When I was a child, I wanted the newest toys on the market - Game Boy, Hungry Hungry Hippos, Nerf Guns, etc. My parents rarely satisfied my desires for toys; however, I did get toys that were pass down from my mom's friend's children. I was extremely happy whenever I received a box of used toys and I would spend many hours each day playing. So what happened next? Remember what happened to your childhood toys? Did you lose interest in them within one year and now they are sitting in the closet collecting dust? The point I am trying to make is that money can only buy you temporary satisfaction - clothing, toys, electronics, and cars.
Princeton University professors Angus Deaton and Daniel Kahneman reported that happiness is a function of income, but only up to a certain point - $75 000 per year. This makes sense because Maslow's hierarchy of needs states that we must first satisfy our basic needs before we pursue our needs for growth; therefore, our need for food and shelter must be met before we pursue our need for love and companionship.
http://wws.princeton.edu/news/Income_Happiness/Happiness_Money_Summary.pdf
If you are diagnosed with cancer today and had a month to live, what would you value? I know I would quit school and spend the remaining time that I have left with friends and family. You cannot take money with you to the grave. Richard Teo was a doctor diagnosed with lung cancer. When Dr. Teo received the tragic news, he started to reflect on his life. Here is Dr. Teo's sharing his thoughts on money and happiness: http://www.youtube.com/watch?v=9gO5m6luIKE
Love > Money
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