To what extent does wealth impact the overall livelihood of an individual?
The phrase “money can’t buy you happiness” is so repeated that for many it has become an
assumed truth, but it is telling that the same phrase is is often used ironically1. Money allows
people to access better services, but it is by no means the only, or even a good route to genuine
fulfilment. Before discussing the extent to which wealth impacts the overall livelihood of
individuals, we must first examine what wealth actually is. For some, wealth is the amount of
money in your wallet, others say it’s the time you have to spend it, and some even say it’s the
freedom one has in his or her lifetime. I’d like to think that true wealth is having all of this, as
expressed by Henry David Thoreau, ‘Wealth is the ability to experience life’2. It’s clear that
there’s no single explanation or definition of what wealth actually is. Wealth can evidently be so
much more than just money. It depends on who you are, what interest you and what stage you
are in your life. It varies massively for every person in the world, but wealth consists of the
freedom to do what you want most, when you want and with whomever you want. The ability to
do anything you want in life without worrying. Being free from whatever might hold you back. For
the purposes of this essay, when I talk about wealth I will be referring strictly to an individual’s
financial capital, often correlated with their income. Obviously, this correlates with the amount of
time people have and the way people are able to spend that time, both things which will be
considered in this essay. Livelihood refers to an individual's general quality of life as expressed
through basic material factors like their ability to support themselves and their dependents;
social factors like their engagement in a workplace and community; and psychological factors
like an individual’s sense of self-identity and self-worth. Together, these things all dictate an
individual’s livelihood, and are all affected in varying ways by their wealth. I will demonstrate that
wealth does impact your livelihood positively particularly through fulfilling your basic needs but
can have a more social and psychological impacts which if not properly managed can negatively
affect your livelihood.
The twentieth century psychologist Abraham Maslow stated that people are motivated to
achieve certain needs and that each of these needs were categorized by importance (a
hierarchy).3 The hierarchy, known as ‘Maslow’s triangle’, can be used as a framework for
evaluating an individual’s livelihood and the impact wealth has upon it. Maslow contends that
our most basic need is physical survival and is the first thing that motivates our behaviour. The
bottom row (most important) were the basic needs for humans (i.e. food, water warmth and
rest). People would be most driven for these basic needs,
as they need them to survive.
1
TIME, Mental Health/Psychology
http://time.com/5071079/happiness-income/
2
Brainy Quotes, Henry David Thoreau
https://www.brainyquote.com/quotes/henry_david_thoreau_379350
3
aslow's Hierarchy of Needs, Simply psychology by Saul McLeod
M
<https://www.simplypsychology.org/saul-mcleod.html>
The phrase “money can’t buy you happiness” is so repeated that for many it has become an
assumed truth, but it is telling that the same phrase is is often used ironically1. Money allows
people to access better services, but it is by no means the only, or even a good route to genuine
fulfilment. Before discussing the extent to which wealth impacts the overall livelihood of
individuals, we must first examine what wealth actually is. For some, wealth is the amount of
money in your wallet, others say it’s the time you have to spend it, and some even say it’s the
freedom one has in his or her lifetime. I’d like to think that true wealth is having all of this, as
expressed by Henry David Thoreau, ‘Wealth is the ability to experience life’2. It’s clear that
there’s no single explanation or definition of what wealth actually is. Wealth can evidently be so
much more than just money. It depends on who you are, what interest you and what stage you
are in your life. It varies massively for every person in the world, but wealth consists of the
freedom to do what you want most, when you want and with whomever you want. The ability to
do anything you want in life without worrying. Being free from whatever might hold you back. For
the purposes of this essay, when I talk about wealth I will be referring strictly to an individual’s
financial capital, often correlated with their income. Obviously, this correlates with the amount of
time people have and the way people are able to spend that time, both things which will be
considered in this essay. Livelihood refers to an individual's general quality of life as expressed
through basic material factors like their ability to support themselves and their dependents;
social factors like their engagement in a workplace and community; and psychological factors
like an individual’s sense of self-identity and self-worth. Together, these things all dictate an
individual’s livelihood, and are all affected in varying ways by their wealth. I will demonstrate that
wealth does impact your livelihood positively particularly through fulfilling your basic needs but
can have a more social and psychological impacts which if not properly managed can negatively
affect your livelihood.
The twentieth century psychologist Abraham Maslow stated that people are motivated to
achieve certain needs and that each of these needs were categorized by importance (a
hierarchy).3 The hierarchy, known as ‘Maslow’s triangle’, can be used as a framework for
evaluating an individual’s livelihood and the impact wealth has upon it. Maslow contends that
our most basic need is physical survival and is the first thing that motivates our behaviour. The
bottom row (most important) were the basic needs for humans (i.e. food, water warmth and
rest). People would be most driven for these basic needs,
as they need them to survive.
1
TIME, Mental Health/Psychology
http://time.com/5071079/happiness-income/
2
Brainy Quotes, Henry David Thoreau
https://www.brainyquote.com/quotes/henry_david_thoreau_379350
3
aslow's Hierarchy of Needs, Simply psychology by Saul McLeod
M
<https://www.simplypsychology.org/saul-mcleod.html>
