Most of us have heard that money can't buy happiness. I won't tell you that money doesn't buy happiness because I don't believe that's entirely true. I do know that if money doesn't buy happiness, neither does poverty.

It's not wealth or poverty that makes you happy or unhappy; it's how you live your life. Money simply gives you choices that you might not otherwise have. Too much money, however, is not on its own a source of happiness, since research shows that once a person's basic needs are met, people with more money don't tend to be happier than people with less.

How can you get the most happiness out of the money you have? Some uses of money give you more happiness than others. For example, paying your electricity bill doesn't give you as much happiness as paying for a movie ticket. Buying something you desire boosts the level of dopamine (the happiness hormone) in your body. The effect is similar to the lift a mood-enhancing medication provides for someone dealing with depression. The challenge, however, is that just as with prescription medication, the effect doesn't last. According to research, even significant purchases—such as a new car or even a house you've been dreaming of—will only boost your happiness for about ninety days at most. That seems to be the threshold in just about every study—three months. Once the high wears off, you're right back where you started.

Scientists and therapists have found that money can buy sustained happiness if used in one distinct way: to purchase experiences. So it stands to reason that instead of buying a new car, you could plan a trip where you can make memories. Furthermore, instead of planning one big trip, consider planning several weekend getaways with your family or significant other. This means even more experiences with your loved ones—and it's the experiences, the memories, that give lasting happiness, not how fancy those experiences are. In my own childhood, though I can't remember most of the gifts my parents got for me, I can remember almost every trip we took as a family. There was always something funny, outrageous, or unique about each one that made the experiences and the happiness they brought stick firmly in my memory.

Studies have also shown that the happiest people are highly social and have stronger relationship ties than people who report being unhappy. Personal relationships are of high importance in a person's life as they definitely lead to sustained happiness. This doesn't require financial wealth.

Gratitude is another path to sustainable happiness that doesn't require money. People who are grateful for what they have are more enthusiastic, driven, attentive, and energetic than people who don't take stock of their blessings. The happiest people I've had the privilege to meet have told me they make a conscious effort to remember and remain grateful for every blessing they've received, even if it's simply the gift of life itself. This inspired me to keep a gratitude journal where I write daily about the things that lift me up, the things I might take for granted, and the wonderful family and friends I've been blessed with who add great joy to my life. It has proven to be a powerful tool. I focus on my blessings and stay grateful, and that way I draw more things to be grateful for into my life.

In conclusion, while having money is beneficial, for sustainable happiness you need to create more experiences and memories, spend time with your loved ones, and remain forever grateful for your blessings.