.More Money, Less Happiness: When Money Makes You Miserable
More Money, Less Happiness: When Money Makes You Miserable
By Michael Laurence August 2019
Money, the conventional wisdom says, doesn't buy happiness. Modern psychology seems to back this up, with studies suggesting that beyond an income of $75,000, money doesn't make you any happier.
This conclusion is simultaneously obvious and counter-intuitive.
As an abstract principle, most us acknowledge that money doesn't buy happiness. But, at the same time, we all want more of something material — a nicer house, nicer vacations, the ability to live in a certain neighborhood or eat at fancier restaurants — that we think would make us happier. (If you're J.D., you think maybe season tickets to your favorite team might make you happier.)
So, we're left with a conundrum. Or, rather, a series of conundrums: Does income in excess of $75,000 make us happier? And if not, why not?
When Money Makes You Happier
In answer to the first question, I believe that all else equal — and as we'll see below, this is a huge qualifier, as things are rarely equal — more money generally makes you happier.
To be clear, money won't solve every problem. If you're lonely or bitter or angry, for instance, more money won't make you any happier. But just because money doesn't solve every problem doesn't mean that money won't solve any problems.
Money can make many things easier, or better. With more money you can:
Build a nest-egg.
Pay off your house or car.
Go on more vacations.
Have more kids.
Be a stay at home parent.
Eat better food.
Retire early.
With more money, you can do any number of other things that people enjoy and that make them happier. And if you're a victim of systemic poverty, more money can change your world.
As much as we pay lip-service to the idea of money not making us happy, it often does, and it's okay to admit this. It doesn't make us materialistic or greedy to want retirement savings, a nicer home, a paid-off car, or a trip to Europe.
When Money Makes You Miserable
Assuming that you buy the premise that (in theory) more money should (generally) make us happier, it raises the question of why (in practice) income beyond $75,000 annually doesn't make us any happier.
I think the explanation for this seemingly irreconcilable conflict is that most people spend the extra income poorly. Most people use money ways that make them less happy.
To continue reading, please go to the original article at
Today is Giving Tuesday, Celebrated in 90 Countries!
The Dinar Recaps Team believes in giving back to the helpers who make our world a better place, one community at a time. Nongovernmental (NGO) and nonprofit (NPO) organizations work on the front lines every day to make a difference for those in need and to celebrate arts, culture, healthy living, and education for all.
While we wait, let’s think about all the ways we can help…
What is Giving Tuesday?
.Real Or Fake News? How Confirmation Bias Can Affect Your Wealth
ValueWalk.com Jun 23, 2020,
Last year, financial advisers identified confirmation bias as the third most significant behavioral bias affecting their clients’ investment decisions. How can you keep confirmation bias from creeping into your investment strategy?
In 2018, former New York mayor Rudolph Giuliani, serving as President Trump’s attorney, made headlines when he commented that President Trump should not have to submit to an interview by special counsel Robert Mueller as part of the Russia investigation. “Truth isn’t truth,” Giuliani said in an interview with NBC’s Meet the Press, causing host Chuck Todd to react with incredulity. The controversial quote went on to lead a Yale Law School librarian’s list of the most notable quotes of the year.
Despite what you may think of Giuliani or his comment, his assertion that people have different versions of the truth holds some merit. Confirmation bias, defined as the tendency to seek information that reinforces a person’s pre-existing beliefs, suggests that people may not always be objective, or think critically, before accepting information as fact.
.Fathers Confess: Don't Make the Same Money Mistakes I Did
US News By Hal Bundrick
In life, there are occasions when we wish we could get a "do-over." Just as in the movie "Groundhog Day" or Tom Cruise's latest sci-fi thriller "Edge of Tomorrow," we would love the opportunity to keep doing something over and over until we get it right. In honor of Father's Day, we're going to give a few dads a mulligan on their money mistakes.
Lesson Learned
Mike Robbins, a motivational speaker and author of "Nothing Changes Until You Do," admits to making his share of financial mistakes and fully intends to pass on what he's learned to his two daughters, ages 5 and 8. Robbins' earliest memory of how financial pressures can affect a family goes back to when he was 8 years old.
.Economic Collapse 101: Ten Ways to Prepare for the Unknown
By Len Penzo
Economic Collapse 101: Ten Ways to Prepare for the Unknown
By Len Penzo
Most folks are really good about making sure they have the proper amount of insurance for their home and automobiles. But when it comes to ensuring the survival of their family in rough economic times, well … not so much.
It’s no secret that recent volatility in the world financial system has more than a few people openly talking about the threat of an economic collapse — and I’ve been explaining for several years now why I believe an economic collapse is inevitable.
If history is any guide, the good news is that it won’t result in a complete breakdown of society. Argentina has suffered through multiple collapses of its own economy through the years and life goes on — but it remains less than idyllic there.
Nobody can say exactly how the collapse of the “almighty” US dollar will unfold, but you can bet that most people will be unprepared if and when it happens. If we’re lucky, it will happen one weekend after the-powers-that-be announce a bank holiday followed by a complete fully-controlled system reset that results in significantly lower standards of living for everyone.
If not, collapse will be much more chaotic …
.The 13 Most Important Items Everyone Should Keep in a Fireproof Safe
By Len Penzo
For some people, it’s tough letting go. Of anything.
Take my wife, for instance; she saves everything.
The other day the Honeybee showed me her baseball ticket from our very first date way back on September 24, 1995.
And if I ever feel oddly compelled to scrutinize the birthday card I received from my mother-in-law in 1998, I can rest easy knowing that the Honeybee has it dutifully stored upstairs in our bedroom closet.
What’s that? You say you’re looking for the operating instructions to a vintage Easy Bake oven, circa 1986? If I’m not mistaken, they’re in our closet too, not far from the rest of those 643 old birthday, Christmas, Easter, and Mother’s Day cards she’s been saving that nobody will ever look at again.
Protecting the Important Stuff
I’m a bit more judicious than the Honeybee when it comes to saving things — and I use a fireproof safe for the most important stuff.
Does Money Buy Happiness?
Britain’s Most Eccentric Billionaire Reveals the Truth
October 22, 2018 By The Money Wizard
If you’re from the United Kingdom, you’ve no doubt heard of today’s guest.
If you’re an apple pie eatin’ American across the pond like myself, you’re probably just as confused as I was. Well, let me tell you, you’re in for treat.
Our guest is worth an estimated $750 million British pounds, which translates to about $965 million US dollars and places him close enough to a billion to allow me to fib on this article’s headline, mostly guilt free.
He began his path to wealth exactly like you’d expect… as a broke singer in an R&B group, selling magazines on street corners.
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.Powerful Wisdom From One Of The Toughest Men Who Ever Lived
Notes From The Field By Simon Black
March 24, 2020 Bahia Beach, Puerto Rico
One day back in the late 1990s when I was a wide-eyed 20-year-old cadet at West Point, we were told that a distinguished visitor was coming to speak, and to be seated in the auditorium by 1pm sharp.
This was pretty routine; one of the great things about attending West Point was the seemingly endless line of world leaders, athletes, scientists, and even celebrities who would address the Corps of Cadets.
During my time at the academy we heard from people like Colin Powell, Oliver Stone, Bill Clinton, and countless more.
On that particular day, the speaker was Vice Admiral James Stockdale.
.The Key To Successful Investing Is Patience.
Tanza Loudenback
The CEO of a $13 billion investment firm says there's one lesson everyone has to master to build wealth: patienceThe Key To Successful Investing Is Patience
Compound interest is the most important concept to understand about money, Mellody Hobson said.
Mellody Hobson, a co-CEO of Ariel Investments, told the New York Times that the key to successful investing is patience.
Patience leads to compound interest, which is the most important concept to understand about money, Hobson said.
.Don’t Worry; Be Resilient
Reduce Fragility & Vulnerability
By Charles Hugh Smith
At some point, absorbing more information about the unsustainability of modern society yields diminishing returns. It becomes emotionally draining and thus counterproductive.
Part of this exhaustion results from recognizing our powerlessness within the Status Quo, where independent thinking and structural innovation are intentionally winnowed out as threats to existing institutions and industries.
Another part arises from the burden of knowing that the supposedly permanent Status Quo is far more vulnerable than generally believed. I have described the psychology of knowing what lies ahead in The Burden of Knowing.
A related factor that is never publicly discussed is the negative impact on our mental health of all the propaganda that we are force-fed by the Mainstream Media (MSM).
When truth is incrementally undermined by massaged data and behind-the-façade manipulation, we lose faith in key State and media institutions and suffer from a propaganda-induced disconnect between what we see and what is reported as fact.
These 'burdens of knowing' can diminish the small but real joys of the present: work we like, a home-cooked meal, and time spent with our friends and family.
.The Four Views - The Rest of The Story
Eldon Taylor June 18, 2014
Views of the world from four different minds - four different sets of eyes - four different hearts - How do YOU see the world?
“A man sees in the world what he carries in his heart” - John Wolfgang Von Goethe
A few years ago I wrote a piece that has been rather widely circulated and, based on some of the comments I have seen, not too well understood. The piece is titled, “The Four Views.” Please allow me to share it with you before making any further comments. This then is the story:
Once a wise master had four students who exceeded all others in ability. One day the five gathered, and the master spoke to the first student, “Tell me what you see when you look into the world.”
“I see savagery. The planet is raped. The world hides from the truth. Contaminating material is released everywhere. There is particulate matter in the heavens and acid rain. The rain forests are being destroyed, and so is the ozone. There is such ignorance and selfishness. The world needs so much correction.”
The master replied, “You are right, and I shall call you Correction, for you by your vision have committed to a world of need.”
.How To Avoid High-Income Lifestyle Creep
By Poor Swiss
My personal goal is to become financially free as soon as possible. As a software engineer in Switzerland, I am earning about $130,000 per year, and, lifestyle creep is one of the toughest parts of my life.
With my salary, I am viewed as a high-income earner. And, people think that earning a high-income makes it easier to become financially free.
And in many ways, it does.
But, most high-income earners are not financially free and a lot of them are not even wealthy.
.Do you have a Dinarland “Vent Buddy”?
Why having a ‘vent buddy’ is important to your health
May 20, 2019 Kristine Beth Mabini
Having a vent buddy is so important to one’s well-being
It’s that someone you consider a reliable friend whom you can go to whenever you want someone to talk to whom you know won’t judge you
Having a friend who listens to you no matter how overwhelming your rants or situations in life are is undeniably good for you and your health. So, keep that friend.
As a woman, especially when you’re already a mom, it is inevitable that at some point, you go through a series of tough situations which you try to bottle up until you could no longer handle them.
.Millennials and Gen Z Get Scammed More than Their Grandparents, Sorry
By Maxwell Strachan Jan 3 2020
“There's a sense of complacency that can develop if you feel like, ‘Oh yeah, my grandma is vulnerable to this stuff, but I'm not.'"
Close your eyes and picture someone at the wrong end of an online scam. Who do you see? Odds are the person looks something like a helpless old lady with thick horn-rimmed glasses and an unsettling willingness to fork over her bank information.
But these days, that years-old stereotype is far from accurate. Tired depictions of naive old woman have masked an unnerving fact: It’s computer-literate millennials and Gen Z who have the real problem with online scams.
.Mental and Emotional Preparedness for Wealth - WiseWarrior
Mental and Emotional Preparedness for Money
Prosperity Consciousness Vs Poverty Consciousness
By Wisewarrior (AKA Classroom for Investing 101 and 201)
Being financially responsible is a habit, and unfortunately one we are not taught in school, or by most parents. And habits are hard to break. So if you have been living paycheck to paycheck most of your life and you suddenly have some or a lot of money, it is unlikely your spending/saving investing habits will change without some dedicated work on yourself.
I mean an honest assessment of your attitudes toward money, spending, possessions, and of course yourself. This event will change you….and I hope for the better.
.The Velocity of Money by Virginia Gentleman
From the Recaps Archives originally posted on 6/1/2019
Re-posted just in case our Exchange Appointments are really close!!!
From Virginia Gentleman VELOCITY OF MONEY
I know I don't have to state the obvious...GO HAVE FUN WITH SOME OF YOUR NEW FOUND WEALTH. However, I would like to pass on some words of wisdom.
As we get ready to punch it in, please remember to act like you've been in the End Zone before. Take a deep breath and exhale slowly as you collect yourself with the full intentions of acting with class and integrity.
Respectful treatment of others will be an inherent responsibility of your new status, as well as respectful treatment of your money and assets. You owe this to yourself, your family, your neighbors, and your heirs.
Don't hoard it, and on the other hand, don't waste it or give it all away. Save, invest, and spend wisely.
One of the single best things you can do with a small portion, and in effect a very small portion, is to be more generous over at least the next 18-24 months (or the longer) spending your money locally. What do I mean? The answer is the ‘VELOCITY OF MONEY’.
What Does Wealth Mean To You?
Post From Money Saved Is Money Earned
As a member of the personal finance blogger community, I’ve been privy to a multitude of differing opinions about a myriad of finance topics.
While most agree with a few broad topics (financial independence is good, for example) you’ll find that there’s a great deal of variance even among those who are financially savvy.
Go beyond personal finance communities and the variance grows even more.
Why is there such a difference?
What Does Wealth Mean To You?
When it comes down to it, I think a lot of this variance is simply a product of the differences in how people value wealth and success.
.Wealth Is All In Your Head
April 6, 2019 By Mr. Tako
When you think about it, money is a pretty funny thing. For a couple thousand years humans used precious things to represent this idea of “money” — ivory, colorful shells, precious gems, livestock, silver, and most notably gold. This worked well for humanity for a very long time… as long as the values were small.
The general inconvenience of physically carrying a whole bunch of “precious stuff” eventually gave way to paper certificates. Stand-ins for the real thing.
After-all, nobody wants to cart around a wheelbarrow full of silver just to buy a new car. You were liable to get mugged by Robin Hood on the way to the car dealership….
.Different Ways to be Rich in 2019
By Ben Carlson August 1, 2019
It’s estimated only 5% of people in the United States are millionaires.
So if we’re using millionaire-status as a way to gauge wealth in this country, a lot of people are never going to get to the point where they’re considered “rich.”
But there are plenty of other ways to live a wealthy life that extend beyond how much money you have in the bank or your portfolio. And even those with a lot of money may not be considered rich when you look at other areas of their life.
Here are some ways to be rich in this day and age that go beyond money:
You have a job you enjoy. If you work a 9-5 job that means roughly 50% of your waking hours during the week are spent in the office, with your colleagues or at your place of employment. Many people put in even more hours than this.
So if you hate your employer, boss, co-workers, or career path that can be an enormous drag on your well-being.
Simply enjoying what you do, who you do it with, and the company you do it for can make for a supremely richer life than the alternative. It would be nice to pair a fulfilling career with a high paycheck but most people never find the former even if they receive the latter.
Being in control of your own time. A big paycheck is always nice but the impact wears off when you’re forced to deal with a stressful work environment, co-workers you don’t care for, or work you’re not appreciated for.
Reminiscing, Reflection, and What Really Matters
Into a Cloud
Ryan Kelly | November 13, 2019
MY GREAT-UNCLE, Jerry Kelly, was an American pilot in the Second World War. On Oct. 20, 1944, he was flying a close-support mission over Germany when his P-47 Thunderbolt was hit by anti-aircraft fire. After he radioed that he had smoke in the cockpit, his plane began losing altitude and was last seen disappearing into a cloud. Jerry was 20 years old.
More than 71 years later, a UPS carrier delivered a blue box to my home. The box contained a treasure trove—220 handwritten letters Jerry wrote home from the war. The box was a gift from my dad’s cousin, Phil, who spared no expense in shipping costs and tracked the package every hour to ensure safe delivery. Given my strong interest in Jerry’s life, Phil decided I should be the family guardian of the letters.
I’ve read each letter more than once. I now know Jerry better than most people I deal with every day. People I regularly interact with don’t work out their deepest thoughts and feelings in handwritten letters, and—even if they did—they wouldn’t let me read them.
Jerry’s letters have provided me with many valuable life lessons. Here are seven of those lessons:
1. Saving money brings focus to life. As a pilot, Jerry made a good wage and spent less than he earned. On Oct. 8, 1944, he wrote a letter to his mom expressing the satisfaction he felt from seeing his bank account balance reach $1,200, equal to $17,500 in today’s dollars. Jerry planned to study accounting at the University of Utah upon his return from the war.
.Inspiring Presidential Quotes On Life, Liberty, And The Pursuit Of Happiness
By Drake Baer
In honor of America's 238th birthday, we collected the finest aphorisms to come from the Oval Office.
They include life lessons from George Washington, leadership advice from Thomas Jefferson, and reflections on success from Abraham Lincoln.
These leaders probably had the toughest job in the world. Here are a few of the things they learned from it.
George Washington 1789-1797 "Associate yourself with men of good quality if you esteem your own reputation; for 'tis better to be alone than in bad company."
John Adams 1797-1801 "You will ever remember that all the end of study is to make you a good man and a useful citizen."
Thomas Jefferson 1801-1809 "When angry, count ten, before you speak; if very angry, a hundred."
James Madison 1809-1817 "The advancement and diffusion of knowledge is the only guardian of true liberty."
The Seven Deadly Sins Of Personal Finance
By J.D. Roth —03 June 2019
I've been reading and writing about personal finance for more than thirteen years. In that time, I've consumed a lot of books about money. Lately, I've found that it's fun to revisit old favorites.
Recently, for instance, I've been re-reading Brett Wilder's The Quiet Millionaire [my review]. It's different than most personal finance books. It's targeted at those who are farther along their financial journeys rather than at those just starting out. Still, there are bits and pieces in The Quiet Millionaire that are applicable to everyone.
...
Ten years ago, I wrote that I particularly like Wilder's list of the seven enemies to financial success (which is my phrase, not his). I still like them. He writes:
If you want to become and stay the quiet millionaire, you must plan and manage your financial way of life…You must be proactive in order to obtain the financial life you want. By doing this, you will overcome the seven major obstacles to financial success.
Wilder is saying that we know there are certain common barriers to wealth. These obstacles arise for everyone. Because of this, it's possible to plan in advance to cope with them. First, however, we have to be able to name these enemies so that we can prepare the proper weapons to fight them.
.How Well Have You Prepared For Your Currency Exchange?
#12 By Muhammad Ali
We have all read on Dinar Recaps, the statistics of those who have acquired sudden wealth and how long that wealth lasted. The results are not good. Most lose their wealth, their newly acquired assets and possibly are filing for bankruptcy within 3 to 5 years of receiving it.
The problem with most people, especially when it comes to money, they do not plan ahead or they do not plan at all.
Will we be a part of these statistics? The sad truth is, YES for about 80% of the people, they will be part of these statistics, and only about 20% will be able to preserve their wealth for more than 5 years or more.
"May the Odds be ever in your favour!" Some of you will remember that from the Hunter Games movie series.
Unfortunately the odds will not be in our favour unless we plan and work towards it.
In my Currency group, here in Malaysia, I hear so many times, that after RV, they want to travel around world, sail around the world, help all their friends and families, buy properties in real estate, buy land, buy cars, donate to so and so charity... and the list goes on and on.
Do's & Don'ts When You Increase Your Income
2 Things You Should Do (and 1 You Shouldn’t) When You Increase Your Income
Team Member Blog, Consumerism to Frugalism
Most of you would like to increase your income.
Whether you’re looking to make a career move, change companies, start a business, or simply move up in your current situation, making more money is likely one of the major factors in your job decisions.
Here at Money Saved is Money Earned, we know money isn’t everything and you shouldn’t live just for money. However, we also know that money plays a major factor in your ability to live the way you want.
.Wealth Managers and Handling Losses
By Muhammad Ali
Imagine you invested the majority of your RV exchanged money or funds with a wealth manager and the guy lost 90% of your money.
Do you think this situation can never happen? How about telling that to this man and his wife.
He invested $250,000 with a Wealth Manger only to be left with $11,200.
So yes, it definitely can happen and it can happen to you.
What would you do?
Today is Giving Tuesday, Celebrated in 90 Countries!
The Dinar Recaps Team believes in giving back to the helpers who make our world a better place, one community at a time. Nonprofit (NPO) and Nongovernmental (NGO) organizations work on the front lines every day, to make a difference for those in need, to celebrate arts, culture, healthy living, and education for all, among many other causes.
This year, Dinar Recaps has chosen Rise and Share (an IRS-recognized 501(c)(3) charity) as our 2024 Giving Tuesday charity of choice!
As a charitable organization that serves other nonprofits, all donations to Rise and Share will support their expansion campaign to serve 100 additional nonprofits by the end of 2025. A gift to Rise and Share is a great choice for our readers who care about multiple causes, from animal welfare to youth service, from chronic illness to the arts, from the military to programs for the aging and in underserved communities.