Talk about a loaded topic. But what the heck it is a topic that is one of the top three issues I deal with, when working with any new client. MONEY. MONEY. MONEY. A pretty big 5-letter word that is interwoven into our identity, self-worth, belief systems, and our short and long-term happiness. So what are the experts telling us?
Depending on what studies you read there is research to suggest that over a particular household income (in the western world), happiness is minimally affected. The number ranges I have seen are from $50,000 – $75,000 annually, and above these levels, the additional cashola has pretty limited affect on your overall happiness. Happiness above that level is less likely to be associated with the income and more associated with the meaning someone gets from the work that they do.
When I talk about money, I often like to swap the term for ‘wealth’, because it allows for a broader meaning and perspective, which is often beneficial. I like MJ DeMarco’s definition of wealth in his great book ‘The Millionaire Fastlane’ (he says there is a Fast lane, but don’t confuse it with an easy lane). He suggests that wealth is the sum of: