How much $ to be happy?

[penultimatestraw 473]

51% say 100K or less: http://finance.yahoo.com/news/much-earn-happy-080600545.html

Most people know in their heart of hearts that making gobs of money can't guarantee true happiness.

 

Then again, most would acknowledge that you need to have at least a minimum income for a shot at well-being - if only so you don't have to scrounge for every meal.

In between gobs and a bare minimum, of course, is where most of us live.

And it turns out many Americans don't think they need a CEO paycheck to be happy, or even six figures.

When asked how much would do the trick, just over half of people surveyed in CNNMoney's American Dream poll said it would take less than $100,000.

Nearly a quarter of the people who took the poll, conducted by ORC International, said between $50,000 and $74,999 would work. That calls to mind the results of a Princeton study, which found that emotional well being rose with income, but not much beyond $75,000.

In other words, past a certain income level, your happiness comes from other factors.

Interestingly, some people really don't care about money: 10% of those polled said somewhere north of a buck but south of $30,000 would be their minimum requirement.

And 6% said money can't buy happiness, period.

On the high end of the scale, 23% said they'd need between between $100,000 and $199,999.

What about how much it takes to be "rich?" A six-figure paycheck was a more typical answer when the same adults were asked that question. But even here, their answers didn't approach the stratosphere.

The most typical answers fell between $100,000 and $199,999. In fact, a full 60% thought incomes below $250,000 would be enough. And only 11% said they'd need to make $1 million or more to consider themselves rich.

The answers given tended to be higher from those who currently make more than $50,000 today.

 

[NorthernVike 2,080]

WTF. Did the Obama administration write this to try and convince the American people that they want to be poor?

[penultimatestraw 473]

WTF. Did the Obama administration write this to try and convince the American people that they want to be poor?

I don't know. When I first started my research job, I made about 90K. I thought that was plenty at the time, albeit for a single male. But that is in HI, so the $ might not be too far off for a family of four living in a place with a reasonable cost of living.

[NorthernVike 2,080]

I don't know. When I first started my research job, I made about 90K. I thought that was plenty at the time, albeit for a single male. But that is in HI, so the $ might not be too far off for a family of four living in a place with a reasonable cost of living.

90 is awsome. But to believe over 50% are happy making less than 30 is hard to imagine.

[NorthernVike 2,080]

Feel free to disregard my last post. I don't know where the fock I came up with that number.

[Brad GLuckman 518]

I think $75k is accurate. I could provide for my family and still afford all the things I want.

 

I think for me, if I make more money it won't necessarily change my lifestyle, but will just allow me to retire earlier.

[TimmySmith 2,782]

I have found that no matter how much I have, I adjust my lifestyle upwards accordingly. $120K is about where I feel comfortable, for now. It's rather expensive to live where I live, even in what would be considered middle/lower middle class neighborhood.

[IGotWorms 3,315]

Enough money to not live paycheck to paycheck. How much $ that requires depends on your standard of living.

[hoytdwow 202]

$49.95

 

But wait there's more

[penultimatestraw 473]

I have found that no matter how much I have, I adjust my lifestyle upwards accordingly. $120K is about where I feel comfortable, for now. It's rather expensive to live where I live, even in what would be considered middle/lower middle class neighborhood.

Definitely have to be careful not to fall in the trap of spending more as you earn more. I have friends who make great salaries "leveraging" their assets to buy more and more...

[TimmySmith 2,782]

Definitely have to be careful not to fall in the trap of spending more as you earn more. I have friends who make great salaries "leveraging" their assets to buy more and more...

You are correct. I have always been able to live and save within my means. I, like most people, do not need to drive a fancy car (never owned new) or take European vacations. I don't even have cable. Still, I eat out whenever I want and generally shell out when I really want something. In 2 years I am looking at 20K per for High School. Time to budget.

[DankNuggs 305]

money and happiness aren't the same thing.

 

I remember in my early 20's when i got out of debt it was a psychological weight off my back. I lived a poorer lifestyle for a while, but i was happier knowing i was freeing myself from those monthly reality stress checks on those statements...

[DankNuggs 305]

You are correct. I have always been able to live and save within my means. I, like most people, do not need to drive a fancy car (never owned new) or take European vacations. I don't even have cable. Still, I eat out whenever I want and generally shell out when I really want something. In 2 years I am looking at 20K per for High School. Time to budget.

Yep. My practical side definitely took over, especially with the wife and kids in the picture. Figure college for him will cost somewhere north of 200k in 17 years. New challenges await.

[TD Ryan2 314]

well... the cost of living in different areas plays a role, so that may skew perceptions a bit.

 

But it's actually kinda' scary that people think $100k is "enough"... even with $100k, you're not going to afford much more than 2.2 kids in a modest home with an occasional vacation and concerns over paying for college, retirement, and health care when you're older.

 

What this really shows me is how out-of-touch people are with the costs of everything... it says to me that people have given up hope of EVER really being able to afford things.

[Brad GLuckman 518]

well... the cost of living in different areas plays a role, so that may skew perceptions a bit.

 

But it's actually kinda' scary that people think $100k is "enough"... even with $100k, you're not going to afford much more than 2.2 kids in a modest home with an occasional vacation and concerns over paying for college, retirement, and health care when you're older.

 

What this really shows me is how out-of-touch people are with the costs of everything... it says to me that people have given up hope of EVER really being able to afford things.

 

Considering the median household income in the United States is about $52,000...I think you may be the one who is a bit out of touch. Most people don't make anywhere near $100k, so its understandable that they would feel that is an amount they could be happy with.

 

http://en.wikipedia.org/wiki/Household_income_in_the_United_States#mediaviewer/File:Median_US_household_income.png

[RLLD 3,455]

WTF. Did the Obama administration write this to try and convince the American people that they want to be poor?

 

Actually, the trick is convincing people to grind themselves to make ever more money, so that the wealthy can leverage them at the lowest possible wage and focus wealth more exclusively on a select few.

[Bier Meister 1,514]

I have lived in some pricey areas (San Francisco, Marin county, Breckenridge, Vail, Silverthorne, Sonoma), so my definition may be a bit skewed. We would be much more comfortable if we doubled our income, but things are not terrible. the thoughts of job loss or disablilty are scarey as hell.

[cbfalcon 824]

The answer is always...just a little bit more.

[penultimatestraw 473]

The answer is always...just a little bit more.

Disagree. I'm sure it is different for everybody, but I think a number exists. I don't think earning more would change my happiness one iota.

[penultimatestraw 473]

 

Considering the median household income in the United States is about $52,000...I think you may be the one who is a bit out of touch. Most people don't make anywhere near $100k, so its understandable that they would feel that is an amount they could be happy with.

 

http://en.wikipedia.org/wiki/Household_income_in_the_United_States#mediaviewer/File:Median_US_household_income.png

Agreed. People think they need a lot more than they actually need, and half of it is unnecessary crap which doesn't promote happiness in any way. Most people will never sniff $100K, yet I bet many of them are happy.

[penultimatestraw 473]

 

Actually, the trick is convincing people to grind themselves to make ever more money, so that the wealthy can leverage them at the lowest possible wage and focus wealth more exclusively on a select few.

Agreed x 1000.

[frank 2,145]

You are correct. I have always been able to live and save within my means. I, like most people, do not need to drive a fancy car (never owned new) or take European vacations. I don't even have cable. Still, I eat out whenever I want and generally shell out when I really want something. In 2 years I am looking at 20K per for High School. Time to budget.

What about Christmas vacations?

[peenie 1,690]

happy? 80K

but then i suppose if i made that much i'd buy a house and a new car.

then i'd have to furnish the house.....so, i suppose 80K would only make me happy if i didn't upgrade my life at all.

i could take vacations that actually meant going somewhere.

[smashmouths@blf 33]

I have found that no matter how much I have, I adjust my lifestyle upwards accordingly. $120K is about where I feel comfortable, for now. It's rather expensive to live where I live, even in what would be considered middle/lower middle class neighborhood.

This.

[rholio 339]

Depends... my area is fairly low income / cost of living. I could be happy at 50k, happier at 60k, actually nice to people at 75k, and smile a lot at 80k+.

[DankNuggs 305]

The people who make the amount other people would be content to coast at got to that level by being aggressive and looking to continually improve and ascend. It's not a trait you turn off like a light switch.

 

#itsatrap

[Bier Meister 1,514]

The people who make the amount other people would be content to coast at got to that level by being aggressive and looking to continually improve and ascend. It's not a trait you turn off like a light switch.

 

#itsatrap

true

[The Moz 69]

more

[RecIiner Pilot 0]

All

[JTB 52]

well... the cost of living in different areas plays a role, so that may skew perceptions a bit.

 

But it's actually kinda' scary that people think $100k is "enough"... even with $100k, you're not going to afford much more than 2.2 kids in a modest home with an occasional vacation and concerns over paying for college, retirement, and health care when you're older.

 

What this really shows me is how out-of-touch people are with the costs of everything... it says to me that people have given up hope of EVER really being able to afford things.

I couldn't figure out how to say what you just did. :thumbs up:

[TD Ryan2 314]

I couldn't figure out how to say what you just did. :thumbs up:

Thanks man.

I'm not being a smart ass here - 100k in my area (Boston suburbs) is about the bare minimum to buy a house and raise a family. I understand 50k is the average salary and bc of that it takes two incomes to afford the "family starter kit". Even if one spouse went to 100k while the other earned 50k, you're not "rich"... you're simply doing "Ok" and hoping the wheels don't fall off somehow (layoff, illness, etc).

You start adding up mortgage, healthcare, taxes, gas, groceries, car payments, insurance, utilities, never mind retirement and college account(s), and oh yeah, a credit card bill? 100k isn't crap.

But Anericans are just happy to go along thinking that Parker Bros. Game of Life had it all right with 40k "good" salaries and "80k" if you landed on doctor.

Jesus H. - everything you put on your cart at the grocery store is $4bucks... bread, milk, butter.

 

No, money doesn't equal or buy happiness, but we're all gonna be "happy" indentured servants at this pace.

[IGotWorms 3,315]

Thanks man.

I'm not being a smart ass here - 100k in my area (Boston suburbs) is about the bare minimum to buy a house and raise a family. I understand 50k is the average salary and bc of that it takes two incomes to afford the "family starter kit". Even if one spouse went to 100k while the other earned 50k, you're not "rich"... you're simply doing "Ok" and hoping the wheels don't fall off somehow (layoff, illness, etc).

You start adding up mortgage, healthcare, taxes, gas, groceries, car payments, insurance, utilities, never mind retirement and college account(s), and oh yeah, a credit card bill? 100k isn't crap.

But Anericans are just happy to go along thinking that Parker Bros. Game of Life had it all right with 40k "good" salaries and "80k" if you landed on doctor.

Jesus H. - everything you put on your cart at the grocery store is $4bucks... bread, milk, butter.

 

No, money doesn't equal or buy happiness, but we're all gonna be "happy" indentured servants at this pace.

What's the answer?

[TD Ryan2 314]

What's the answer?

not sure... but to me, it seems that the far ends of the spectrum - the super wealthy and the freebie/welfares - have a lot to do with it. One games the system with unlimited resources, the other does it with unlimited apathy.

[penultimatestraw 473]

Thanks man.

I'm not being a smart ass here - 100k in my area (Boston suburbs) is about the bare minimum to buy a house and raise a family. I understand 50k is the average salary and bc of that it takes two incomes to afford the "family starter kit". Even if one spouse went to 100k while the other earned 50k, you're not "rich"... you're simply doing "Ok" and hoping the wheels don't fall off somehow (layoff, illness, etc).

You start adding up mortgage, healthcare, taxes, gas, groceries, car payments, insurance, utilities, never mind retirement and college account(s), and oh yeah, a credit card bill? 100k isn't crap.

But Anericans are just happy to go along thinking that Parker Bros. Game of Life had it all right with 40k "good" salaries and "80k" if you landed on doctor.

Jesus H. - everything you put on your cart at the grocery store is $4bucks... bread, milk, butter.

 

No, money doesn't equal or buy happiness, but we're all gonna be "happy" indentured servants at this pace.

But Boston is one of the more expensive areas in the country. I looked up the average cost of living on this site: http://cost-of-living.findthebest.com/l/615/National-Average (numbers are from the Economic Policy Institute)

 

Can't cut and paste the table, but the totals for monthly expenses for a family of 5 is $4886. That adds up to $58K a year. If one makes $100K, they take home roughly $70K after taxes (although the estimate includes another $500/month in taxes). So is ~$1000 discretionary income a month enough to save for college, retirement and a yearly vacation? Probably not.

 

I think the solution is have less children.

[penultimatestraw 473]

not sure... but to me, it seems that the far ends of the spectrum - the super wealthy and the freebie/welfares - have a lot to do with it. One games the system with unlimited resources, the other does it with unlimited apathy.

So you think the extremes dictate the cost of living? To some extent, I agree. But I think most of it is the free market, except maybe education and healthcare.

[penultimatestraw 473]

Enough money to not live paycheck to paycheck. How much $ that requires depends on your standard of living.

Of note:

 

Food. The general consensus seems to be that it's acceptable to allocate 5 to 15 percent of your budget to food. But according to the BLS, food accounts for 12.9 percent of the average U.S. household budget. Let's put it this way: If you number-crunch and realize you're spending 30 percent of your income on food, put the food portion of your budget on a diet.

[IGotWorms 3,315]

Of note:

[Phurfur 70]

Actually, the trick is convincing people to grind themselves to make ever more money, so that the wealthy can leverage them at the lowest possible wage and focus wealth more exclusively on a select few.

Yup, this is the mentality of bottom feeders or people that are to lazy or stupid to get ahead on their own. They will alway blame others for their inability to get ahead. No one in this country is forced to work for someone else. If you want it, go get it all it takes is hard work and a little ingenuity.

[gutterslut 1]

Yup, this is the mentality of bottom feeders or people that are to lazy or stupid to get ahead on their own. They will alway blame others for their inability to get ahead. No one in this country is forced to work for someone else. If you want it, go get it all it takes is hard work and a little ingenuity.

>>>>>that are to lazy or stupid <<<<<

 

I just can't quite take anybody's opinion on a subject that uses 'to' instead of 'too'.

[TD Ryan2 314]

So you think the extremes dictate the cost of living? To some extent, I agree. But I think most of it is the free market, except maybe education and healthcare.

Good point - yhen maybe add in that it seems that Americans don't understand what they can "afford" and it allows the free market to inflate while the masses are happily/ignorantly indebted. This is my original point.

$7 for movie popcorn? that's the free market, and people pay it.

Same with 250k for a house and $150k for 4-years college.

People are still buying and it's unsustainable.

 

No, I don't know what the fix is exactly. But I do see the problem.