Recent research confirms what many GRS readers already know: money doesn’t buy happiness. At the University of Rochester, psychology professors Edward Deci and Richard Ryan and graduate student Christopher Niemic spent two years tracking recent college graduates to determine the effects of various “intrinsic” and “extrinsic” goals.
According to the official press release:
Aspirations were identified as either “intrinsic” or “extrinsic” by asking participants how much they valued having “deep, enduring relationships” and “helping others improve their lives” (intrinsic goals) versus being “a wealthy person” and achieving “the look I’ve been after” (extrinsic goals). Respondents also reported the degree to which they had attained these goals. To track progress, the survey was administered twice, once a year after graduation and again 12 months later.
The more committed you are to a goal, the more likely you are to attain it. And while achieving most goals brings happiness, that’s not always the case if your motivations are extrinsic — if you’re pursuing money and power.
The research is summarized in this short video from ScienCentral:
Researcher Edward Deci offers the following analysis of the project’s findings: “The evidence actually argues pretty strongly against this widely-held notion that if I’d just get rich and famous, I’d be so happy.”
Laura Rowley at Yahoo! Finance wrote about this research last week, and I think she brings up some good points. “The exclusive pursuit of intrinsic goals is fine for some in their 20s,” she writes, “but a bit idealistic for people who have mortgages to pay and (in my case) three college tuitions on the horizon. I love to write, but there have definitely been a few less-appealing assignments over the years in which money was the main attraction.”
And, of course, for those living in poverty — which generally does not include recent college graduates like those in this study — a lack of money can most certainly have a negative impact on personal well-being.
Still, this research confirms much of what I’ve read before. When we focus on monetary goals, we run the risk of becoming trapped on the “hedonic treadmill”, working harder and harder to make more and more money. This does not lead to happiness.
For more on this subject, check out:
- National Accounts of Well-Being
- Yahoo! Finance: Be careful what you wish for
- The Guardian: Money and happiness
- Get Rich Slowly: The psychology of happiness: 13 steps to a better life
Wealth and happiness are not mutually exclusive. But studies have repeatedly demonstrated that the pursuit of money is less likely to bring personal fulfillment than focusing on self-improvement and, especially, close relationships with others.
This article is about Psychology, Self-Improvement
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Money may not buy happiness, but it does buy freedom, options and opportunity – and those may lead to happiness.
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Sandy makes a good point, especially since I have been so well acquainted with poverty.
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Right. But I don’t think that’s what’s being discussed here. Money can buy freedom and opportunity, but this research is talking about the pursuit of money as a goal, and how that doe not lead to happiness. (And, in fact, may have the opposite effect.)
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Exactly. Money should be the tool to achieve some higher goal. Be successful, learn skills, take risks… just dont do it for the money, do it for something greater: Family, friends, community.
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Great post J.D. I think the article can also serve as a reminder for us about the importance of seeking balance in life and keeping everything in proportion. The pursuit of money can be very fulfilling to someone who also has many other other pursuits, interests, and commitments.
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I like the distinction between wanting money as a be all end all goal and wanting money as a vehicle to do other things. It makes a lot of sense.
Because without a plan for enriching your life with that money it becomes nothing more than a shallow theory that cannot be put into action.
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I think the reasons for this misconception (that money buys happiness) are twofold:
1. We are a materialistic society. And so, with each new toy, we are delighted. We experience a rush, a thrill. That remains, in our memory, as happiness. Hence we equate getting more stuff with being happy. To get more stuff, you need to make money.
There is, as a tangent, also pure jealousy. Something you would, in fact, enjoy every day is something you can’t afford. But richer people can. (I think “Cribs” has done this nation a huge disservice!) And so you think that if you were rich, you could buy anything your heart desired. Especially the couple of things your heart REALLY desires. (The complication, of course, comes when you realize that being able to buy these things all so easily makes them lose some of their value.)
2. We’re tired. I grew up frugally. I never wanted for anything, but my mother was careful with money. Still, due to my and my spouse’s health problems, we find ourselves in debt. It would be lovely if I could get him even a quarter of the things he wants. And he feels the same way about me.
We’re certainly not going to wither away and die without these things. But it’s nice to dream of saving up for a nicer TV one day, or my husband’s dream Mustang. And when you’re doing everything you can to throw money at debt, and still barely moving forward, it is easy to slip into the idea that the grass is greener on the other side.
To a certain extent, I think it’s true. If either my husband or I could work full-time, right now, we WOULD be happier. We could pay off our debt (thereby having less stress, which would make us both happier) and we could start saving — for a home and car. Also happy things.
The trick is to remember that a given purchase won’t make you happy; there will always be more to want, or a need to pay for fixes. But the happiness lies in the lack of anxiety about emergencies (because you have savings) and in the knowledge that you have so many more options. You could, for example, take a great vacation without going into debt.
While money does not bring happiness, it can do a lot of wonderful things. So the human brain skips one step and equates lots of currency with a happy existence. Kind of easy to understand, really.
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Totally agree. Like Brent said above – Money is just a tool to be used to live and ‘enhance’ our lives in some ways. But an excess of money does not mean we have an excess of happiness.
I think I read an article somewhere that stated that happiness doesn’t increase too much past the point where your salary and cost-of-living intersect.
You should USE money to get you toward your ultimate goals in life (whatever that may be). Having a goal to “get money” would eventually end in an anti-climactic fashion (I think anyways).
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While I too agree that the pursuit of money with happiness as the ultimate goal could be risky, I think of a recent quote by Johnny Depp:
Money may not buy me happiness but it sure can buy me a boat to sail right up to it.
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I don’t think happiness can ever be “attained.” Happiness comes through struggle. If you think you’ve got it, it’s gone.
For people who have not had enough money, getting money really does bring happiness. But only for a time. Once those questing for money attain it, they need to find a new goal to pursue or they will lose the happiness that once could be attained by obtaining money.
Happiness is not a what question. It is a how question. There is no “substance” that will ever give happiness. Happiness comes from following the right processes.
Rob
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I agree that the pursuit of money is not a healthy value to have in one’s life. There’s nothing wrong with making money, but basing your life on making money will eventually lead to a life of disappointment. Someone will always have more money than you.
As humans we tend to compare ourselves to those in our direct social circles and those we see on tv. This constantly makes us want more and more. Instead I try to compare myself to the world at large. When you do this you realize how lucky most of us have it. Sometimes you just have to be thankful for what you have and be content.
-Gen Y Investor
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Effectively, once you reach a specific standard of living, money will not buy additional happiness..
Speaking from experience, it’s marginal at best. I have seen my (our) income drop precipitously this year (layoff for me and no new position yet, hundreds of apps out there, numerous interviews, and I am pretty qualified (and interview well)), but we are soo much happier now (in relative terms) than we were before. I am free to make decisions without the risk of losing the material positions we have/had. We are about to start our own business, this never would have happened if I would have maintained an attachment to the externality of my hedonistic treadmill.
My greatest fears have been realized and I am better for it.
You (we) need to drive ourselves from an intrinsic motivational center, this leads to a greater sense of fulfillment and a much better overall existence. It will guide our children to become better and will improve our relationship with those immediate to us and the further world beyond our limited horizons.
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This is one of the happiest weekends of my life. I played 4 matches of tennis over a 14 hour period at my tennis club (costs $200/month), sat in the hot tub afterwards each time and got some great gifts from my wife for my birthday (two new rackets, and these old Agassi shoes for a total of $450). She wants to get a couple Lululemon outfits which cost like $80 an outfit, and I have no stress in the world.
It costs $30 a week or two to restring my tennis rackets, and I don’t stress about it at all. I love the cool retro nike Agassi shoes, which again cost so little compared to my income.
I don’t have very expensive desires, but I do live in a $1.8million house with a big mortgage I can afford. And guess what, even if i couldn’t really afford it I feel I am living life beyond my wildest dreams. I drive a 9 year old car with 110,000 miles on it, and have several $7000+ watches I interchange and love.
I tell ya having money really rocks, and I am thankful everyday I get to work and have a salary and healthcare. i will honestly tell you that making a good amount of money has made me VERY HAPPY b/c I never really have to worry about money which I hear is a Top 3 stress in people’s lives.
It’s all about EXPECTATIONS. When I graduated I thought if I could make $35Kyr, I would be set. And if I could retire after 25 years making $120-150K, I would really be set. With a lot of luck, and hard work, i’ve been able to achieve this goal already after 10 years of work and then some.
Money buys me a lot of happiness and fantastic experiences. The tough 3 set match against a superior opponent at my club, the 2 week trip to Europe, the vacations up at Squaw in Lake Tahoe. AWESOME!
Trust me, it’s much better to have lots of money, than just an average amount of money to survive. I plan to retire at 42 (was 40 but thanks to the downturn, need to work another 2 yrs). How much would you be willing to give, to work 20 years less than normal and pursue a non monetary dream?
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I’ve just recently started to feel OK about wanting money and having money, after a lifetime of embracing the carefree hippy ethic that money can’t buy happiness, poverty is somehow glamorous and in fact money might just be the root of all evil.
Lately I’m feeling like having money is alright, taking money from people I do freelance work for is a pretty good deal and I wouldn’t mind piling up a little cash just to have that fabled emergency fund.
Which is not to really argue with you; I’m swinging back toward center from the opposite extreme of those high-powered business grads, and trying to find a healthy place in my creative, chaotic, intrinsically wealthy life for some cold hard cash.
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I like pursuing money, I find the game fun. I’m sure I’ll get tired of it eventually though.
**I have a very fulfilling personal life, and the only thing I wish for is more dogs
, which will have to wait till I have enough for my (extrinsic) house!
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“I’ve been rich and I’ve been poor. Believe me, rich is better.”
–Mae West.
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As with any study conducted and written up in an academic journal, please exercise some healthy skepticism towards the research discussed. I offer this opinion as one who has found some of the positive psychology field incredibily hepful in my own life.
In particular read “4.2 Limitations” of the research paper.
That’s not to say that the whole “money/happiness” discussion isn’t a worthy one. IMHO money is one of the tools that influences a person’s hapiness, not the only tool.
Cheers
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Of course it can leave you unhappy. So can eating for the sake of eating. That doesn’t mean I shouldn’t ever eat for the sake of eating.
My income has drastically increased over the past six-months to the point I’ve quit my “regular” job. I’m living in pure bliss.
So yes, it really just depends. I don’t think any “research” or study will show us anything conclusive, given how complicated the topic is.
Besides, how do you know when you’re happier? It’s so-so-so politically correct to go against the “money and happiness” mentality, but it just doesn’t seem true. The most unhappy people I know are flat broke.
::shrug::
I think the problem isn’t with pursuing money so much as not being willing to spend it and enjoy it. Pursuing money should be the hard part — spending it should be the fun part.
I suppose that’s why I’m not big into frugality. Frankly, I enjoy my $4 coffee drinks and spending a weekend in town with friends.
So, to summarize. pursuing money isn’t the problem. It’s knowing what to do with it when you finally get there — that’s where happiness can be maximized.
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Again, it’s all about experiences that make me and many others very happy. If you have little disposable income, it’s hard to take a 6-10K two week vacation to Europe or South America, for example. Without money, you can’t feel comfortable going out on Fri night with your friends b/c it’ll cost $100/person due to food and drinks.
I don’t understand why people think once you have money, people will be miserable. It’s just not true. I swear to you guys that making a lot of money and having multiple six figures in your savings account is AWESOME. It comes down to EDUCATION, HARDWORK, good team work and good attitudes that gets one far.
If you look at a lot of people with money problems, or mediocre professions or salaries, I will be you that at least 50% didn’t study hard in high school, and resulted in attending a mediocre college, and then job. It starts with education, and if you went to Chico State, well, you can try again and go to a good grad school. The older I get, the more I realize education is one of the keys to success.
Why is it, that many kids who went to Ivy league schools, or other prestigious schools commonly achieve at least career and monetary success. It’s not an accident.
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While it makes for an interesting discussion, I can’t help but wonder who ultimately paid for that research? It’s clear from the comments on this article that a group of people could sit down, have a logical discussion and come to the same conclusion. How much did it cost to have UR doctor(s) and grad students, facilities, test subjects, test reviewers, etc to come to this conclusion?
I don’t mean to be a wet blanket, but that was some serious $$ thrown away.
It’s funny (well not really) that we see this type of thing coming out of our universities and it’s just become par for the course and accepted as “what professors do with their research time”.
Oh well, I know I can’t change it, so no use getting bent out of shape. A worthy discussion and great article JD. This coming out of a university just struck me as odd.
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“For what shall it profit a man, if he shall gain the whole world, and lose his own soul?” Mark 8:36
This saying is still relevant even if you’re not a Christian. Just replace “soul” with “family,” “health,” or anything else of fundamental importance to you.
I thought about this verse often when I was miserable, overworked, and striving to move up the corporate ladder.
I don’t think it’s worthwhile to pursue money for the sake of buying stuff. I don’t even want half the stuff I already have! I do want my children to graduate from college debt free, live in a paid for home, provide separate living quarters for my mother on my property, and earn enough passive income to pay for it all.
It sounds like a lot of money will be required, but I’m sure there are frugal ways to have it all without driving myself into the ground.
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Yesterday was one of the happiest days I’ve had in recent month. I’ve spend it on a kanu boat, on a river, with my friend. The sun was shining and we didn’t do anything but row, swim and talk. I’ve spend around $3 for this (on a gas to get to his place).
Saying that, I’ve never had as much money as I have now, and although this is nice not only do I not feel any happier for it, I feel tired and overworked and I will probably downshift as I see I was more happy, when I had more free time for myself and my friends.
Money is fine as long as it satisfies my basic needs, but after that I prefer to spend my time doing something I love.
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Prof. dr. Ruut Veenhoven holds a database of happiness research around the world. The findings indicate, that if you have enough (money) to satisfy your basic needs (food etc.), an increase in wealth will most likely not increase your happiness level.
There is a small way to cheat this, according to other research, if you are wealthy: use your money to have new experiences (instead of buying stuff). This can increase you happiness level a bit.
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Making and intrinsic/extrinsic variable might be an addition, but these sort of quality-of-life surveys aren’t new. The link between happiness and wealth has been studied to some extent before. The general findings show that money DOES contribute to happiness… to a point. Basically, once your needs are being met and you have a bit for recreational spending, the effect of money on happiness quickly peters off. Which makes sense, if you think about it. Someone living on a low income has to deal with a lot of stress in making ends meet, and may not have the time or funds to do things they enjoy. The difference between $20000 and $40000 anually is pretty important, but the difference between $80000 and $100000 isn’t as critical.
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You cannot use this to generalize beyond recent college grads.
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It depends on what you have to do to get the money, too. Some people love doing things you can make a lot of money doing, other people don’t–and if you’re just doing it for the money, you’re not going to be able to compete with the people who love doing it.
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Re #19: Why is it, that many kids who went to Ivy league schools, or other prestigious schools commonly achieve at least career and monetary success. It’s not an accident.
It’s not FROM the education they get. It’s because these were the kinds of motivated, focused, goal-oriented students who could get into those schools. I’ve seen studies that suggest that the people who got into Harvard, say, and went elsewhere (and I’ve know several people who fit this) do just as well as people who DO go.
So, you’re right; it’s not an accident.
One of my profs, who DID go to Harvard, said that the top students of his class were the lowest income grads, because they became teachers.
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@ ResortAtSquawCreekTAHOE, while your bragging put me off (is this a cultural thing?) I can see your point about how money can buy happiness through experiences. There was a study out not to long ago that showed that people were happier if they spent money on experiences, not material items. I think that makes a difference.
I think we can all find happiness within our means. There are far more people in the world who are happy with more modest incomes than there are millionaires who are happy (simply because millionaires are comparatively rare). I think it all boils down to the person. I could be happy with millions of dollars, but I’m also happy without it.
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Frugalscholar, I agree with you, but would add ‘connected.’ Many of the folks who go to Harvard, etc. start out well-connected, and the others will generally become well-connected thanks to well-connected classmates and alumni. You really can’t overstate the value of knowing the right people. Plus, there is the big-time name recognition that encourages employers to give you a chance.
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Beth,
I don’t think there’s anything wrong with bragging about accomplishing your goals. It must be a cultural thing.
I personally found his/her comments refreshing. It’s good to see people happy and in control of their future! 
Again, the people who are trying to make money and who are miserable almost always have one thing in common: trying to get up the “corporate ladder.”
I don’t think it’s the money that makes them miserable. It’s the big-business politics. Humans are NOT wired for big business jobs — we’re wired for small packs and small business, not huge monolithic entities that may or may not be considered businesses.
Heck, I’d be miserable if I worked at Citi whether I was making a billion a year or not. It’s not the money, it’s the job.
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I think when people talk about money and happiness, they talk about them as if they exist on continuous axes — the more money you have, the happier you are. In fact, there’s a huge chasm that redefines the relationship between money and happiness. The chasm exists between the ability of money to buy necessities (shelter & food) and it’s ability to buy things outside of the necessities to sustain life.
When happiness is correlated with money at the necessity level, more money almost always translates to more happiness. But that’s not true at all after your cross the chasm and examine the relationship between happiness and money at the level where money is buying luxury.
I think it’s always important to remember where in the continuum we are when we talk about money and happiness in one sentence
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@ Shaun, I think you’re right about discussing money as being a cultural thing. I was always taught that it was incredibly rude to tell people what you have and how much you spent on it. I have to admit I cringed when I first read those comments about having a $1.8 million dollar home, $340 gifts, etc. I wouldn’t ever say things like that — that’s just how I was raised and it seems to be the norm for many of my friends and family. I can’t say it’s right or wrong — it’s just the system I’m functioning in.
I think it’s fascinating how, when, where and what is or isn’t appropriate to discuss when it comes to money. I don’t know if it’s a Canada/US thing, an in person/online issue, or if people who are wealthy are more comfortable discussing their finances and possessions than people who aren’t.
I’d be curious to hear other people’s thoughts on the subject.
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@Beth–when I was a kid my parents wouldn’t tell us how much my father made, because they didn’t want us comparing with the other kids at school. And my parents don’t know how much I make, either
. I think it’s one thing to discuss how much something cost with someone who is in the market for something similar and doing research, and another to just brag about it.
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I don’t think money can buy happiness, but it will make me happy to pay off my student loans/other debt. I don’t want to be rich, just out of the hole.
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If you’re interested in learning more about this subject, I would recommend The Progress Paradox: How Life Gets Better While People Feel Worse by Gregg Easterbrook.
I had to read it for a college class and have re-read it a few times since then. It deals a lot with how our standard of living is perpetually improving but does not seem to correlate with happiness.
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Something to consider is how many people want to admit that they failed at intrinsic goals, such as relationships? The whole study could be biased by people saying that they found emotional connections and are much ‘happier’ than if they had money. I mean they focused on that instead of actually trying to pursue wealth or power so they’d have to give justification for this. I’d argue the people who pursued money and power are being honest, it sucks, nobody gives you anything for free and taking everything leaves a toll on you. However they are preparing themselves for a happier life later. I want to be able to give my family everything that they want not wish they had (one day i’m in my middle 20′s). I just finished my first masters in computer science, and now i’m looking at further degrees such as an mba or a phd. Each of course will take away from my intrinsic goals (less time with gf and close family) but will help me to further along my extrinsic goals. Would I be happier if I just stopped and accepted my current salary and enjoyed life…definitely, but would it be the life i want? Definitely not. I don’t want to be worrying about tuition and mortgages or how much i dislike my job later in life. Delayed happiness is the essence of maturity, and I propose the main thesis of this blog. Get rich slowly: learn to save, how to plan your retirement, insights into wealth. I will definitely need to read the progress paradox, I agree life can get better while we all feel worse. One day though I’ll be kicking back on my heels and focusing purely on intrinsic goals with my extrinsic goals satisfied…is the plan lol.
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@EscapeVelocity–I agree with you there. I think there’s a fine line between sharing useful information and bragging, and that line shifts depending on a number of factors. It’s confusing
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A former boss of mine, who’s very well off, once said to me ‘Oh, money isn’t everything – your young, what would you even do with an extra $XXXXXX dollars?’ (can’t recall the amount). To which I replied – ‘Pay off some of my student loans, pay bills, put in the bank, etc. etc…’
The issue is this – having a lot of money (talking (millions and millions) means (if your not stupid with your money):
- You don’t have to worry about your mortgage.
- You don’t have to worry about bills.
- You don’t have to think over every little purchase, or cut coupons, or do anything like that.
- You don’t have to do work you don’t want to or don’t like.
- You can travel all you want and see the world as much as you want.
Now, as I get older and move into the making decent money (the mythical ’6 figure salary’) – I realize what I thought would get me not worrying about bills and the like…isn’t. Kids are more expensive than you thought, you need to save more than you thought, taxes take out more than you thought, your house is suddenly too small and your mortgage goes up, your car dies, etc.
Short of making a LOT of money a year…these things always will keep you worrying about it and having to worry about money.
Lots of money doesn’t buy you happiness – it lets you not worry about money. And if that causes you a lot of stress…it’ll make you a lot happier.
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I also found Resort’s posts distasteful, and will leave it at that.
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Hello All,
Of course I don’t brag in real life to others. I keep my financials and expenditures private. This is the beauty of a PF blog with comments. I want to hear reality and truths from people. I don’t want to hear the same old feedback and commentary.
Until one can recognize one’s own failures, one will have a difficult time succeeding.
Frugalscholar – Yes, the most motivated ones are those who recognize their own predicaments i.e. being poor and needing to find a way out, realizing that education is key early on etc. Many of those in debt, or who have mediocre jobs or existences have to be real with themselves. I will bet they didn’t try their hardest in High School to get the best grades, and take on leadership rolls in sports or the arts. Those who did, went to a good college, and therefore had a better chance to get a decent and fulfilling job. It is that simple.
You don’t think that if you got a 1,500 on your SATs and got straight A’s and were a fantastic violinist, you wouldn’t be able to get at least a partial scholarship to a prestigious University? Of course you would! It’s just life folks. You’ve got only a few chances to make things right, and if you only got B’s in HS or college, you aren’t going to get picked up b/c there are THOUSANDS of harder working, better qualified people than you!
Education is key, and leads to a virtuous cycle. We are on this blog to get educated about personal finance! Some may have made bad choices, but those can be rectified through education, which is going on here.
I busted my butt from 22-26 years old. I knew I had to start at the bottom and work my way up. I was first in at 5:30am, and last out at 8pm for the first 2 years. I earned the respect of my peers, and got promoted quickly. The first full year of work, I made $103,000, and by the 3rd year of work, at the age of 25, I doubled that to $200,000. I got this job b/c i went to a school where this company recruited, and I practiced like hell to interview properly. I would tell you guys what I make now, but you’d just say I’m bragging. Please please tell me what you guys are making now, and at what age. Without real numbers and more data, it’s hard to make things real.
What did I do with my bonus money? I invested it in stocks and in real estate at 26. I took big risks, which paid off. And I also continued to take big risks and LOST a lot of money too in 2008. But, no risk no reward, and I am confident I can make money. I just need time.
I have always spent my salary, and saved my bonuses, which account for 50-70% of my full income. B/c I am educated and have discipline, I would never have outstanding 10% interest credit card debt, and I would never buy anything I couldn’t afford. This is the power of education.. and the beauty is, we can never stop learning.
You’ve got to WANT TO CHANGE. Fat people are fat b/c they want to be. Why is it that the 350lbs folks on the TV Show “Biggest Loser” lose 200lbs? It’s not genetics, it’s b/c they wanted to change! Same goes for personal finance.
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My husband and I have always been happy. Today we are celebrating 13 years of marriage. When we were first married he made $17,000 at UPS while going to college at night. Today he makes $70,000 as a senior systems computer engineer at a hospital. Funny enough, we have been happy with every salary along the way. We have ALWAYS lived within our means, have remained true to that, and have prayed our way through every salary with thanks and gratitude. I am a stay at home mom now. We have nice golf clubs (on sale), a big TV (on sale), a hot tub, etc. but we still marvel at how far we’ve come, how nice it’s been to save for each item, how we feel that we’ve been rewarded by buying an old house and fixing it up over the years – those McMansions were tempting but we always wanted to live freely not with stress . . we love our house from 1898 . . . I think being grateful along the way is the most important thing and somehow the universe rewards you with peace and contentment – then the toys become a kind of bonus.
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Congrats Amy! And thanks for posting your salary figure. I don’t think that’s bragging at all. It’s REAL, and makes things more tangible to me and others.
Some may say that making $400,000 in 2008 is a lot of money. But, it’s all relative. What if you had expected to make $1million, and you made $700,000 in 2007?
Progress is great.
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I’m disappointed. One of the reasons I like this blog is that the quality of comments and discussion is much better than I’ve found elsewhere. I would hate to see it devolve into an online show-and-tell about how much everyone has, how much harder they think they work, and how much others spend on them.
Can we get back to the real business of getting rich slowly?
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The truth hurts. A lot of dummies I know from HS are losers in real life now. Many people who r losers in life now were losers from an early start. it is what it is.
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Didn’t mean to disappoint. I just showed how our income has increased and that we’ve been happy at each level by living within our means – when we made $38,000 we were over the top with happiness . . . this is in response to the article about whether money buys happiness. My husband worked steady midnight at UPS for years going to college at the same time – we are downright proud of where we are – in fact, his back surgery as a result of throwing boxes for years is the reminder . . . maybe, it might be true that he really did work harder than someone else who chose not to work steady midnight and go to college for engineering – IT WAS HARD . . . I’m not into show and tell but one would think that on a personal finance blog where everyone is trying to “Get Rich Slowly” that it would be all right to state one’s income to illustrate certain points. . . this site isn’t called “Makes Less Money”.
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Amy – Stating one’s income is fine. It gives us perspective. Without perspective, this is all irrelevant.
Making $1million yr sounds nice, until you realize one has $10 million in debt he has to pay interest on. All relative.
Donno why people would be against knowing peoples income, age, and professions.
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Not having to worry about being able to make rent, paying for medical care, and two square meals a day means a lot.
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I think that one has to find a balance. Money is important but excessive money is not essential.
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ResortAtSquawCreekLakeTahoe, there’s a few critical flaws in your line of rationale. From the numbers you’re tossing out I’m going to make a guess your either in finance or sales. Based on the numbers, I’d actually go so far as to say it’s orthopedic device sales. Under any circumstances, it’s a position where you make bonus’s based on performance – not every position is like that. I can work my butt off and work an 80 hour week, my annual salary won’t increase at all – I may get a promotion or something similar, but there’s no chance for me to make this years salary shoot through the roof.
Also, education is not everything. I have a PhD and I can say that many PhD’s work their butt off to get that degree and then continue to work hard – but make far less than someone with a BS that went into finance.
You’re simplifying what isn’t something that can be simplfied – what people want to do is make more money doing what they love, not just what makes you more money.
Hell, I could go into biopharma sales tomorrow and prob. double my salary based on what I’ve done in the past in that area…but I’m not sure the traveling, dinners, butt-kissing, etc. is worth it vs. my family.
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Amy, I didn’t mean you! I actually hadn’t read your comment yet when I posted mine. I’m sorry it came across the wrong way. I was reacting to earlier comments about posting salaries, etc. This conversation just has the potential to get out of hand. I’m not against people discussing their wealth, stuff, etc, I just don’t think this is an appropriate place to do it.
It’s kind of like the married woman out with her single friends telling them how wonderful marriage is and how happy and better off she is. For a while, it’s nice to hear and you’re happy that your friend has achieved her goal (while you haven’t — but not for lack of trying). However, after a while you realize you’re getting defensive for not being where your married friend is, and your realize she’s forgotten how difficult it is to be in your shoes.
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