audreyh1
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It might.
Top One Percent? Half a Percent? Tenth of a Percent?
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Senator
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But it can buy me a boat and a truck to pull it...
It appears to be 'family' data. I suspect that means household. From 2013.
It is actually $75K. At least in 2010 it was.Distinct possibility. I have seen several articles that cite research that about 60K a year is the top of the bell curve for happiness. I haven't seen similar articles in relation to total net worth, however.
Being retired, my income has gone down quite a bit, but my happiness has definitely gone up!
The Perfect Salary for Happiness: $75,000 - The Wealth Report - WSJ
Danmar
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I would be happier having more wealth rather than less wealth. But I think happiness might be a comparable rather than absolute thing. So many other things come into play like health, love, relationships, etc. Hard to isolate one absolute factor.
ExFlyBoy5
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Or between 50K and 75K. Like most other things, it depends on the source of the 'research' (this from a 2012 article):
So it seems the sweet spot is somewhere between $50,000 and $75,000. If you make under $50,000, you might be stressed about your financial situation. If you make over $75,000, the additional returns on working longer hours might not be worth it anymore. But it’s nice to know that a $75,000 salary isn’t necessary to be happy. It’s just a perk.
Forbes Welcome
eytonxav
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Between 1% and 5%, but if I had more $s doubt it would make me happier. We are quite comfortable, have good relationships with friends and family, and reasonably good health and are enjoying retirement.
eytonxav
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Distinct possibility. I have seen several articles that cite research that about 60K a year is the top of the bell curve for happiness. I haven't seen similar articles in relation to total net worth, however.
Being retired, my income has gone down quite a bit, but my happiness has definitely gone up!
The Berkley study I saw indicated "on average" $70k is the happiness curve. It based it on the amount of "additional happiness" you got by having more money.. Same theory when you have one scoop of ice cream makes you happy, two makes you very happy, three makes you a little more happy, four maybe somewhat or same happiness, five.. umm yeh same happiness..or maybe a little less depending on how much you like ice cream. ie most people don't actually have more true happiness because they bought a 7 series BMW vs. a 3 series BMW.
But up to $70k, you bet happiness is a factor for most people because it usually means they are doing without something. Kids limited in their sports, smaller vacations, older vehicles, not enough in the kids college fund, etc.
Thus when planning a "happy" retirement, most will target that $70k range (plus or minus based on COLA and family situations)..and you won't need to be in the top 95% if you factor in SS and potentially pensions and side income.
And this is what makes happiness so darn subjective. For me, if it can be pulled behind a truck it ain't near big enough.
And this is what makes happiness so darn subjective. For me, if it can be pulled behind a truck it ain't near big enough.
Well and the fact I'm not sure if the Berkeley study took into account what it would take to buy such a nice boat (or I assume you mean yacht).. ie the hours of work and time away from family/friends, stress, etc that it takes to usually achieve that level of success... ie things that would thus typically decrease ones happiness.. thus it is a balance and some people thrive on the stress so it makes them even more happy, while I believe the majority of people find the added stress, hours, etc decreasing their overall happiness..thus net happiness doesn't increase nearly as fast.
W2R
Moderator Emeritus
I agree completely.
Honestly, I have enough. Not only do I have enough, I am not insatiable (that is a misery in itself).
Honestly? I'd really rather not win the lottery. Having a huge amount of extra $$$ dumped on me would disrupt my happy life. I'd have to interview, choose, and spend time with lawyers, tax accountants, security firms, donation requests, various assistants and so on. I don't want to do any of that!
Instead, I just want to get up in the morning after a good 9 hours' sleep, get a couple of cups of my favorite coffee, sit in my comfy easy chair, check the weather, and post on the forum at my leisure. Luckily, this is exactly how this morning is evolving. That makes me happy.
+1
Having less money than is needed to pay for the necessities like food and shelter does buy misery, that's for sure. Been there, done that, got the t-shirt, never again.
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marko
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And this is what makes happiness so darn subjective. For me, if it can be pulled behind a truck it ain't near big enough.
Here's what I suspect:
I think there's a certain spot where you can be happy with what you have and have what you need.
But maybe you can cross a certain threshold where, if your resources are sufficient, you can end up with "more" which then involves a step function of costs.
A house/car/2nd home that's twice a big doesn't cost 2X to run, it might cost 3X or 4X to run. Speaking from experience I know that boats go like that; a 30 footer might cost 4X to keep floating than a 25 footer.
So, once you get there, you end up back on the treadmill scrambling to get the upkeep paid for and then the financial misery returns.
Danmar
Thinks s/he gets paid by the post
Likewise but isn't it peculiar that most people (above a certain amount probably) think their wealth level is in "the sweet spot"? I am much higher ranked than most and recognize how lucky I am to have what I do. I recognize, however, that what is perhaps a "sweet spot" for me is simply the natural tendency to be satisfied with our lot in life lest we make ourselves unhappy and envious. My wealth would very likely make a billionaire less happy.
daylatedollarshort
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One of my light bulb moments on how much was enough for us was reading an article about billionaire venture capitalists, who live in stress and fear of missing the next Google or Facebook. I don't know if the cutoff is $75K or whatever, but I realized at some point of income, being happy and secure was 100% mental and no longer a balance sheet issue, and these VCs were in the top one tenth of 1% but more money was never going to make them happy. The only one that had slowed down had a serious illness.
W2R
Moderator Emeritus
You have mentioned some of the things you feel you are lucky to afford, like multiple homes and trips. But what do you LIKE about your expenditures, other than being able to afford them? Does one or more of your homes have a terrific swimming pool, surfside view, easy access to the many shops and restaurants of a major city, ballroom for inviting hundreds of friends to a dance with live music, or what? Did you especially enjoy seeing the Parthenon or the Mexican pyramids or the black sand beaches of the Big Island? I get the sense that you just like *having* money but that really you aren't finding much satisfaction in spending it. I hope that is not the case.
GravitySucks
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A story from Kurt Vonnegut:
True story, Word of Honor:
Joseph Heller, an important and funny writer
now dead,
and I were at a party given by a billionaire
on Shelter Island.
I said, "Joe, how does it make you feel
to know that our host only yesterday
may have made more money
than your novel 'Catch-22'
has earned in its entire history?"
And Joe said, "I've got something he can never have."
And I said, "What on earth could that be, Joe?"
And Joe said, "The knowledge that I've got enough."
Not bad! Rest in peace!
That, I believe, is key to a happy retirement. No need to chase more for the sake of having more.
True story, Word of Honor:
Joseph Heller, an important and funny writer
now dead,
and I were at a party given by a billionaire
on Shelter Island.
I said, "Joe, how does it make you feel
to know that our host only yesterday
may have made more money
than your novel 'Catch-22'
has earned in its entire history?"
And Joe said, "I've got something he can never have."
And I said, "What on earth could that be, Joe?"
And Joe said, "The knowledge that I've got enough."
Not bad! Rest in peace!
That, I believe, is key to a happy retirement. No need to chase more for the sake of having more.
What I was tongue in cheek attempting to convey is that there is no universal concept of "enough". One size does not fit all: even generally I suspect. I just happened to pick up on the boat analogy to make the point.
While it is true that "relative" (to the Jones) does play a role in this discussion, everyone (at least the fortunate with choices) has to find the balance that works internally for them. (Time v. Money.)
Me, early in my career came to the realization that Bill Gates had me beat on the richest guy in the world. Was liberating as I realized I could then focus on how much I needed...
All this being said I do, from time to time, find myself lusting for one of these:
https://www.fjordboats.com/en
Thus far I have maintained reason over desire (the universal struggle of life).
eytonxav
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
And this is what makes happiness so darn subjective. For me, if it can be pulled behind a truck it ain't near big enough.
Reminds me of my two happiest days with a boat, day I bought it and day I sold it
RobbieB
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A woman on another forum used this as her sig;
"Money can't buy happiness, but it can buy chocolate and that's almost the same"
After I get the house done I'm going to buy another boat. It will be another ~30 year old beater with faded out gel coat and dings in the hull just another POS like all the others before it. But it will get me down the river and I will catch some fish. That's why I want the boat, to go down the river. I don't care what the boat looks like, but I love being on the river -
"Money can't buy happiness, but it can buy chocolate and that's almost the same"
After I get the house done I'm going to buy another boat. It will be another ~30 year old beater with faded out gel coat and dings in the hull just another POS like all the others before it. But it will get me down the river and I will catch some fish. That's why I want the boat, to go down the river. I don't care what the boat looks like, but I love being on the river -
ExFlyBoy5
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Reminds me of my two happiest days with a boat, day I bought it and day I sold it
No truer words have been spoken. There are days when I miss the boat...but those days compared to the days of worry and angst were few and far between. AND...the same goes for airplane ownership. The convenience of owning an airplane was quite superb, but talk about a HUGE pain in the arse to manage!
I am quite happy to rent either an airplane OR a boat...much easier, and for the most part a LOT CHEAPER and much more peace of mind. Plus..people LOVE to judge you when you own either (especially an airplane). They figure if you own an airplane (never mind that it cost me much less than a 2 year old Honda to acquire) that you have endless amounts of cash to throw around.
audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Yeah - but in that case you're still working. How can you possibly be happier than folks who have enough money to not work?
audreyh1
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Sounds like you should consider going back to work
No way. No financial need to work.
If our net worth keeps growing, I think that will probably make me happier.
