How Money Restricts Life's Pleasures

It's a mystery why money doesn't make us happy, because it feels like it damn well should. With money we can buy whatever we want, go wherever we want, even be whoever we want. Surely that should make us happy?

And yet study after study shows that in affluent societies money might bring satisfaction, but it doesn't bring much happiness.

Perhaps, as people become really rich, they don't choose more enjoyable activities (i.e. they stay in the office working)? Perhaps material goods just can't make us happy? Or perhaps there is always someone richer, spoiling the party with their more impressive wealth?