I agree most with this way of thinking. Money is downside protection but the upside benefit happiness wise is minimal. I think relationships, meaningful work, healthy diet and exercise, sleeping well, sense of community, etc. matter more for upside happiness.
Exactly, I always read the saying this way. Money doesn't buy you happiness directly, it buys you the security and comfort that provide a foundation for you to build your happiness on. You can be happy with little or no money, but it takes a much smaller disruption event to make it all collapse, like a house built on a shoddy foundation.
People are not created equal, some are predisposed to happiness so you are limited in how much happiness you can buy. However, if money is not buying happiness your not buying the right things.
EX1: Sometimes your better off paying down debt or investing than buying stuff.
EX2: Sometimes your better off buying stuff for other people than yourself.
EX3: Buying experiences tends to have better returns than stuff.
EX4: Sometimes the best thing to 'buy' is time by making less money.
That's a pretty empty statement. You can be wealthy and have a brain tumor, or be in prison, or get your head kicked in, or become obsessed with someone who won't love you back or do what you say. You could just have an incredible sense of entitlement, and be angry because you aren't the master of time and space.
All things being equal, more money makes you happier than less money, with decreasing marginal effectiveness. No money always makes you miserable if you aren't being taken care of.
