Toxic materialism – 6 reasons why it makes you unhappy

Even the ancients were aware of the destructive effects of toxic materialism. This is exactly what the myth of King Midas is about. He wished for everything he touched to turn into gold. The god Dionysus granted his request. Did this extraordinary gift make Midas happy? Quite the opposite! It turned out that amidst his wealth, he was at risk of dying from hunger and thirst, as the food and water he tried to consume also turned into gold. However, Midas was filled with the greatest terror when his daughter became a golden statue after touching him. In his pursuit of gold, the king had lost a loved one. Desperate, he begged the god Dionysus to take the gift back. The king realized that what he had desired so much had turned out to be his curse.  

This parable remains relevant even in today's world.

Discover 6 reasons why materialism steals happiness:

• Low and/or unstable self-esteem. Materialists constantly compare their possessions with those who are wealthier. They will never be satisfied with themselves because there will always be someone richer. They are not comforted by the fact that they have financial security or that they are better off than 90% of people. Even a millionaire will feel inferior because they are not a billionaire. In trying to keep up, they destroy themselves and their loved ones. Instead of enjoying the status they have already achieved and taking pleasure in their possessions, they are perpetually dissatisfied. They want more and more. Their self-worth is shaky and dependent on the fleeting results of these comparisons.
• A materialist lives in constant fear of losing even a fraction of their wealth. There are known cases where wealthy people have attempted suicide after losing a portion of their money, even though they still had enough to live in luxury. Therefore—though it may seem absurd—even the rich can fall into emotionally-driven financial crises. These most often involve a fear of loss, conflicts with family over attitudes toward money and how it is managed, or are caused by prioritizing profits over loved ones. I have described this problem in more detail in the article: Emotionally-driven financial crises.
• Loneliness. In their pursuit of money, materialists neglect their relationships. Although the wealthy are always surrounded by a crowd of sycophants, they are truly lonely in a crowd. In moments of clarity, they know that as soon as they lose their wealth and influence, these pseudo-friends will abandon them. Furthermore, materialists measure others and themselves by their level of affluence. They build their social and professional standing based on wealth. Consequently, they live in a panic that even a slight decline in their status will cause them to lose their so-called social appeal and lead to rejection by their acquaintances.
• Materialists struggle to build healthy relationships based on true friendship, love, and selfless kindness—the very things that bring us genuine happiness! They prefer to focus on their own money rather than on others. In doing so, they harm not only those around them but themselves as well! True love and friendship cannot be bought at any price, yet they are what give life deeper meaning and a sense of well-being.
• Hedonic adaptation. It consists of the fact that we get used to comfort very quickly. The things we once dreamed of soon stop impressing us. We can observe this mechanism both by watching how quickly children get bored with even their most desired toys, and by how we ourselves stop feeling the "wow effect" after a short time of driving a better car or moving into a larger apartment. You can find tips on how to reduce hedonic adaptation in the article: How to spend money to truly feel happy? By constantly setting new financial goals, we will only feel a thrill for a moment. Then, even the most expensive item will become mundane to us and the void returns. Buying more items will not fill it. Instead, the risk of falling into compulsive shopping increases, which—like any addiction—becomes a source of serious problems. You can read more about this in the article: Impulsive shopping – how to limit it and regain control?
• Lack of purpose in life. One of the key factors influencing our level of happiness is whether we see a deeper meaning in our existence. By chasing material goods, we lose sight of the core values that make life rich and provide a sense of fulfillment.

Working with clients during financial coaching, I help them build a healthy approach to material goods. We need money, and it makes life much easier. Thanks to it, we can do a lot of good for ourselves and others. However, we must maintain a healthy balance and a golden mean between ensuring financial well-being and security, and deriving deeper pleasure and fulfillment. Money alone will not provide that.  

Accumulating money and chasing after it does not contribute to maximizing happiness. Toxic materialism destroys what is most valuable. Finances should be treated only as a means to achieve higher goals, such as providing security and good living conditions for yourself and your loved ones, taking care of your health, relaxation, and self-realization.