Running Header: CAN MONEY BUY HAPPINESS?

Can Money Buy Happiness? Annotated Bibliography

Aurora MacDonald
James Madison University

MacDonald1

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Introduction:
Money, and everything about money, has always been a controversial topic. An occurring
question in todays society is, can money buy happiness? True happiness is being in a passive or
active state of pleasure or pleasurable satisfaction. Can money truly buy such a feeling? Having
money to spend leisurely can only buy happiness to a point. Money can really only buy a
temporary state of pleasure, like a material good for example. Experiences in life are worth a lot
more than these material purchases. You can even have a good amount of money, and still not be
happy because of the lack of life experience you have. True, deep and real happiness comes from
whole-hearted events/experiences, and it comes from the heart. The statement that money cant
buy happiness will be proven true; by these many articles filled with rich and credible
information. There is no way that having money is the only factor that goes into a person being
happy.

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1. Andrew Blackman. November 10th, 2014. Can money buy happiness? The wall street
journal. News article. Retrieved from http://www.wsj.com/
Blackman shows that you have have a very little amount of money and be happy, and a
large sum of money and be miserable. This is because the money itself is a very little factor in
the amount of happiness in a person. The author focuses on how its not the money that makes
people happy, its how they spend it. Doctors and specialists are quoted quite often. From this,
we can see that ethos is strongly present in his article. He tells us that spending money smartly
and for a good reason is what makes people feel good about themselves. The material good will
start off as being a better source of happiness, but the experience/event is a more sustaining
pleasure. In the end, the date would be causing more happiness. Giving away money that you
dont necessarily need is also a way of spending the money you have to bring you pleasure. It
makes you happy and feel good to give to others, and brings joy to people who need it around the
world who are receiving the help and support. Making good decisions gives you a naturally good
feeling and brings positive vibes into your life. Spending your money, if you have any, the right
way is a beneficial way to live your life.
All of the sources Andrew used to write his article and prove his point are very logical.
His information is drawn from research and studies done from professionals, like psychologists,
doctors and specialists. One of them, Ryan Howell says, Numerous studies conducted over the
past 10 years have shown that life experiences give us more lasting pleasure than material
things. His information is recent and contributes positively to the topic. He speaks to people of
all ages who care about happiness. This information is, although, only useable for people at the
age where money is something to worry about. He is a reliable source because he takes it into
consideration that there was a recent study done in graph form that shows money and happiness

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do have a relation, but he just thinks that there is more to it than the money. He has an open view
about the topic. His information is not only completely relevant, but is recent as well. The
information he focuses on is all from current studies.
Most of the sources contain information that backs up the fact that money cant buy
happiness, but some of them are a little iffy about it. This article is one that supports the theory.
This source is the basis of the argument and is a completely reliable source. It contains
knowledge that money isnt the key to happiness. This source has not changed how I think about
this theory; it enhances the opinion I have already partaken in. Although he considers other
aspects that leads towards money equaling happiness, he still is very passionate that money isnt
the only factor going into complete joy.

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2. Geoff Williams. February 19, 2015 | 10:21 a.m. EST. Can Money Buy Us Happiness.
US news. Article. Retrieved from http://www.money.usnews.com/
Williams wants his readers to know that money cant purchase happiness. Although, he
does agree that it can give you a boost. He states that this boost of joy wont last forever;
therefore, it cannot be considered full happiness. He tells us that it is important to not buy thing,
but to buy experiences. Experiences have a longer lasting value than an object that will most
likely get old after a while. Most material purchases are milestone purchases, according to Geoff.
They are just impulsively bought and cause immediate happiness, not long lasting joy. He also
agrees that buying for other people instead of yourself causes happiness. Doing things for others
and less fortunate others contributes greatly to a persons joy. Williams contradicts the statement
that money cant buy happiness by saying that some name brands can make you briefly
happier. People tend to be happier when they have an object that is more globally know, but still
these purchases loose value after a while. Experiences and service are really the only things that
cause long lasting happiness.
His sources are not ideal, but are still slightly knowledgeable. He consults and draws
information from a lot of business owners, which is nothing like a professional, but still reliable.
Some of his information is high backed up: In fact, a high-profile series of studies published in
a 2008 issue of Science concluded that even spending $5 a day on someone else, whether a
charity or needy stranger, can boost an individual's happiness. He could have incorporated more
studious and factual resources. The intended readers are people who are interested in money in
relation to happiness. Also, large and small business owners would gain useable knowledge from
reading this article. This article is reliable because the author is open to argument. He states that
some studies show high relation in money and happiness, and he considers this information when

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writing his article. His openness to discussion makes him a better writer, and a more wellrounded thinker. The information is recent, and mostly relevant; the article is definitely useful for
contributing to the theory that money cannot buy happiness.
The article is very similar to the others in the bibliography. It compares money to
happiness and sides towards the repeating theory that money isnt the only contributor to a
persons joy in life. This article forms my argument by being a great addition of information on
how money cant buy happiness. This source has information that is going to back up my theory
and be very helpful to my argument. This source has not changed anything about my argument,
although it does open up a couple contradictions. Those contradictions are solved in many other
areas though. Overall, this article has enhanced my arguments relevancy and reliability.

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3. Francis J. Flynn. September 25, 2013. Research: can money buy happiness. Stanford
business graduate school. Article. Retrieved from http://www.gsb.standford.edu/
Flynn focuses on, how to spend your money in a more satisfying way. Francis is a
strong believer that money, if you have it, should be spent in a giving and charitable way. If you
have the opportunity to make someone elses life better, and change the way they live, you
should partake in it. He is very passionate about community service and spending your money
the right way. Investing in others can make your life worth living; it will make you healthier and
wealthier. You may be loosing money, but the experience you get and the satisfaction that
comes with helping people is immense. Giving generously to charities, friends, and coworkers
and even your country may well be a productive means of increasing well-being and
improving our lives. He wants everyone to dedicate their lives to making more people happy
than themselves.
The author is credible because of his quotes and facts pulled from other reliable sources.
He includes information from Dunn and Nortons book, Happy Money: The Science of Spending
Better and references things about Bill Gates and Warren Buffet. The author speaks to people
who have money and may not be spending it in a way that is making them and others happy.
The researchers persuasively suggest that the proclivity to derive joy from investing in others
may well be just a fundamental component of human nature; he knows that it is the in
everyones best nature to help. He is mainly talking to people who may have an interest in
serving. The information is a little bit biased because the author is a very dedicated and strong
believer of serving and community service. The information is within a couple years, so it is very
current. The information is relevant because it contributes to the argument that you need to spend
money in the right way in order to be happy.

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The other sources contain ideas about how to spend your money in a sufficient way that
would also make you happier, and this article mainly focuses on that. This helps shape my
argument because it proves that money itself cannot purchase joy and happiness. This adds a lot
of useful information backing up my theory to my bibliography. The source backs up my ideas
and expands on them as well. This source opened me up to a whole new way of thinking about
money, and how it could be spent in a way that saves people lives and makes them happy as well
as you.

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4. Nicolao, L. Irwin, J.R., & Goodman, J.K. (2009). Happiness for sale: Do experiential
purchases make consumers happier than material purchases? Journal of Consumer
Research, 36(2), 188-198). Retrieved from http://apps.olin.wustl.edu/
This section of an article written by Irwin, Goodman, Nicolao, J.R. and J.K. focuses on
the psychological effect of what it means to be happy. Everybody wants to be happy, is a very
true statement. His whole article is basically about questioning what happiness is, and how
money effects it. On these pages, the authors talk about the brain and how we think. They dive
deep into talking about how and why people think and act. They focus on money, and if it is
necessary to peoples happiness in life. They, just like many others, say that although money
helps a lot, it is not a main factor of peoples joy. The key to happiness is really life experiences
and gaining knowledge. Overall and over time the things you accomplish mean and matter a lot
more than material goods. This article focuses on a lot of research and studies and has a high
appeal to logos. They focus on a different aspect of the argument, but its still very necessary to
the bibliography.
This author is extremely credible because of the many psychologist references it contains.
The information is factual and based off many studies done by professionals. The knowledge
displayed is impressive and helps the readers see that their views are important and backed up.
Most of the writers who discuss the negatives of material goods nevertheless do suggest that
some types of purchases may increase happiness. Scitovsky (1976) argues for cultural
experiences such as vacations and concerts to provide pleasure. He has viable information that
contributes positively to the argument. It is reliable because of the professional sources he has
used in his paper, and they all have different outlooks on moneys effect on joy. The information
is from at least ten years ago, and recently. He combines old and new to create his work. The

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work retains to material purchases being less than life experiences and supports the argument, so
it is very reliable.
This article is a lot different from the others since it takes a very psychological look on
the argument. Still though, it supports the same idea that money cannot buy happiness, so it
relates a lot in that way. This piece helps make my argument stronger and more powerful by
taking a whole new perspective and still coming to the same outcome; that material goods cant
give the same life-long happiness and lasting satisfaction that life experiences can give you. This
source did not change my look on my argument, it increased my already taken position.

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5. Lucas, R.E. & Schimmack, U. (2009). Income and well-being: How big is the gap
between the rich and the poor? Journal of Research in Personality, 43(1), 75-78.
Retrieved from http://www.erin.utornoto.ca/
The authors agree that money is only a factor in happiness. They show studies and
research done that proves life experiences have a higher and stronger worth than material goods.
Items that are bought can only give a person happiness for so long; they lose their value and
become unimportant to people quickly. Whereas life experiences are something that can never
emotionally or physically be taken away. They stay with you forever and are always implanted in
your memory to look back to in darker times. Life experiences are the only thing that can give a
person a long lasting sense of joy and satisfaction. Lucas and Schimmack also talk about how
richer people tend to be happier than poor people. This argument differs from the theory that
money cannot buy happiness a lot, but they explain why. Rich people have more of an
opportunity to go out and partake in life experiences and have fun. So, technically it is not the
money causing their happiness, its the experiences in life. The authors show variety and
intelligence in their piece.
The authors are credible because they are psychologists in the field of looking at how
money effects rich and poor people. They spent their lives studying the differences in the
lifestyles of the two social and economical classes. They speak to readers of all social classes
who have to deal with money and are interested in the differences in money the classes have to
deal with. The information is reliable because of the many outlooks on money being spent.
Although intuition would suggest that money should play an important role, most psychologists
and economists have concluded that lay people overestimate these effects and that money does
no really matter that much. Lucas and Dyrenforth (2006) recently reviewed the results from two

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meta-analyses, a narrative re- view of cross-national results, and many waves of a nationally
representative survey. Their review showed that the average correlation between income and
happiness tends to fall between .17 and .21. Although this correlation is robust, it would be
described as small to medium in size by traditional standards, accounting for just 4% of the
variance in SWB. These statistics show us that money, although is a factor in happiness, plays a
small roll overall. The information takes sources from the past and recently and puts them
together to make one overall assumption. The information is relevant and is a positive addition to
the argumentative bibliography.
This article is a lot different than the other sources in the bibliography. They contradict
themselves by stating that they found information and studies showing rich people ending up
happier than poor. They have reasons for this though that do not have a lot to do with money.
Although, most of their argument does pertain to the theory that money cant buy happiness and
joy. This helps shape my argument because it contains professional work showing that life
experiences are more precious to people than material goods and purchases. This article
strengthens my bibliography and helps give the sources more variety. This specific source has
opened me up to looking at more ideas, and has enhanced how I think about my argument in a
positive way.

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Aurora Mae MacDonald Can Money Buy Happiness?

Research Narrative Storyboard
Each box represents one segment/part/block of your research narrative. Describe in as much
detail as possible what will be included for each segment. The more you plan ahead of time, the
easier it is to create your narrative. Copy as many storyboard boxes as you need to plan your
assignment. (Based on Storyboardtemplate headlines.doc)
1. Andrew Blackman. November 10th, 2014. Can money buy happiness? The wall street journal.
News article. Retrieved from http://www.wsj.com/

Images (general or specific, location if known): Person Holding money, but looking sad.
Upper right corner. There will be mini dollar pictures everywhere.
Design (background color, font style, special effects): Background will be light green, bold
font, big text.
Sounds (music, sound effects): I will have a YouTube video about life experiences being
worth a lot being available to be played in the middle.
Narration/Text (the actual text that you would record to accompany this slide): Ryan Howell
says, Numerous studies conducted over the past 10 years have shown that life experiences
give us more lasting pleasure than material things.
2. Geoff Williams, Can Money Buy Us Happiness, US News, Article, February 19, 2015 | 10:21
a.m. EST

Images (general or specific, location if known): The image will be money showering over a
person. Not sure of location, probably towards the top of the page.
Design (background color, font style, special effects): The background will be army green.
The font will be bold. No special effects.
Sounds (music, sound effects): A song about money will be available to play. Money will
shower the slide when its clicked.
Narration/Text (the actual text that you would record to accompany this slide): Several
studies in recent years, including a report published last year in the journal Psychological
Science, have shown that buying experiences like going on a skiing trip or taking an art
class makes us happier than material goods.
3. Francis J. Flynn, Research: Can Money Buy Happiness, Stanford Business Graduate School,
Article, September 25, 2013

Images (general or specific, location if known): The image will be of a child unimpressed
with a toy train he receives on Christmas.
Design (background color, font style, special effects): A light green background with a normal
text. A little more serious setting.
Sounds (music, sound effects): No effects, a song about life and how great experiences are
will be playing.
Narration/Text (the actual text that you would record to accompany this slide): Witness Bill
Gates and Warren Buffet, two of the wealthiest people in the world. On a March day in
2010, they sat in a diner in Carter Lake, Iowa, and hatched a scheme. They would ask
Americas billionaires to pledge the majority of their wealth to charity. Buffet decided to
donate 99 percent of his, saying, "I couldnt be happier with that decision."

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4. Nicolao, L. Irwin, J.R., & Goodman, J.K. (2009). Happiness for sale: Do experiential
purchases make consumers happier than material purchases? Journal of Consumer
Research, 36(2), 188-198)
Images (general or specific, location if known): Pictures of the human brain and how it
thinks.
Design (background color, font style, special effects): A green background, times new roman
font, no effects, keeping it simple.
Sounds (music, sound effects): A song about money in the background.
Narration/Text (the actual text that you would record to accompany this slide): Most of the
writers who discuss the negatives of material goods nevertheless do suggest that some types
of purchases may increase happiness. Scitovsky (1976) argues for cultural experiences such
as vacations and concerts to provide pleasure.
5. Lucas, R.E. & Schimmack, U. (2009). Income and well-being: How big is the gap between
the rich and the poor? Journal of Research in Personality, 43(1), 75-78.

Images (general or specific, location if known): A picture of the difference between rich and
poor well being. Also, there will be a picture of a graph.
Design (background color, font style, special effects): A dark green background. Bold font. No
special effects.
Sounds (music, sound effects): A song about the difference in rich and poor, if you click on it
it will play. No sound effects.
Narration/Text (the actual text that you would record to accompany this slide): Although
intuition would suggest that money should play an important role, most psychologists and
economists have concluded that lay people overestimate these effects and that money does
no really matter that much. Lucas and Dyrenforth (2006) recently reviewed the results
from two meta-analyses, a narrative re- view of cross-national results, and many waves of a
nationally representative survey. Their review showed that the average correlation between
income and happiness tends to fall between .17 and .21. Although this correlation is robust,
it would be described as small to medium in size by traditional standards, accounting for
just 4% of the variance in SWB.