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a study that showed limited returns on happiness beyond a certain threshold ($75k at the time, which is now surely well out-of-date).
Honestly, I suspect limited returns come as you fill in a checklist.
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Are you and your family clothed, fed and relatively safe?
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Are you working only one job per person?
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Is your family healthy and/or getting adequate healthcare?
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Is your family at least getting an entire high school education under their belt?
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Do you have safe and marginally convenient transportation?
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Do you at least have enough money for occasional entertainment outside the house
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Do you have a second bathroom?
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Do you have at least a small line of credit?
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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
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“Survival mode” was basically my family’s first few years as new immigrants before we managed to move on from that stage. I don’t think we even had “6-figures”, far from it.
Now the entirety of America get to experience what is it like to be an immigrant lol.
Still remember in Brooklyn, I was in elementary school. I was in an afterschool program than ran until 6PM, I was just waiting, as the clock ticking… minute and minute goes by, other kids get picked up from school. Until there are only a few kids left, then someone enters the cafeteria where us kids were waiting, I thought is that mom?, but it was someone elses parent… this goes on and on… until I was the only one left. But my mom still hasn’t come. 6:30PM. I was so afraid CPS was gonna get involved. Authorities were terrifying for me as a kid. I mean, who knows, immigration status could’ve been at risk. This scene repeats itself very often.
Mom had work until very late, so get picked up very late. Not always the last one, but always very late, the last few, but then there are days where I get very ublocky and end up being the last one to get picked up.
I get so anxious and scared and felt so alone, until my mother shows up.
You can guess why I eventually end up with depression.
I’m not going to give them the benefit of ‘survival mode.’ If you’re breaking even in a million dollar home you are not the same as someone breaking even in a studio.
My siblings and I have slept in a car. We have slept for weeks in a hotel room. We have been to shelters and we have lived with grandparents while mom got on her feet. We had Christmas in the back seat of a 90s Lunima. While I don’t wish it on anyone, I won’t give someone that has to reduce spending an inch in terms of hardship. Even in this economy 6 figures is manageable if you live frugally.
Hey, it sounds like we’re twinsies! Right down to having ‘Christmas’ (if you could call it that, haha!) in the back seat of a '90s Lumina! That’s a wild coincidence. I understand where you’re coming from.
I genuinely hope things are better and more stable for you all nowadays. I’m sorry for what you’ve been through. Internet hugs to you, if you want them. 🫂
