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I like earning money. I like having it. I like giving it away. Still, it’s worth asking: How important is money?
Yes, money can pay for the necessities we all need—food, shelter, transport—and more of it has the potential to buy us a better life. The necessities are obviously (ahem) necessary. But what about the frills that more money can buy us?
That discretionary spending has the potential to bring big smiles. Still, it’s hard to imagine that these frills would do much to offset, say, the pain of persistent ill-health or that caused by the death of a loved one. Indeed, I assume—and hope—most folks would happily give up this extra spending in return for better health and more time with those they love. I also suspect that this extra money doesn’t do much to make chronically unhappy folks feel all that happier.
So, how important is money?
I’d argue that it ranks in importance below time, good health and companionship. But it’s also hard to separate money from these things. Instead, money is inextricably entwined with these other factors: It can potentially buy us special times with others, better health and relief from tasks we dislike.
But money has its limits, especially when it comes to health. Over the past year, I’ve benefited from the finest health care, and I’m only vaguely aware of what all this has cost. But that health care hasn’t extended my life by much, and throwing even more money at the problem wouldn’t—as best I can tell—have made any difference.
What would I pay to get an extra 12 months? Perhaps fortunately, that’s not an option—because then I really would be forced to decide how important money is.
I find that those who debate the importance of money, generally have it. Let’s hear the opinions of a panel of randomly selected poor folks discuss the subject.
Before answering how “the poor” perceives the importance of money, it might be necessary to ask: what does it mean to be poor? Is it mainly lacking of money, or is it lacking of security?
Some people have little money but feel secure – for example, Medicaid nursing home residents. Money would endanger their eligibility for the government’s assistance. Some people even spend down to be poor and secure, joining the Medicaid population.
Others may be wealthy but lack security, always anxious that the wealth is insufficient or vulnerable. Seneca the Stoic said “the man who craves more … is poor.”
And of course, many struggle with both insufficient money and security – perhaps the most acute form of poverty.
In my view, money is like oxygen: Without (enough of) it, we are in trouble; Having too much of it, it may not benefit us a lot. I like the priority ranking is: People first, then Money, then Things.
The Way It Is
William Stafford
There’s a thread you follow. It goes among
things that change. But it doesn’t change.
People wonder about what you are pursuing.
You have to explain about the thread.
But it is hard for others to see.
While you hold it you can’t get lost.
Tragedies happen; people get hurt
or die; and you suffer and get old.
Nothing you do can stop time’s unfolding.
You don’t ever let go of the thread.
Thanks again for a well thought out article. I fully agree with your ranking about money, “ranks in importance below time, good health and companionship.” My guess is you get it, one day at a time, concentrate on what YOU can do. Enjoy the time you have. Keep writing, we appreciate all your Wisdom.