0, however the percent of Americans who said they were happy had virtually unchanged. In 2004, 32 years later, the average American income had increased to $38,000. At that time, the average American earned about $25,000. Another study showed that in 1972, 30 percent of Americans said they were very happy. Kahneman’s study did not link wealth with greater happiness in any way. 3) When countries experience a sudden increase in income, there is not a corresponding increase in its citizens’ sense of well being. ) The wealthier people are, the more intense negative emotions they experience. The 2002 Nobel Peace Prize winner, Kahneman PHD, found the following as a result of his research:ġ) Increased income has a small effect on life satisfaction. Studies show, however, that those who take on more responsibility or work to earn more money, actually have less time for family, relaxation and recreation. Others believe that if they had more money, they could spend more time with their family or do things they really want to do. Many spend much of their time in life trying to “keep up with the Jones”, so to speak.Īnd by doing so, they often find themselves stressed out and unhappy because they are trying to impress people they don’t like, with money they don’t have, on things they really don’t need. The world also defines our success buy what we have materially and financially. 00 a year”, and when we achieve that goal, we are no longer satisfied and our desire goes up. One main reason that money is not the source of happiness is man’s inborn flaw of greed. Sonja Lyumbomirsky, a wealthy stock broker said, “Once you’ve reached a level of comfort and have had the opportunity to drink the finest wines, fly in a private jet, and watch the super bowl from a box seat, you ask yourself, what now?Ĭlearly, having money has not resulted in true happiness for her. The study stated that once they are comfortable, which is around $75,000 annually, the state of happiness levels off. Another study in Psychology and Economics by the National Academy of Science suggested that people are happier as their income rises but only to a certain level. No outside source, including money, can give you that. It is a product of what makes you feel fulfilled. Happiness is a quality or state of being. Why? Because happiness is not defined by our bank accounts or the things we possess. ” A study conducted by the University of Illinois stated that more than 30 percent of the richest people in America were not as happy as the person who earned a modest income. She stated, “My life is a shambles and hopefully now it (the money) has all gone, I can find some happiness. She now works as a maid to support her family and pay back debt that she owes. She lost all of her winnings in two years after going on extravagant shopping sprees. This was the experience of one single mother from the United Kingdom who won millions in the lottery. The winners even became unhappier when they quit their jobs and experienced lost relationships and a loss of sense of meaning and accomplishment. ” On the other hand, many argue that money does not bring long term happiness, but is a quick fix that results in more problems.Ī survey of lottery winners, for example, confirmed that lottery winners do experience initial elation after winning, but very soon that general sense of happiness returns to about what it was before they won. The study concluded that, “ if money doesn’t make you happy then you probably aren’t spending it right. A study conducted by the Journal of Consumer Psychology concluded that people felt happier when they reflected on a time when they had spent money on others versus a time when they spent money on themselves. Many wealthy people have donated hundreds of thousands of dollars to charities or have given some of their wealth as gifts to love ones. They gain personal satisfaction by sharing their fortune with those who are less fortunate.
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