Comments on: Weekend Edition – Wealth and Happiness

By: JoeTaxpayer

JoeTaxpayer — Mon, 16 Nov 2009 16:20:53 +0000

The Global Rich List really puts things in perspective, doesn’t it? FS- It’s crazy, but true, one can make $200K or $250K and manage to budget it in a way that another $20K/yr can be welcome. Even without living a Rich lifestyle.
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By: Jason

Jason — Mon, 16 Nov 2009 01:32:56 +0000

@Jason – Thanks for the comment! I would agree with experience spending. After a certain point however no amount of it will bring any more happiness.

Again, I think that there will be a certain degree of happiness with experience spending, but it doesn’t last.

The “returns” on spending for happiness will diminish over time.

By: Jason @ One Money Design

Jason @ One Money Design — Sun, 15 Nov 2009 22:37:47 +0000

Jason, this is a good discussion topic. I recently posted on this topic as well. Studies have shown that beyond meeting basic needs (food, clothing, shelter) that having more money doesn’t make us any happier. Some studies have shown, however, that experience spending does tend to make people happier. This type of spending includes giving and recreational activties (experiences) that we tend to remember. But as you say, putting your hope in God and His son Jesus Christ is the one and only true path to happiness!
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By: Jason

Jason — Sun, 15 Nov 2009 16:29:17 +0000

@Kevin – That’s a great point and an insightful stat. Goes to show that we never really “have enough” unless we learn the secret of contentment like the Apostle Paul did!

By: Jason

Jason — Sun, 15 Nov 2009 16:27:58 +0000

Yeah, you make an interesting point. When we compare ourselves to others making more – we tend to think we need to keep up with them in order to be happy.

Perhaps we need to stop comparing ourselves and be content with what we have. That’s hard to do, but something we maybe should aim for.

That’s interesting you say that about studying abroad and only living off $200/mo. It wasn’t about the money at all.

By: Financial Samurai

Financial Samurai — Sun, 15 Nov 2009 15:48:30 +0000

Hi Jason – I definitely think those who make $30k can be as happy as any other income group, but I do believe when they move up the income scale they will be much more happy than someone going from $120k-200K for example.

It’s just about going beyond the bare necessities of life. That said, if all the 30k/yr year did was surround him/herself with others who make similar salaries, then it’s all good! Everything is relative.

I enjoyed living off $200/month as an exchange student for 6 months once summer in Asia. It was one of the best times of my life!
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By: Jason

Jason — Sun, 15 Nov 2009 02:17:18 +0000

Hey Samurai! Thanks so much for the comment. Interesting take. Do you think those making $30k can be happy or just that if they were making $60 or $120k they’d be happier?

I’ve talked with folks who have been to Africa and China and talked with impoverished Christians there who have more joy than anyone in the US. To me, after a certain degree the correlation is minimal if not negative where the more money you have the unhappier you get.

By: Kevin@OutOfYourRut

Kevin@OutOfYourRut — Sat, 14 Nov 2009 16:52:57 +0000

“Whoever loves money never has money enough; whoever loves wealth is never satisfied with his income. This too is meaningless.” Ecc 5:10

You’re really on to something here! A survey some years back showed that, on average, people believe happiness will be found at an income level 25% higher than what they presently earn.

If that’s true, we’re all chasing our tails.

It should be enough for us to earn enough to be comfortable, to owe no one, and to have some reserves for just in case. Everything beyond that is pretty much a power grab.

By: Financial Samurai

Financial Samurai — Sat, 14 Nov 2009 15:49:40 +0000

I love this topic. From my perspective, I absolutely became happier the more I made. However, after about $250,000 a year, it doesn’t really make much of a difference. We can all probably comfortably live off $150k/yr, so the rest is just gravy, or savings if you will.

There’s never enough money to earn, so you just have to cut it off. The marginal happiness gets less and less. After the 250K-500K range, you won’t be much happier until you get to $750-1mil I don’t think.

Going from $30,000 to $150,000 though.. not that’s some big time happiness improvement imo.
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