It should, according to some new “research” my wife passed along to me. There was an article and vid on Today.com a few weeks back, and apparently $161,000 is the new $75,000 across the world ;) The amount every other study shows as being the tipping point for happiness (i.e. the optimum number where the ratio of extra happiness vs. extra income doesn’t scale as equally anymore)
This new study comes from a place called Skandia International, where they asked all kinds of people from all kinds of different countries/cities about their thoughts on money and being happy. Everyone except those of us in the U.S. apparently, haha… And $161,000 was the average salary needed to hit that plateau. Here were some of the breakdowns:
- Hong Kong: $197,702
- Singapore: $227,553
- UK: $133,010
- Dubai: $276,150
- Germany: $85,781
- Mexico: $185,169
- Chile: $128,679
I guess our German friends are easier to please then others :) Although the number of wealthy people per area are skewing the results too, according to the article. The wealthier you are, the more you need to remain happy it looks like. Which I guess makes sense, especially if your lifestyle keeps getting more and more expensive too! That just makes me want to vomit all over the place though, haha… I can’t wait until I’m a minimalist millionaire!
Here are the net worths people need in order to feel wealthy, as well:
- Global average: $1.8 Million
- U.S. (non millionaires): $1 Million
- U.S. (millionaires): $5 Million
- Singapore: $2.91 Million
- Dubai: $2.5 Million
- Hong Kong: $2.56 Million
I’m still sticking tight to my $1 Million here too, regardless of the inflation/purchasing power/etc etc that naysayers like to throw out all over the place. If you can’t happily live off a Mil in the bank (or in investments/real estate/etc), it seems like there are other factors getting in the way there. At least for the common person. Which seems to be right on target too according to those results for every other Average Joe! Not that the average joe necessarily knows what’s always good for him or not ;)
Anyways, I thought this new “finding” was pretty interesting and you’d enjoy thinking about it for a hot second. I keep putting all those quotes around this stuff ‘cuz I really can’t tell (or even care?) what surveys are legit and what aren’t these days… All I know is that if you’re happy with your own income right now, or are working towards bettering it as the weeks progress, you’re on the right path at the end of the day. That’s all that really matters. $300k a year would be great, but I certainly don’t need it to fulfill my happiness requirement. I’m just as elated with my $100k+ salary now as I was making $75,000! It’s more about what you DO with your money, than how much you get.
And that’s the word of the day.
[Photo credit: Dan4th]
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!