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Annotated Bibliography

What are the effects of wealth on individuals?

Jonathan Heim

Professor Malcolm Campbell

UWRT 1104

March 13, 2017

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Annotated Bibliography

Curtis, Jacqueline. How money can change people and affect their behavior. Money Crashers,

Money Crashers, 2014, www.moneycrashers.com/money-changes-people-affect-

behavior/#comment-1242061737. Accessed 25 Feb. 2017.

This source is a developed article from the website money crashers addressing a few

effects money can have on individuals. This article comes from a website that is strictly

about money but also about how to be smart with your money. While the website may

have a slight point of view towards the promotion of capitalism, it is small point of view

and hardly noticeable. The main issues discussed in this article are the effects of wealth,

including changes in personality, self-sufficiency, self-view, ethics, and addiction. The

author is an experienced style expert and writes in multiple online publications where she

specializes in fashion and finance. This authors credentials are reliable, being that she is

an experienced writer focusing on the topic of finance, which she specializes in, in this

article. She also lacks any real bias, writing from an objective standpoint on the effects of

money. This article has five important aspects addressing the effects of wealth, most of

which are inherently negative. This developed article from the popular website Money

Crashers, serves to inform the public of the possible effects of achieving wealth. This

article is directed towards all individuals, not just the wealthy, to help show that money

can be nice but can also lead to many pitfalls. This source is comparable to my other

source from The Huffington Post. Both articles address similar effects; however, The

Huffington Post article shows wealth in a greater negative connotation than the Money

Crashers article. This source was helpful to my research and will be used in my project

again. This article is able to back up my other source, The Huffington Post, because both
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articles address similar issues and effects, it gives their arguments more validity when

used in my project, by multiple experts agreeing on the same issues. This source did not

change my view very much due to the fact I had already read The Huffington Posts

article; however, it did solidify the idea for me that money can cause very harmful issues.

Forbes, Steve. Forbes. United States, Forbes Media LLC, 1996, www.forbes.com. Accessed 8

Mar. 2017.

This source is a website that focuses on business and capitalism. This website addresses

elements related to business such as: investing, financing, lifestyle, banking, spending,

the stock market, trends, and other elements. This website and the beliefs behind it are

capitalistic and therefore the website does hold a more conservative bias. Forbes post

articles on the daily about all things from investing to the car industry and so on. Most

articles address the impact of that specific topic to the economy or business in general.

These articles are typically written by journalist or experts in the field they are writing on

and is reliable. For example there is an article called Millennials Are Doomed To Face

An Existential Crisis That Will Define The Rest Of Their Lives written by John Mauldin

who is a financial writer, publisher, and New York Times bestselling author. Most of the

articles on Forbes are written by knowledgeable and qualified writers. I reiterate that this

website does, on occasion, hold a conservative bias, based on its founder and the

principles behind the website and company. Forbes purpose is to inform people and

businesses of events and research that will affect them either through the global economy,

stock market, or directly. Forbes also serves as a way for prestigious and successful

business people to express their opinions and ways of thinking to less experienced and

knowledgeable people looking to follow in their footsteps. This source is unique for my
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bibliography due to the vast array of information contained within it. My others sources

address specific issues while Forbes is a collection of all types of articles and opinions.

Forbes is one of the most useful sources I have due to the amount of information

collected on the website and it allows me to see how the top one percent live their lives

and I am able to compare that to the rest of my research on less wealthy individuals. This

source will show up, at least, a few more times in my project, depending on how many

articles I decide to use. The insight Forbes provides into the lives of the rich is priceless

to my research and project because it allows me to see the other side of the coin that I

was not able to experience growing up.

Gregoire, Carolyn. How money changes the way we think and behave. The Huffington Post,

The Huffington Post, 2014, www.huffingtonpost.com/2014/01/06/psychology-of-

wealth_n_4531905.html. Accessed 4 Mar. 2017.

This source is a developed article from the Huffington Post addressing the effects money

can have on the way we live and think. This article addresses many different aspects of

being wealthy including addiction, less empathy, clouded judgement, effects on children

from wealthy homes, and the fact that money cannot buy happiness. The Huffington Post

is a known liberal website and blog; therefore, this article does have a bit of an liberal

bias. This articles main point is that studies prove that there is no direct correlation

between wealth and happiness. Carolyn Gregoire, author of this article, is a senior writer

at The Huffington Post and writes on psychology and mental health. She has appeared at

TEDx and the Harvard Public Health Forum, giving her solid and reliable credentials.

She also is a known liberal, and that bias can be seen in this article. The purpose of this

article is to inform people of the negative effects of wealth. The audience of this article is
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all individuals but specifically white patriarchal capitalists who believe that money is the

only definition of success and that with wealth comes happiness. This source is unique to

my bibliography due to the fact it has a liberal bias and focuses entirely on the negative

effects of wealth. This source was extremely helpful in my research due to the new point

of view it showed that I had not yet seen. In the early stages of my research I came in

with a large bias myself, that money can make people much happier based on the amount

of stress being well off can alleviate. However, this article actually showed me some of

the negative effects of wealth and honestly shifted my point of view a little. It showed me

that while money can alleviate some burdens, that wealth comes with a whole new set of

issues most people are not aware of. This article will definitely be used again in my

project as a backbone when I address the negative effects of wealth in my final paper.

Headey, Bruce., Muffels, Ruud., Wooden, Mark. Money Does not Buy Happiness: Or Does It?

A Reassessment Based on the Combined Effects of Wealth, Income and Consumption.

Social Indicators Research, vol. 87, no. 1, Springer Netherlands, 2007, pp. 65-82,

link.springer.com.librarylink.uncc.edu/article/10.1007%2Fs11205-007-9146-y. Accessed

19 Feb. 2017.

This source is a peer reviewed academic article addressing the statistical measurements

from five countries on whether wealth leads to happiness. This article is a highly

statistical article that does not show any point of view or bias. It addresses information

from Australia, Britain, Germany, Hungary, and the Netherlands and provides a

reassessment on the correlation between wealth and life satisfaction. The authors of this

piece are all university professors, two of them teach at Melbourne and the other at

Tilburg. The fact that they are university professors conducting research with extensive
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citations validates their work and makes it credible. This peer reviewed statistical articles

purpose is to reassess the relationship between life satisfaction and not only income but

also net worth and household consumption. Their audience is targeted towards

psychological and economic scholars. This article is unique to my bibliography due to the

fact this is the first highly statistical, non-biased article in my bibliography. This article is

very useful in my research because of the amount of data and statistics within this article.

This article also addresses the opposite argument of the last source, that money along

with net worth and household consumption actually does affect happiness. This article

states that after all their research, money actually does have a greater impact on life

satisfaction than previously believed by psychologists and welfare economist alike. This

article did not change my thoughts because I already believed what this research has

proven, that money can buy happiness. This article will be used in my project, because

this is the first article I have found with data that suggests money does have a large

impact on happiness.