Money is a good servant, but a bad master—an ancient proverb. People first crave wealth, because they want power, status, and a luxurious life. Eventually, they desire material possessions to compare themselves to others and show superiority. Once the rich become more prosperous, they can have anything they need but still focus on making more money.

However, recent studies have shown that the more money you have, the more likely you are to suffer from depression and other mental health problems, including megalomania (obsession with the exercise with power).

Even billionaires make the mistake of believing that money, not time, sharing, and moral values, will enrich their lives. The urge for unlimited wants can create social pressure in human nature. Chasing wealth is a trap because it leads only to an increased focus on rushing for money by bypassing moderate lifestyles.

Researchers found that high income may improve a high standard of lifestyle but not emotional well-being. They learned that happiness increases with income levels until our basic needs are met. Studies also found that wealthy people are not happier than the upper middle class.

A luxury good is a product that is thought to be non-essential. Some reasons wealthy people buy luxury goods when they do not need them include a sense of irrationality and accomplishment. This means consumers do not need expensive luxury items for a good living, like clothing from high-end designers, handbags, jewellery, watches, high-end vehicles, and certain accessories.

Well, all expensive things are not luxury, as sometimes good-quality baby food or medicine could be costly. However, evidence shows that our sense of self-worth, inner peace, and attitude towards events can bring us true happiness.

E-mail: rubaiulmurshed@shomman.org