More than half of six-figure earners said they would have to double their income to feel financially secure.
“People used to feel when you got to six figures or above that it was a sign of financial stability,” said Libby Rodney, chief strategy officer and futurist at The Harris Poll.
Mr. Rodney is full of shit, whether he knows it or not. There was a study done on the psychology of earning more money than you need to live. There’s an interesting phenomenon that arises; people always think they need more to feel secure. $100k feels they need $150k, $400k needs $600k, and this pattern continues all the way up to $15m, on average. I wouldn’t be surprised if the peak is even higher nowadays, the study was conducted in the early 2000’s I think. I will come back and edit this with more details of said study so I’m not just talking out my ass.
I thought that there was a study that showed limited returns on happiness beyond a certain threshold ($75k at the time, which is now surely well out-of-date).
for most rich people those aren’t goals. the are forgone assumptions.
rich people care about going to elite expensive institutions, working for elite companies, and having designer level lifestyle in clothes, housing, and consumer goods. they love to go on about how they value ‘experiences’ while they drop 30K on some week long spiritual retreat in Bali, or some $10K weekend spa weekend in Palm springs.
the 100K people who feel poor feel poor because they thought they could afford a designer lifestyle. and all they are getting is a basic middle-class lifestyle
Mr. Rodney is full of shit, whether he knows it or not. There was a study done on the psychology of earning more money than you need to live. There’s an interesting phenomenon that arises; people always think they need more to feel secure. $100k feels they need $150k, $400k needs $600k, and this pattern continues all the way up to $15m, on average. I wouldn’t be surprised if the peak is even higher nowadays, the study was conducted in the early 2000’s I think. I will come back and edit this with more details of said study so I’m not just talking out my ass.
I thought that there was a study that showed limited returns on happiness beyond a certain threshold ($75k at the time, which is now surely well out-of-date).
Honestly, I suspect limited returns come as you fill in a checklist.
Are you and your family clothed, fed and relatively safe?
Are you working only one job per person?
Is your family healthy and/or getting adequate healthcare?
Is your family at least getting an entire high school education under their belt?
Do you have safe and marginally convenient transportation?
Do you at least have enough money for occasional entertainment outside the house
Do you have a second bathroom?
Do you have at least a small line of credit?
Do you have a retirement? Will you be able to retire?
You don’t need all that, but once you cross that line, having more money around for things doesn’t make you happier.
for most rich people those aren’t goals. the are forgone assumptions.
rich people care about going to elite expensive institutions, working for elite companies, and having designer level lifestyle in clothes, housing, and consumer goods. they love to go on about how they value ‘experiences’ while they drop 30K on some week long spiritual retreat in Bali, or some $10K weekend spa weekend in Palm springs.
the 100K people who feel poor feel poor because they thought they could afford a designer lifestyle. and all they are getting is a basic middle-class lifestyle