Money cannot buy happiness. Happiness is brought by satisfaction in life.
Allow me to use the example of Maslow's Heirarchy of Needs. In order to reach Self Actualization, you need to satisfy the basic physiological needs, as well as safety, love, and esteem needs. Yes, you need to have things like food and shelter and health to be happy, but you need other things too in order to be happy, and it doesn't always encompass wealth.
Children make some people happy. Although children cost money, it's seeing their child grow and learn and develop in life that makes them happy.
Success in their career makes some people happy. Money can be a result of success in their careers and life's work. However, people who are happy from the success and achievement in their career don't like it just for money, but because it satisfies instinctive psychological needs. Anyone can get a high paying job, but even if the money is good, they don't always enjoy the job. It takes more than just getting a big paycheck, you also have to like the job just enough that you don't want to kill yourself or co-workers. But getting that position you strived for in the past, and finally being chosen to get it after working in the lower echelons and making a reputation and name for yourself can be a huge vicotry for you, and the money is only one thing that brings happiness.
Finally buying that house, car, motorcycle, hot rod, or other expensive item can make you happy, but it's not the money itself that makes you happy. It's finally getting that desired thing after working long and hard for it, and earning it after making so many little scrifices to get it. The work you had done for it makes it more valuable for you. That satifaction is not materialistic, because of the the time an effort it took to get it.
Money cannot buy friends. Money can get you a girlfriend/wife, but if she wouldn't be with you if you didn't possess that affluence, then she's a gold-diggin' jezebel and will only make you unhappy. Money cannot buy real love. Money cannot buy you a family or a good relationship with your family. Those relationships are built on trust and compassion, and money cannot buy that.