Does money buy happiness?

The DC auto show was in town last week. I have often wondered who goes to these shows. Obviously people looking to buy a new car, but they aren’t sure of what is available attend auto shows. They get to look at all the different cars without having to drive all over town. But I think a majority of people go to look at the exotics cars. Perhaps curiosity drives them, how many of us see a Lamborghini driving on the beltway? But how many attendees are there to lust and dream about having that Aston Martin or the Lamborghini? And what do they think it will bring them to have this car? Will it bring them happiness or definition? Jesse claims the car one drives is an extension of their personality. However, how do we define ourselves as humans? I partially define myself through my work. I also define myself through who I want to become, through my goals and dreams. Would possessing a quarter of a million dollar car bring me definition? I know it would not. However would the car bring me happiness? I know that I love my car, and driving it does bring me temporary happiness. I love driving it very fast on the beltway; I love the compliments I receive from perfect strangers about my car. So if I drove a car that is 6 times more money would I be 6 times happier in that car?

“According to researchers (footnote, E.g., Martin Seligman, Daniel Kahneman, Ed Deiner), money buys happiness only to a very limited extent. Not having money- that is, a family income of less than 30,000- is related to less happiness, but once your basic needs are being met, the increase in happiness from say, $31,000 to $131,000 is really not that great! Hard to believe, isn't it? Think of all the time and energy we spend trying to attain more money- and it really doesn't make that big of a difference! The United States is a very rich country, but the overall level of happiness there is lower than in many poorer countries. So, the question is, if money can't buy happiness, what can? Things that are hard to buy.” by Dr. Gayla Swihart DeHart

And what do you think; does money buy happiness (or at least the right kind of misery)? And do possessions give our lives definition?