The age-old question: does money buy happiness? As this animation will hopefully explain, the answer is "kind of but not really" or in other words, while short-term effects and effects in general undoubtedly exist, money doesn't really buy happiness in the long run.

More specifically:

1) The income-happiness paradox makes it clear that money only "buys" happiness up until a certain income level. In that let's say escaping poverty is most definitely going to bring about increases in happiness levels but the same cannot be stated about earning $90,000 yearly vs. $100,000

2) The hedonic treadmill makes it clear that just like lottery winners who return to their pre-win happiness levels, you too will most likely simply adapt to newfound wealth

3) Social comparison theory makes it clear that not just nominal income/wealth is important but also the manner in which it affects our "rank" within and even outside our social circle. After all, humans are pack animals at the end of the day, so why should be surprised that we act as such by comparing our financial status to that of our peers?

... the list could go on and on :)