Does money buy happiness and a longer life? You decide...

by Brock Talon 46 Replies latest social current

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  Brock Talon

  Interesting answers all, but I have some more food for thought on this subject:

  The poll was focusing in on income, not necessarily net worth. Those are two different things.

  Winning the lottery might put you in the high income bracket for that one year, but unless you invest it wisely in some way in order to get a return from the winnings, you might not get an income of any significance after that. A lottery winner's net worth might be high for a very long time, even as they eat through the money, but eventually it will of course go to zero if not cared for. But the income of such a person will be low and will probably remain that way throughout their journey to broke-ville.

  Income more or less shows a continous lifestyle and that is what this survey is focusing on.

  That said, I high income earner (say, somebody in that top 5%) might not invest it wisely either. There are many high income earners who live hand to mouth the same as low income earners. If these high income earners eventually lose their stream of income, they would not have a high net worth to go to. Think: careless young athlete who earns millions for a short time, but wastes it all... or MC Hammer... or coke snorting wall street maven who crashes and burns... It could even mean a doctor or lawyer or executive of some kind who feels they need to live a conspicuous lifestyle. Even these people can have a low net worth if they live beyond their means and do not save or invest.

  A reverse of that is the many modest income earners who have amassed a decent net worth. A book on these people was written called "The millionaire next door". It's a very good book too. It's one that should encourage everyone that regardless of income, if used wisely, they can still retire safely with a decent net worth. These people might have a modest income, but their net worth can show better than people making many times what they make.

  --

  So, with that, what does the income part of this survey mean to you? Does a risk adverse attitude lead to high income? Or do those who being to have a higher income become less risk adverse? Is high income the cause, or the affect?

  When thinking about what it means, try to throw out the outliers. Throw out the one-percenters and the hedge fund babies. Throw out the movies stars and the rock stars. But also, throw out the homeless and the welfare queens. Try to not think about those people on the extreme ends of the bell-curve. This is because most of us (probably all of us) don't live there.
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  hoser

  I liked the book the millionaire next door. I know a lot of people who live like this, people who have a high net worth but live a modest lifestyle.
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  3rdgen

  This subject has so many factors. The very old story of The Prince and the Pauper comes to mind. The young prince was wealthy but forced to live in a way that cramped his freedom and he wasn't happy. He didn't appreciate what he had. The young pauper was not happy either because while he was free to do what he wanted, couldn't because he was an orphan (if I remember right) and had to live on the streets without his basic needs met. He was forced to steal just to eat. I also think of the book and movie "Mommie Dearest" the autobiography about the wealthy actress Joan Crawford's daughter Christina. If true,was a victlm of terrible child abuse and regardless of her luxurious suroundings, was VERY unhappy. We all probably all know others who are/were dirt poor but have/had loving close families and were happy. Dolly Parton comes to mind. She wrote a song about her "Coat of Many Colors". When she was young her mother took old rags and made a pachwork coat for her. She told Dolly the Bible story of Joseph's coat of many colors and blessed it with a kiss. She was so thrilled until the kids at school made fun of it. Mean people suck and can ruin our happiness if we let them.
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  runForever

  Pretty complicated subject but I think some of it is basics and some of it has to do with the world we live in.

  In western and 1st world economies money is very important so I think it has alot to do with that.

  I remember seeing a video about "the happiest people on earth" and it was a small country where the king actively tried to promote

  a HDP instead of a GDP(happiness domestic product) and the people were very happy. Also islanders are very happy and they are not rich so

  again I think it is partially do to the way life is setup in 1st world economies. Gorillas playing in water are very happy but they don't have money.

  So security is important to happiness, health, and relationships which money affords in 1st world economies. I often see rich people excercising much more than others. Stress produces depression which can happen if you don't have money. It might also have to do with genetics - let's face it some people are just smarter than others and this makes life much easier for them when there is alot less stress to be able to achieve something. But happiness doesn't just come from having money alone. If there was no such thing as money but you could have all the things money affords would people be happier? I think so.
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  LisaRose

  Correlation does not prove causation. It may be that people who are happy tend to make more money, not that having more money makes you happy.
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  NewYork44M

  Playing the lottery is NOT a retirement plan. While daydreaming about winning is a fun exercise, it is a worthless endeavour. This will not create wealth.

  I agree with Hoser, the millionaire next door is a great book about creating wealth.
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  DesirousOfChange

  Money may not buy happiness, but poverty buys nothing at all.

  

  Doc
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  jwfacts

  The results are very interesting, particularly how straight forward the increase of income and education is to happiness and longevity.

  Most people would say that "Money doesn't buy happiness", but this poll seems to me to indicate the exact opposite of that.

  Virtually all studies I have read show that money brings happiness, particularly as people climb from below to above poverty levels.
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  NewYork44M

  There is a saying "I have been rich and I have been poor; Rich is much better"
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  new hope and happiness

  Money is very important to happiness, but i value my ability as an artist brings me a higher level of happiness. The heath of those i love is an even greater happiness.

  I have a friend who won the lottery, she bought her son a house, and went on holidays. She has no money left. What she did with the money is still her happiness.