I've just found this and it was very interesting to me:
4 Men with 4 Very Different Incomes Open Up About the Lives They Can Afford
4 Men with 4 Very Different Incomes Open Up About the Lives They Can Afford
The poverty line for a family of three is $20,090 a year. The median household income in America is $53,657 ... And the true starting point of real wealth remains a cool $1,000,000. We asked four more or less typical men, each of whom earns one of these incomes, to tell us about the lives they can afford.
I was just looking to add a little more background so people know what the article is about. The byline comment on politicians was unhelpful so I edited my post and removed it.Michael, that's just a byline, but it was interesting to read those interviews (for me at least). I thought it tells about people in general of these very different economical 'statuses'.
There's no politician featured, but it was interesting to learn that tidbit. No wonder there are so many pigs fighting to get to the trough in DC.
"Hey, put some clothes on that naked link!"I was just looking to add a little more background so people know what the article is about.
I think it's interesting how, no matter how much they have, it seems like they want more. Guy at the top, with "north of $5M" saved up, plus a $1M house free and clear, has a goal of $150-200M, and says he'd need at least $25M to live the life he wanted.
Then the next guy, who makes about $250K per year, but didn't answer how much he'd already amassed. Said his goal was $1.5M per year, but he'd need at least $600K per year to live the life he wanted.
Next up, the guy making $53K per year think he'd be happy with $200-250K. And finally, the guy making $7/hr plus tips thinks he'd be happy with $50-60K per year.
It would be interesting to check up on these people a few years down the road, and see if their attitudes have changed. I have a feeling that, even if they got to those financial goals, they'd all end up wanting more. Except, maybe, the guy at the very top.
Personally, if I had $5M saved up, and a free-and-clear $1M house, I think I'd be ready to call it quits right now!
I think it's interesting how, no matter how much they have, it seems like they want more. Guy at the top, with "north of $5M" saved up, plus a $1M house free and clear, has a goal of $150-200M, and says he'd need at least $25M to live the life he wanted.
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I think it's interesting how, no matter how much they have, it seems like they want more. Guy at the top, with "north of $5M" saved up, plus a $1M house free and clear, has a goal of $150-200M, and says he'd need at least $25M to live the life he wanted.
Then the next guy, who makes about $250K per year, but didn't answer how much he'd already amassed. Said his goal was $1.5M per year, but he'd need at least $600K per year to live the life he wanted.
Next up, the guy making $53K per year think he'd be happy with $200-250K. And finally, the guy making $7/hr plus tips thinks he'd be happy with $50-60K per year.
It would be interesting to check up on these people a few years down the road, and see if their attitudes have changed. I have a feeling that, even if they got to those financial goals, they'd all end up wanting more. Except, maybe, the guy at the very top.
Personally, if I had $5M saved up, and a free-and-clear $1M house, I think I'd be ready to call it quits right now!
This has been studied by academics. Evidently no matter the income level, everyone feels that they need about 60 percent more income to live "The Good Life"...
This has been studied by academics. Evidently no matter the income level, everyone feels that they need about 60 percent more income to live "The Good Life".
The Hedonic treadmill is a real phenomenon.
This has been studied by academics. Evidently no matter the income level, everyone feels that they need about 60 percent more income to live "The Good Life".
The Hedonic treadmill is a real phenomenon.
In this vain, I'm going to stop watching DYI or HGTV networks. I watch these shows and suddenly feel I need to drop $75k for the latest "open floor plan with plenty of light" or something. That means I need to work OMY. Etc. Always more.
My house is fine. I did my own little decorating and functional refresh a few years ago for less than $5k. It needed something, since it was 30 years old.
But do I really need to knock out that wall, which will require a lam-beam and engineering study? Do I need the new style range hood, which will never fit in my house. (That's why I need to knock down walls!)
No I don't. It will bring little joy to me. And I'm not trying to sell the house anytime soon. Any work I do will be obsolete when I need to sell anyway.
But man, the power of want, the power of keeping up. It can intoxicate you.
Ever read that study saying that beyond $75,000/year, marginal happiness declines for the average person? Hmmmm. Isn't that level roughly in the ballpark of 60% more than:
"The median household income in America is $53,657."
Study: Money Buys Happiness When Income Is $75,000 - TIME
The study, which analyzed Gallup surveys of 450,000 Americans in 2008 and 2009, suggested that there were two forms of happiness: day-to-day contentment (emotional well-being) and overall “life assessment,” which means broader satisfaction with one’s place in the world. While a higher income didn’t have much impact on day-to-day contentment, it did boost people’s “life assessment.”
There was no report of it going down with increased income.