Money is generally seen as a positive thing: more money equals more opportunities, equals more happiness… right? You would certainly think so by the way people work—often sacrificing time with loved ones and hobbies of their own just to get a little more green. Our relationship to money turns out to be a little more complicated then the standard notion, More Money = A Better Life.

As it turns out, people actually overestimate the relationship between money and happiness (L.B. Akin et al, 2009). This is an important finding considering that the average American devotes 47 hours a week to filling up their bank account (Gallup, 2014). Scaling up, most governments base their nation’s well-being and policy decisions on economic factors like gross domestic product (the monetary value of all the finished goods and services produced within a country’s borders).

Unless you are in a position to make policy decisions, what does this mean to you and me? Well, here are a few choice bits on happiness research for you to chew on:

1. Once you have your basic needs met, money can only make you marginally happier. This is great news! It means most of us don’t really need any more money.
2. In addition, once basic needs are met, money only temporarily increases satisfaction as a “person’s happiness adapts quite rapidly to higher levels of income (a phenomenon of addiction)” (Layard, 2006). So, really… if you have a roof over your head and you have enough to eat, you can probably stop trying to make more money.
3. There are detrimental effects associated with this cycle of material addiction, including lower self-esteem, greater narcissism, greater amounts of social comparison, less empathy, less intrinsic motivation, and more conflictual relationships (Kasser, 2003). Seriously, do you need more reasons to cool it with the money making?
4. Follow your passions—not profit-makers. The happier you are with your work, the more likely you are to be successful at it, and as Ed Diener puts it, “Desirable outcomes, even economic ones, are often caused by well-being rather than the other way around” (Diener & Martin, 2014).
5. Give some respect to under-indulgence! Under-indulging, even when you have enough money for whatever you fancy has been linked to a renewed enjoyment in the things we love.
6. As one of my favorite blogs points out repeatedly, making more money almost always means having less time, and time is way more precious then money. Think about the time-cost of money before you buy: is buying a fancier car worth the extra time you won’t be spending with your family or your passions?
7. In terms of satisfaction, money and time are best spent on others. As Christian Smith puts it, “Those who give, receive back in turn. By spending ourselves for others’ well-being we enhance our own standing. In letting go of some of what we own, we better secure our own lives. By giving ourselves away, we ourselves move toward flourishing. This is not only a philosophical or religious teaching; it is a sociological fact (Smith & Davidson, 2014).

As my Mom has always put it, “Money is just a tool, it’s how you use it that counts.” Instead of focusing on what you’d like to have, focus on what you already have. Then use it wisely, share it with others and pass it on.