How Much Money Do You Need to be Happy?
We all wonder at some point what life would be like with a lot more money. However, you might never have considered exactly how much cash you would need to be happy. Would a million bucks be enough? $10 million? Maybe you would be perfectly happy with just a few thousand in your account? How can you work out how much you need?
What Do You Want It For?
The first point to take into account is around what you want the money for. Do you want to buy an island in the Caribbean, to buy the latest sports car or to build a fabulous mansion? We all have different ideas for what would make us happy and it is important to be honest with ourselves about them. If you aim for a huge fortune without having any real reason to have so much then you could end up feeling unhappy and unfulfilled for no reason. On the other hand, if you aim too low then you might end up regretting it. It is often said that people don’t fail because they aim too high and fall short; they usually aim too low and hit the target. Be honest with yourself and then go for what your heart tells you. There is no need to feel embarrassed about wanting to make a fortune. Plenty of people have had this same aim in the past and if you want a huge amount of money then you should go for it.
Living Life the Way You Want
Money is only really useful for helping you live life the way you want to live it. Do you want to retire early, travel the world or hire a team of employees for your house? As well as understanding why you want the money in the first place you also need to consider how it could help you live the perfect life. Would you give up your job tomorrow if you had enough money? If some wealthy benefactor handed you, say, $100,000 tomorrow would your bags be packed before the money was even in your account? There is absolutely no use in having lots of cash if you don’t live the way you want to. I always wonder about those people who win millions on the lottery and say that they intend to stay in the same job and keep the same old car. Why do you even play the lottery if you don’t intend using the money to live a different kind of life? If you are going to aim for more money then it makes sense to think about how you will use it once you get it.
The Perfect Income
When I first started working I just wanted to earn as big a salary as possible, which is probably how everyone thinks at the beginning of their career. However, over the years since then I have come to think that it is better to have an income you are comfortable with than one which is extravagantly big. A study from 2012 showed that $75,000 was the level at which people reached the highest level of salary satisfaction. People who earned more than this didn’t get any bigger benefit due to the extra money, while workers who earned less were generally unhappier. I have come to the conclusion that it is better to earn a decent wage and have a good life than sacrifice other things in order to earn an astronomical amount. Maybe you have a different idea of the perfect income but $75,000 sounds more than enough for me to be happy with.
How much money would you need to keep you happy?