growth, both as consumers and as workers. Amazon alone employs over 1.5 million people, spending hundreds of billions per year on employees’ salaries, health insurance, and other employee benefits. REF These eight companies’ demand for labor drives up wages across the American economy. The tax burden these individuals and companies bear is also substantial, which ultimately alleviates other Americans’ tax burden. REF

Implications: Dispelling Myths About Wealth

There are many common misconceptions about wealth in America. Understanding that billionaires’ wealth comes from their businesses and is at work in their businesses is an important part of dispelling these myths.

Myth One: Wealth Is Mostly Inherited.

Reality: Wealth Is Dynamic. America is not an aristocracy. If wealth was dynastic, the Forbes and Bloomberg billionaire lists would be filled with members of the Astor, Carnegie, Mellon, Rockefeller, and Vanderbilt families. REF Yet these names are conspicuously absent from both lists because the great American fortunes of today are new money, not old.

Of the approximately 97 still-living billionaires on the 2005 Forbes 400 list who inherited fortunes, less than half are still on the list today, though many have remained active in running the companies they inherited. The minority of heirs and heiresses who remain on the list today were three times more likely to have fallen in the Forbes rankings than to have risen. REF

None of America’s 10 richest men became rich through inherited wealth. REF They are self-made men who mostly grew up in middle- or upper-middle-class households and went on to build companies worth hundreds of billions or trillions of dollars. REF

Myth Two: Wealth Is Wasted on Billionaires Who Have More Than They Need.

Reality: Wealth Is at Work Across the Economy. In his book, It’s OK to be Angry About Capitalism , Senator Bernie Sanders (I–VT) argued billionaires should not exist. REF In one debate, Sanders opined, “We cannot afford to continue this level of income and wealth inequality, and we cannot afford a billionaire class whose greed and corruption have been at war with the working families of this country for 45 years.” REF From the perspective of socialists, most billionaires have more than they need, and “allowing” them to own all that wealth comes at the expense of the rest of society.

It is important to understand that the total amount of investment in an economy is equal to the total amount of saving (ignoring money kept under the proverbial mattress). The economy depends on some people having more than they need and then providing it to others in capital markets. Billionaires save and invest almost all their wealth precisely because they own more wealth than they need to consume. Billionaires’ wealth does not sit idly in safes or money bins, it is actively at work throughout the economy: building factories, filling inventories, shipping products, researching and developing new products, and making payrolls, primarily through the companies they own and built.

If billionaires were not allowed to exist, the activities their investments fund—and, by extension, much of the economy—would grind to a halt.

Myth Three: Wealth Is About Accumulation.

Reality: Wealth Is About Innovation. Wealth does not simply represent an accumulation of assets. It represents an expected future stream of income, typically with comparatively little current physical wealth behind it. The richest Americans’ great wealth stems from their companies. However, the value of companies’ net assets is worth far less than the companies’ stock itself.

Of the eight companies in Table 1, only Berkshire Hathaway has a price-to-book ratio that is less than 6.5—Oracle has a price-to-book ratio of more than 60! In other words, the stock prices of these companies imply that the companies themselves are worth many times more than the sum value of all the assets they hold. If the companies were to cease operations and liquidate their existing physical assets, they would be worth pennies on the dollar. The value that investors ascribe to a given company is more than the sum of the parts because, by their nature, companies organize labor and capital in innovative ways that create value. In essence, that is why companies exist.

Myth Four: Wealth Can Be Confiscated to Pay the Nation’s Debt.

Reality: Wealth Is Limited and Tenuous. Billionaires’ wealth is tied up in the value of their companies, and the companies’ value, in turn, is based on their expected streams of future income—not on accumulated existing cash or property. A scheme to, as Bernie Sanders suggested, rid the country of billionaires by taxing away most of their wealth, would only show how limited and tenuous billionaires’ wealth is. Any notion that soaking the very rich could allow the nation to pay off its $34.6 trillion debt is beyond fantasy. REF

The combined wealth, on paper, of the Forbes 400 billionaires is $4.5 trillion. REF That is about 13 percent of the current national debt, a debt that is growing at a rate of about $2 trillion a year. As explained above, the cash and tangible property that these billionaires possess is worth a small fraction of their $4.5 trillion net worth. Moreover, new taxes on capital (business taxes and capital gains taxes) cause a vicious cycle in which companies’ stocks drop in value, billionaires’ net worth declines, and the government revenues generated by existing capital taxes fall. Such tax hikes are effectively government claims on larger portions of the present and future income streams that companies generate or will generate.

When the government increases taxes on companies’ future profits, it is, in a very real sense, as though the government is seizing (non-voting) shares in companies. The governments’ claim on a larger share of profits leaves less profit for companies to either reinvest or to distribute as dividends to shareholders. Either way, companies become less valuable. Every time the government demands a greater percentage of the pie to redistribute, the pie shrinks. Rapacious governments that impose confiscatory taxes ultimately drive businesses and investors to move capital—which is highly mobile—overseas. It is like gripping sand and watching it slip through one’s fingers. REF

Myth Five: The Uneven Wealth Distribution Causes Poverty.

Reality: Wealth Redistribution Causes Poverty. The term “wealth distribution” (or income distribution) is a misnomer. Wealth in a society is not fixed. The amount of wealth there is depends on the amount that is created, and wealth creation requires a dynamic economy in which entrepreneurial risk-taking is encouraged, not punished.

Entrepreneurs and innovators who have great success may become billionaires, though far more entrepreneurs have only modest success. There were about 5 million new business formations between 2005 and 2020. REF Yet the total number of American billionaires according to Forbes is just 735. Many entrepreneurial ventures fail outright. According to the U.S. Chamber of Commerce using Bureau of Labor Statistics data, 20 percent of small businesses fail within their first year, 50 percent fail by their fifth year, and 65 percent fail by their tenth year. REF

When investors and entrepreneurs fail, they bear the financial consequences. They are more likely to bear such risks if the government allows them to keep most of the reward when they succeed. Excessive redistribution discourages business start-ups and wealth creation and makes it harder for established businesses to build reserves to protect against downturns. REF

The rich became rich by creating companies and products that investors and consumers value. People are better off in societies with many great entrepreneurs and innovators. Workers in entrepreneurial countries have access to more and better-paying jobs. REF Consumers enjoy their products. Anyone who owns stock in a billionaire’s company or whose own employer funds a retirement account that tracks the Standard & Poor’s 500 has shared in billionaires’ success, much as the charts in this report demonstrate.

It is easy for citizens of mostly free societies to take for granted the advantages they have. In much of the world it is impossible or nearly impossible to rise from a modest upbringing to great wealth. In many countries, government power is paramount. To run a successful enterprise in such countries requires political connections or bribery—not merit. Free societies depend on the rule of law and private property rights. If the government at any time can and does seize assets, it will quickly destroy the entrepreneurial spirit of the people.

However, some people that ostensibly support private property rights are comfortable with prescribing limits on those rights. They oppose the idea of the government cracking down on the wealth and assets of the upper-middle class and small businesses, but they draw the line for billionaires or millionaires.

Such distinctions, wherever they are drawn, are arbitrary. Once people are comfortable with the idea that billionaires should not exist, they have—knowingly or unknowingly—undercut the capitalist system on which the economy is based and which allows all Americans an opportunity to succeed.

Preston Brashers is a Research Fellow for Tax Policy in the Grover M. Hermann Center for the Federal Budget at The Heritage Foundation. Alexander Frei is a Senior Research Associate in the Center for Data Analysis at The Heritage Foundation.

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