"The Best Things in Life Are Free" is a duet between American singers Luther Vandross and Janet Jackson, recorded for the Jimmy Jam and Terry Lewis-produced soundtrack to the 1992 American film, Mo' Money, starring Damon Wayans. It was later included on the compilations Design of a Decade: 1986–1996 (1995), One Night with You: The Best of Love, Volume 2 (1997), Lovesongs (2009) and Number Ones (2009). The song was composed by Jam, Lewis and New Edition/Bell Biv DeVoe members Michael Bivins and Ronnie DeVoe.

In March 1991, Jackson signed an unprecedented $32 million contract with Virgin Records, the largest record deal at the time, although it was quickly exceeded by her brother Michael and his label, Epic Records. Prior to her first release with Virgin, Jackson was asked by Jam and Lewis to record a song for the sound track to the feature film Mo' Money, released in 1992 by their label Perspective Records. Jon Bream of the Star Tribune reported: "For most movie soundtracks, producers negotiate with record companies, managers and lawyers for the services of big-name singers. Like the Hollywood outsiders that they are, Edina-based Jam and Lewis went directly to such stars as Janet Jackson, Luther Vandross, Bell Biv DeVoe, Color Me Badd and Johnny Gill." A remixed version was later released in 1995.

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