"Money may not be able to buy you happiness, but it can make life a lot easier. That's the view of Simran Kaur, a financial educator and investor who hosts the "Friends That Invest" podcast. In an episode this week, Kaur spoke about money "myths," including the notion that money can't buy happiness. Having more money doesn't necessarily improve emotional well-being or happiness, she said, it just helps to solve inconveniences."
"'I find that wealthy people have what I like to call this inconvenience buffer, and the more wealth you have up to that certain point, the larger your inconvenience buffer grows,' Kaur said. As people become wealthier, their financial position creates more of a cushion for when something goes wrong, she added. 'When I was a student, I didn't have much of an inconvenience buffer at all because I didn't have extra money,' she said."
Money does not necessarily increase emotional well-being or happiness. Money provides an inconvenience buffer that grows with wealth up to a point. A larger buffer enables rapid responses to common setbacks such as missed flights, small losses, vehicle accidents, or dental emergencies without derailing daily life. Lack of extra funds makes these events highly disruptive and stressful, potentially ruining a week or month. Greater savings and investment improve the ability to absorb unexpected expenses, turn harmful problems into mere embarrassments, and reduce the overall stress and harm caused by routine life disruptions.
Read at Business Insider
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