Instant Gratification: Does More Money Really Make Us More Happy?

In the Western world in particular, we idolize money and living a life of luxury. Our culture tells us that more money will make us happier; that we need to buy things in order to be content. We are constantly told to buy now and pay later, or that we need the newest and latest thing. This is the ideology of instant gratification.

Instant gratification is an act in which our mood seeks immediate pleasure or satisfaction, without considering the difference it makes in our life satisfaction. It’s a trap that can be difficult to break out of, because the mindset of instant gratification consistently pushes us to start small and give in to our cravings, impacting our subjective well-being negatively.

But does more money really lead us to more happiness? Or is the saying ‘more money, more problems’ truly accurate? In this article, we will explore the effects of instant gratification does more money really make us more happy.

What is Instant Gratification?

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Instant gratification is an attitude toward life in which our brains crave immediate pleasure or satisfaction, with little or no thought about the consequences. We end up in a cycle of seeking short-term pleasure, without taking the time to think about what we really want in life.

The term “instant gratification” was first explored in the early 1960s by Stanford psychologist Walter Mischel. 

The instant gratification mindset is always saying, “I want it now!” This can be a problem, because often the things we crave don’t make us happy in the long run. For example, we might crave new clothes, a new car, or a bigger paystub, but these things won’t bring us lasting happiness.

The Effects of Instant Gratification on Our Happiness

When we spend our lives constantly seeking short-term pleasure, we end up unhappy and unfulfilled. The instant gratification mindset tells us to give in to our cravings, without taking the time to think about what will make us truly happy.

Here are some of the effects of instant gratification on our happiness:

  • We become more focused on material things, and less focused on what really matters in life.

  • We grow more stressed and anxious, as we continuously worry about the next purchase or the forthcoming bill.

  • We achieve less happiness overall, because chasing short-term pleasure fails to contribute to greater well-being.

  • We lose touch with our own values and desires, because we’re always seeking pleasure from outside sources.

Suddenly, our 'regular' lives don't satisfy us anymore. We are sick of generating W-2 forms and other boring office paperwork, and our current relationships and life circumstances aren't good enough.

How Money Affects Our Happiness

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In our culture, we are constantly told that money is the key to happiness. The ideology of instant gratification tells us that we need to buy things in order to be content. But does more money really make us happier?

There is a lot of research on this topic, and the answer is not entirely clear. Some studies say that money does make us happier, while others say that it doesn’t have a significant effect.

New research has made one thing clear: money buy happiness is a myth; it does not bring lasting happiness. Once we reach a certain level of income or wealth, our levels of happiness don’t increase any further. In other words, having more money doesn’t make us permanently happier – it only makes us happier in the short term.

What then, contributes to our satisfying feelings and true happiness? According to research, it’s things like strong relationships, feeling connected to a larger purpose, and having a sense of control over our lives. It's receiving a 1099 MISC tax form for a job well done, knowing that you contributed in a significant way to society and used your skills to make a living.

Can Multimillionaires Truly Find Greater Happiness?

While average earners often dream of lavish lifestyles akin to those of top athletes, there's an intriguing question worth asking: does attaining multimillionaire status genuinely enhance one’s happiness? Exploring this further, a notable 2017 research initiative involving 4,000 U.S. millionaires revealed insights into their emotional well-being.

The study, spearheaded by Grant Donnelly and his team, assessed satisfaction levels and discovered that beyond a certain point—specifically over $10 million—additional wealth does not significantly elevate happiness. These findings suggest that the joy experienced by ultra-wealthy decamillionaires is only modestly greater than that of their millionaire counterparts.

This implies that even for those who attain higher incomes, the basic needs for happiness remain relatively constant, aligning with broader psychological theories that power and wealth have their limits in buying happiness.

Does Inheriting Wealth Lead to Greater Happiness?

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Fantasizing about sudden riches from a distant relative might be a common daydream, thanks to frequent internet scams. However, reality paints a different picture. The same 2017 study that evaluated millionaires also examined individuals who had inherited their wealth.

Results indicated that inheritors reported lower happiness levels compared to those who had earned their wealth. This finding underscores the importance of personal achievement in feeling fulfilled and supports the idea that merely meeting basic financial windfalls does not guarantee long-term happiness.

The Lottery Win: A Path to Happiness?

The prospect of winning the lottery is a popular, albeit rare, fantasy for instant wealth. But does this sudden financial gain translate to sustained happiness? Research on lottery winners provides mixed insights. A 2007 study highlighted that winners of $200,000 dealt with increased stress during the initial year post-winning, but reported higher happiness levels after two years compared to non-winners.

However, a comprehensive 2018 literature review by Donnelly revealed that while moderate lottery winnings could slightly boost happiness, the effect is generally smaller than one might expect. Those winning substantial amounts showed no significant change in happiness.

From these observations, it becomes clear that happiness is not merely about the sum of money one possesses but also about how one acquires it and how they spend time and resources in meaningful ways. As we seek to understand the complex relationship between wealth and happiness, these studies offer valuable insights into the dynamics of wealth acquisition and its impact on our lives.

The Bottom Line

In conclusion, the ideology of instant gratification is not good for our happiness. This ideology pushes us to surrender to our cravings without finding real fulfillment. And it’s not just about buying things – this mindset also encompasses seeking ephemeral pleasure from our jobs, relationships, and other things in our lives.

Focusing on instant gratification causes us to lose connection with what truly matters, impacting our subjective well-being. We turn our attention more towards material possessions and less towards our family, values, and desires. And in the end, this doesn’t make us happy.

So what can we do to break out of the instant gratification mindset? Here are a few points to consider:

  • Take some time to figure out what really matters to you. What are your values and desires? What makes you happy in the long run?

  • Make a plan for how you want your life to look. What steps can you take to move closer to your goals?

  • Start saying no to things that don’t matter. When we say no to instant gratification, we free up time and energy for the things that are truly important to us.

  • Act with self-compassion. When we’re caught in the cycle of instant gratification, it’s easy to be hard on ourselves. But self-compassion can help us break out of this mindset.

Matthew Killingsworth and other researchers agree that money doesn't realize long-term happiness for people. Take a moment to discover what truly enhances your life satisfaction, and write a detailed plan for your ideal life trajectory.

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