You may think that the only pitfall associated with money is not having enough of it. After all, money is essential to buy food, pay the mortgage, and enjoy some of the finer things in life. But, have you ever stopped to think that focusing on making money could impact on your happiness?
Many people assume that the terms “pitfalls” and “money” are only used when trying to avoid financial problems. However, money or a person’s attitude to money could lead to problems in life that may or may not be related to finance.
In this article, you will learn about some of the negative effects that focusing money can have on your life.
Most psychologists agree that money can have a negative and positive impact on the lives of people.
A report by the Joseph Rowntree Foundation found that money can greatly impact on health. For example, financial security can enable people to purchase health-promoting items. Also, earning enough money can help foster healthy social relationships and get better health care.
The report also highlighted the negative impact that a lack of money has. Very often, people who have low incomes choose poor diets that result in health issues. Also, the worry and stress about paying bills or finding suitable housing can take a great emotional toll on mental health.
A news report on CNBC.com also reported on a study showing a connection between happiness and money. It found that money attributed to happiness – but only up to a point. There was a point in a person’s earning where more money didn’t correlate to more happiness.
Other studies also conclude that a person’s attitude towards wealth, finance, and material goods has a major effect on their levels of satisfaction.
A 2019 study found that materialism can positively impact an individual’s life when it motivates them to improve a negative situation. For example, getting a higher paying job to provide a better education for their children is a positive effect. However, too much focus on materialism can also have a detrimental effect. This can lead to health consequences, poor family life, and lack of friends.
Let’s look at a few of the problems that can come from just focusing on making more money.
One of the biggest problems the pursuit of wealth can cause is it can cause us to forget what is really important in life. Most people agree that the things that matter most are our relationships, memories, and accomplishments. This is true for both the rich and poor.
Unfortunately, the continual pursuit of greater wealth can cause a person to sacrifice their health, family relationships, and friends.
So, although earning more money can give us more options in life, it can also impact on our priorities.
Interestingly, the pursuit of wealth and even being wealthy can affect a person’s perception of satisfaction in life. One study found that thinking about being wealthy can have an impact on savouring good things in life. Participants in the study were shown a picture of money. While looking at the money they took less time enjoying eating a piece of chocolate.
So, even though money allows a person to enjoy the “finer” things in life, it may affect their enjoyment of those things.
There is also a theory called “experience stretching” that affects how much enjoyment we get from life. This is where every new “luxury” experience is better than the one before. In time, simple experiences that used to excite a person no longer do. This can have the overall effect of causing a person to take things for granted.
In conclusion, it is important to remind ourselves of the things that money can’t buy. More often than not, these are our core values that can help us get the best out of life.