Does money make you happy?
Money has become the measure of everything. But working from home and spending more time with our families the past two years, were a stark reminder that there is more to life than pursuing a career and a paycheck. With death and fear being front and center in the media. Spending time with our families has become more important than our careers which is probably why in 2021 more than 47 million Americans quit their jobs, according to the bureau of labor statistics. - The most resignations on record. Some even refer to it as: “The Great Resignation,”
Because ultimately, Money can buy things but cannot buy time. For those that have little time left, Money has lost its relevance altogether. And the relationships you have made and the memories you share are all that matter. In the end, Americans believe that life is about the experiences and relationships we share with others, not the material things we accumulate.
The older we get, the more we realize that money isn't everything. As we grow older, our priorities change and we become less materialistic. It's not that we don't value money anymore, it's just that the things that money can buy like gadgets, cars, and houses are less important than experiences and memories. In fact, the majority of the older individuals I ask about what they value most in life, the majority say experiences over possessions. And personal keepsakes are a close second, for example, photo albums or family heirlooms
What does Money mean for your family?
Inflation is rampant in the world right now and items that cost $1 a year ago now cost 3 times that. Fuel prices seem to only be going up and who knows what the world looks like 10 to 20 years from now. I know that I for one am going to leave all my earthly possessions to the next generation because they will need them!. Studies show that they will be living in a world with over 10 billion people and the resources to support them will be at a premium. Knowing that my kids won't have to squabble over who gets what when I'm gone is a big relief for me.
While many of America's wealthy have announced that they will not be leaving their children anything when they die. Most Americans find comfort in the knowledge that they are setting up their kids for success in life.
While money cannot buy Happiness and having access to a lot of money suddenly can have adverse negative effects on a young person it sure is helpful if your children can pay off debts, pay for a home or an education outright. The best way to ensure that the assets that you've spent a lifetime acquiring end up in the right hands are by specifying your wishes in a Will.
Basic needs
If you're not making enough money to meet your basic needs it'll make you unhappy, research shows. And the more money you make, the happier you'll be -- up until about $75,000 a year. The researchers asked 33,391 employed people (ages 18 to 65) to use a smartphone app that prompted them to check in on their emotions throughout the day. They asked them to rank: “How do you feel right now?” and “Overall, how satisfied are you with your life?” The findings are based on seven years of data collection but Killingsworth tells us that the relationship would hold true regardless of the time period.
“At an individual level, it suggests that as people advance in their careers and their incomes rise beyond $75,000, they may report a continued sense of satisfaction with their lives,” Killingsworth says.
Sources:
https://www.cnbc.com/2021/01/22/new-wharton-study-people-are-happier-when-they-earn-more-money.html