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Happiness costs $75k a year

Offline kinjo

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Happiness costs $75k a year
« on: September 08, 2010, 08:50:51 PM »
Now only if i had $75,000, I could be happy.  I could go on more vacations around the world, that's for sure.

Quote
What does it take to be happy? About $75,000

Does happiness rise with income? In one of the more scientific attempts to answer that question, researchers from Princeton have put a price on happiness. It's about $75,000 in income a year.

They found that not having enough money definitely causes emotional pain and unhappiness. But, after reaching an income of about $75,000 per year, money can't buy happiness. More money can, however, help people view their lives as successful or better.

In the study, researchers tried to evaluate the effect of money in two ways: One was on how people think about their lives and the other was on the feelings they have as they experience life. Responses from more than 450,000 Americans, gathered in 2008 and 2009, were evaluated.

The study found that people's evaluations of their lives improved steadily with annual income. But the quality of their everyday experiences -- their feelings -- did not improve above an income of $75,000 a year. As income decreased from $75,000, people reported decreasing happiness and increasing sadness, as well as stress. The study found that being divorced, being sick and other painful experiences have worse effects on a poor person than on a wealthier one.

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"More money does not necessarily buy more happiness, but less money is associated with emotional pain," the authors wrote. "Perhaps $75,000 is a threshold beyond which further increases in income no longer improve individuals' ability to do what matters most to their emotional well-being, such as spending time with people they like, avoiding pain and disease, and enjoying leisure."

This is not to say that a sudden windfall of cash won't brighten the day of your average $75,000-a-year worker.

"Our data speak only to differences," the authors wrote. "They do not imply that people will not be happy with a raise from $100,000 to $150,000, or that they will be indifferent to an equivalent drop in income.... What the data suggest is that above a certain level of stable income, individuals' emotional well-being is constrained by other factors in their temperament and life circumstances."

So, while it's important to have good feelings, it is also good to think your life is going well. What the study does not explain, the authors said, is which of those factors is more important.

http://www.chicagotribune.com/health/la-heb-money-20100906,0,7805444.story

Offline bloo-apple

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Re: Happiness costs $75k a year
« Reply #1 on: September 08, 2010, 09:48:33 PM »
If wanting ever taught you anything. It's how to want more and more.
Money doesn't buy you happiness.

Offline tkoold

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Re: Happiness costs $75k a year
« Reply #2 on: September 08, 2010, 10:02:37 PM »
that actually sounds logical to me.

Offline Flashwerewolf

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Re: Happiness costs $75k a year
« Reply #3 on: September 09, 2010, 07:30:35 AM »
The problem I have with this, is that its based on earnings, which is before people spend it all on stupid shit. I think it would be more accurate to say that there is a % range of income vs expences, which would make people feel happier.

If two people both earned 75k a year, but one spent their extra cash on fruitless things and wasting their money, they would be feeling the unhappiness of money being tight(of their own fault).


I don't think I'd need to earn 75k a year to be happy, I usually only spend 50% of my paychecks during any given month, which would be an obscene amount of money after a year if I earned 75k.


Happiness is perspective, some have said its not having what you want, but wanting what you've got. Compared to my topic about one being in the top 8% of wealth in the world if you have a roof over your head and money in your wallet/bank, someone could see this study as gluttonous.

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Offline kinjo

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Re: Happiness costs $75k a year
« Reply #4 on: September 09, 2010, 08:56:39 AM »
they say the more you make the more you spend

Offline Adelaide

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Re: Happiness costs $75k a year
« Reply #5 on: September 09, 2010, 02:14:38 PM »
To some degree money makes you happier, but its not the money itself that does so but the workings of society as is; money is essential to live. A person with no food, shelter, ect is most likely a miserable person because they are envious and hungry and have little to nothing, however even so I've met a homeless man that lives in my area that is a happier person than a lot of people I know, or at least puts up a good front. For some people, they feel they have failed themselves and their loved ones to not be able to afford to take the best care of them, and some people who cant afford adequate healthcare suffer from sickness, ect. Beyond the basic standards of living and living up to set expectations, and having what is necessary to live. Theres also rich yet unhappy people in society.

Otherwise, Flash's topic makes really good points and I like it a lot; his argument is good too.

You dont have to be wealthy to be happy, but its comforting to know you can pay the bills and eat this week
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Offline bloo-apple

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Re: Happiness costs $75k a year
« Reply #6 on: September 09, 2010, 09:41:05 PM »
Hm 75K to someone in Florida is not 75K to someone living in New York... :O SO THIS NUMBER IS IRRELEVANT. TOPIC CLOSED!
kidding, but I do make a good point. 75K is like a 75 times the amount someone would make in India. So Again, it all depends on a gazillion things.

Offline Flashwerewolf

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Re: Happiness costs $75k a year
« Reply #7 on: September 10, 2010, 01:57:49 AM »
if I make 75k a year, my rent would still only be $6600 a year, cause that amount of space is enough for me. so thats almost 70k a year to use for food and the few bills I have, way too much money!! xD. I'd just invest anything I didnt spend and after a few years be able to live off the interest that grows. Then NEVER WORK AGAIN.

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Offline tkoold

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Re: Happiness costs $75k a year
« Reply #8 on: September 10, 2010, 03:42:23 AM »
Well i Look at it this way, Technically I Earn more then enough to handle my bills and possibly get ahead of them IF.

1. I Didnt need to go out to eat and be social with the world and do things that cost money with friends.
2. Feel the need to occationaly buy entertainment things be it games, phones, and tv costs and dvd's ect
3. Auto and transpertation costs there a necessity in life but it Does cost alot and we always want Nice new functional cars that dont need maitance immediatly and that you dont feel like it could break down at any moment. (that is always getting a newer car ASAP or immediatly when the loan is paid off or paying mechanics for the annual maitanences whenever the suspension is weak or this that and the other thing.. Cars are just a money Pit..)

I would argue that the point the article tries to make is that people on average need 75,000$ a Year to get to a point where they Feel Comfortable about everything and can get anything they desire before the Money is just wasted or over spent or spent on things that dont acomplish "Happiness any more"

and the thought would go like this

i have an income of like 24500$ before taxes aproxamitly and its been going like that for the last 5 years.
After taxes i See like 19900$ of it...

I can afford a 2003 Malibue on a 4 yr loan which is a 6/10 on the Looks Scale interior and exterior ill probably only get 5-6 Years use out of it even with 500$ yearly maitanece extra costs...

I can afford a middle of the road phone, (just upgraded to somthing modern middle of the road in a Black berry) and have unlimiteds on it txting minutes and stuff

i can afford to go out to eat like twice a week, maybe even see a movie at a theater

i can afford to allways have my cubord full of food from a grocery store that is moderate healthy and tasty

The rest of my money is wasted on debt and stuff that could otherwise afford the normal cost of rent or mortgage that most people have to pay.

If as this article sugjests that i had 75000$ as an income or Approx 3X what mine is now and say come out with like 55000-60000$ after taxes i could

Have the car of my dreams or be smart and Lease or own different cars every year to 2 years  take care of maitance repairs never worry if it cut in to my bills and always feel Secure.

Could afford those new 4G phones Have anything i wanted on them apps and all the things that cost money on phones and have fun like your supposed to on those hi tech devices.

My Out going entertainment budget could also be so High that every day i could go somewhere adventure out and see the world take vacations be where ever i wanted to be and eat the finest food whatever. see concerts you name it it wouldnt just be do somthing only once or twice a week and something cheap 10-20$ at that.. it would be like id have 500-1000$ to do things i wanted every week.

I could Also Afford to be in as much debt as i am in now if not also MORE and Afford to live or have a mortgage of anywhere that costs 2000$ monthly or less and believe me you can do alot with 2000$ a Month, you can live in 6 bedroom fully loaded houses and not have a mortgage cost of 2000$.. So Yeah

if your income is 5000$ a Month Which after taxes is about what 75000$ would get you, You CAN DO ALOT OF THINGS that everyone has insecurities and or wants and causes worries in all of us, even though as Humans we can manage at far less..

After that income thresh hold all you are doing is wasting your money or loosing sight on your dreams and making youself misserable.. its weird but thats how it works.

Offline Flashwerewolf

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Re: Happiness costs $75k a year
« Reply #9 on: September 10, 2010, 10:14:35 AM »
Budgeting can squeeze out a LOT of cash from all of the categories you listed.

I'm the type of person that loves to fiddle with things and thus am able to maintain everything I own, cutting out the middle man on repairs and upgrades. Its also a hobby of mine, so I spend a good amount of my entertainment time on these pursuits.

Jack of all trades is a good way to be! Thus, one can work less(ie: not have to meet the demands that are required to make 75k a year) and still have plenty of money for what we call life.

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Offline tkoold

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Re: Happiness costs $75k a year
« Reply #10 on: September 11, 2010, 01:12:16 PM »
not when you make 75,000$ i am not kidding that you could afford everything listen and still have money left over..