Making the most of the money you have
January 20th 2007 21:48
Nearly 80 percent of U.S. adults say they need more money to feel financially comfortable, and more than a quarter would have to double -- or more than double -- their current income to achieve that goal, according to a new Yahoo! Finance/Harris Interactive survey.
The survey, conducted earlier this month, looked at five broad areas of financial life: satisfaction with income; awareness of cash on hand; budgeting; obstacles to money management; and work/life balance.
Researchers in the field of well-being said they weren't surprised at the results. "It doesn't matter what the income level is, people always think they need more than they have," says Tim Kasser, a psychology professor
Studies show that a certain amount of money does indeed make people happier: People who live in wealthy nations report higher levels of happiness than those who live in poor ones.
But excessive wealth seems to raise the happiness bar only slightly.
Even the filthy rich -- the Forbes 100 richest Americans -- scored only slightly above the average person on the happiness scale, according to a study by psychology professor Ed Diener at the University of Illinois, Urbana-Champaign.
Researchers suggest that people are stuck on a "hedonic treadmill," constantly adapting to the improvement in their material circumstances.
I know many people who always have this illusion they'll be happier if they make more money. They end up sacrificing family, health, and everything else to make more money when they'd be better off sacrificing money to spend more time on health and family....BUT money if lost can always be made again, family and health are harder to get back when lost
HAPPINESS IS MUCH MORE THAN MONEY IT"S AN ATTITUDE
Excerpted from Yahoo Finance
The survey, conducted earlier this month, looked at five broad areas of financial life: satisfaction with income; awareness of cash on hand; budgeting; obstacles to money management; and work/life balance.
Researchers in the field of well-being said they weren't surprised at the results. "It doesn't matter what the income level is, people always think they need more than they have," says Tim Kasser, a psychology professor
"The new car is great when you get it, but after six months you get used to it, and then the culture steps in and says, ‘Are you dissatisfied? Buy this year's model with heated seats, a global positioning system, and an MP3 player,'" Kasser says.
Studies show that a certain amount of money does indeed make people happier: People who live in wealthy nations report higher levels of happiness than those who live in poor ones.
But excessive wealth seems to raise the happiness bar only slightly.
Even the filthy rich -- the Forbes 100 richest Americans -- scored only slightly above the average person on the happiness scale, according to a study by psychology professor Ed Diener at the University of Illinois, Urbana-Champaign.
"People always want more money and then, when they get more, they end up wanting more again, because they adapt to the kinds of things they buy," explains Richard Easterlin, a professor of economics at the University of Southern California and a pioneer in the research on well-being.
I know many people who always have this illusion they'll be happier if they make more money. They end up sacrificing family, health, and everything else to make more money when they'd be better off sacrificing money to spend more time on health and family....BUT money if lost can always be made again, family and health are harder to get back when lost
HAPPINESS IS MUCH MORE THAN MONEY IT"S AN ATTITUDE
Excerpted from Yahoo Finance
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Comment by Jessicca
Health 2 Know
Learning Something Everyday
Daily History
Malaysia Found
I realised that everyone seemed to have forgotten that what we have in this world, even our body, is temporary, and the treasures we gather here can NEVER be kept by our side forever.
It is so true when people tend to believe working harder and have more money is greatly important, yet the true importance of happiness lies in the relationship with the family members, rather than cold hard cash.
No doubt money is important for survival but we all should start realising the difference between want and need.
Have a blessed day
Jessicca
Comment by Manjula
Thanks for stopping by
You are so right about wants and needs. Somehow, most wants feel like "need" in this consumeristic world
Hope you have a grrreat day too
Manjula
Comment by MelissaA
Fun Facts
As pointed out, the more money one has, the worse it gets.
Comment by Manjula
Thanks for stopping by..Yea, the more money one has, the worse it gets
Manjula
Comment by MARY 1
Simplydivine
Comment by Lilla
Enviro Warrior
An Extra Ordinary Life
Dream Herald
...just checking back to read new 'writes'...?
...
..missing you, hope all is well?
Lilla~