“What seems to be the case is that your wealth predisposes you to different kinds of happiness. “These findings indicate that wealth is not unequivocally associated with happiness,” said lead author Paul Piff. Individuals who earned less were more likely to feel emotions that focus on other people and their ability to care for and connect with others, namely compassion and love, and reported experiencing more awe and beauty in the world around them. Those who earned more reported a greater tendency to experience emotions that focused on themselves, such as contentment and pride around their accomplishments, status, and achievements, according to the study. Analyzing a survey of a nationally representative sample of 1,519 people about household income and questions measuring emotions, researchers found that income levels actually change how people experience happiness.
Jebb.Ī study out of the University of California, Irvine, adds more clarity to these findings. “Money is only a part of what really makes us happy, and we’re learning more about the limits of money,” said lead author Andrew T. Biggie Smalls was onto something with his hit song, “Mo Money Mo Problems,” as the researchers surmise that people who earn more may be driven by material desires and engage in social comparisons. Interestingly, the study concluded that incomes higher than the $95,000 threshold tended to be associated with reduced life satisfaction and a lower level of well-being. The researchers based their findings on data from the Gallup World Poll of more than 1.7 million individuals from 164 countries, with the estimates based on purchasing power and questions relating to life satisfaction and well-being. So what’s the magic number? To feel satisfied with life, the researchers found that an individual salary of $95,000 is ideal, while $60,000 to $75,000 satisfies emotional well-being. What more money can do, however, is give you the amazing gift of having better problems, if only you’ll allow it to.Money does buy happiness - to a certain point, according to research from Purdue University. So no, more money won’t solve all your problems, whether it be financial independence or a huge pay increase or hitting the mega-millions. Maybe more money simply means having the power to say ‘no’ to more money, and that’s a good problem to have. Perhaps more money poses the good problem of choosing how you give back: building a well in a 3rd world country for the cost of a used car donating to your favorite non-profit, cause, or passion to broaden its influence or, maybe it means having the freedom to walk away from a crappy job to pursue a job with better problems. So, if the following is true: problems never go away and money is a staple in our everyday lives, what if, instead of more money creating more problems, more money created better problems? I can think of a few ways this is possible.
Besides, money only increases general happiness to a point. No matter the money situation, millionaire or monk, we will always have conflicts, annoyances, and issues in life-big, small, and in-between.
#Biggie smalls mo money mo problems skin
More skin in the game and more to lose.īut isn’t the point of earning and accumulating more money to have fewer problems? For, if we truly believed our problems only compounded with higher earnings, we would all be seeking a pay-cut or a reduction in hours worked.Īs ideal as that sounds (money alleviating our struggles), the unfortunate reality is that problems never go away.
More money could mean more responsibility. It’s easy to understand why this sentiment feels true to the casual passerby. As Biggie Smalls famously declared, “Mo Money, Mo Problems”.