Andrew Schneider, CPA’s Post

People are often convinced their lives would improve if only they could climb a few rungs on the income ladder. They are right, to an extent. Many studies have found a link between income and happiness, both in terms of day-to-day mood and longer-term life satisfaction. Having more money would help many people afford necessities, and on average, richer people report being happier. Exactly how much more money do we think we need to be happy? A new survey from the financial-services company Empower put the question to about 2,000 people. In the survey, most people said it would take a pretty significant pay bump to deliver contentment. The respondents, who had a median salary of $65,000 a year, said a median of $95,000 would make them happy and less stressed. The highest earners, with a median income of $250,000, gave a median response of $350,000. Employers are planning on an average pay increase of 3.9% in 2024 for nonunion employees, according to a survey from the consulting firm Mercer. In the Empower survey, Americans said that to be happy, they would need almost a 50% raise. Just how much happier a 3.9% or 50% raise would make any given person is hard to determine, researchers said. One study, published in the journal Proceedings of the National Academy of Sciences last year, found that people who randomly received $10,000 tended to get a happiness boost that lasted at least six months. (The $2 million given out in the study was provided by a wealthy couple, who the researchers estimated generated 225 times more happiness than if they had kept the money themselves.) The magnitude of a raise’s effect, though, might not be life-changing. “The impact of money on happiness isn’t as large as people typically assume,” said Elizabeth Dunn, a psychology professor at the University of British Columbia and a co-author of a book on money and happiness. “Happiness is determined by so many different factors that changing any one thing, it’s hard to have a huge impact.”

🚀 Unlocking True Happiness: Rethinking the Pursuit of Income 🌟 Ever felt that a salary boost could be the key to a happier life? You're not alone! A recent survey by Empower reveals fascinating insights into the link between income and happiness. Here are some eye-opening findings: 📊 The Numbers Game: Respondents, with a median salary of $65,000, believe a median of $95,000 would bring them contentment. Even high earners, with a median income of $250,000, aspire for a median of $350,000. 💰 Reality Check: While employers project a 3.9% pay increase in 2024, Americans suggest they'd need almost a 50% raise to achieve happiness. But is the impact of money on happiness as significant as we think? 🧠 The Psychology Behind It: Research suggests that the happiness derived from a raise might not be as life-changing as expected. Elizabeth Dunn, a psychology professor, emphasizes the importance of how we use our money, advocating for a focus on immediate-term happiness. ⌛ Time Over Money: Dunn's research highlights the significance of prioritizing time over money for a happier life. Rather than constantly chasing a higher income, she suggests finding contentment in utilizing our resources wisely. 🎯 Never Enough: Even when reaching new pay tiers, individuals often set their sights on the next milestone. The pursuit of more seems ingrained in human nature, with even millionaires expressing the desire for a 50% increase in wealth for an extra point of happiness. 🤔 Food for Thought: What if we redirected our focus from constant advancement to appreciating the perfection in our lives? Is there a balance between ambition and contentment? 💡 Key Takeaway: Money matters, but happiness is a multi-faceted equation. Let's engage in a thoughtful discussion: What's your perspective on the relationship between income and happiness? Can we find contentment without constantly reaching for more? #Happiness #IncomeMatters #WorkLifeBalance #CareerGrowth #MindsetShift #PersonalDevelopment Let's spark a conversation and redefine the pursuit of happiness! 💬✨

"Money talks, but does it truly bring happiness?" Recent research delves into this, revealing a nuanced link between income and happiness. Higher income is somewhat linked to increased happiness, yet the impact might not be as significant as many believe. The Empower survey indicates people think significant raises are essential for happiness, but experts suggest focusing on efficient money management and prioritizing time over money for greater life satisfaction. Despite these insights, the innate human desire for more continues to influence our perception of happiness, underscoring its complexity beyond mere financial gains. #happiness #payincreases https://on.wsj.com/46JuCLq

Interesting reading and findings from several research, people are convinced that their life would improve if they get pay raise. They are right, the link exist between happiness and income in both, everyday mood and long-term life satisfaction. the eye catching is a link of study, asked millionaires to rate their happiness on a scale from one to 10 and and , if they didn’t say 10, predict how much money they would need to be more happier. Slightly over half of those with a net worth of $10 million or more said their wealth would need to increase by at least 50%. Citing from a survey “Having more money would solve most of my problems” , I also think that in today's weird , money can boost happiness

Think you've reached the pinnacle of happiness with a $75,000 salary? Think again! New research suggests that there's no magic number when it comes to income and happiness. Read on to discover what's really behind the relationship between money and happiness and why you may need to rethink your pursuit of happiness. (No paywall) #FinancialAdvisor #Littleton

It's not always about the money. Or is it? Contrary to popular belief, a study has found a link between income and happiness only up to a certain extent. Many people feel that a pay rise would significantly improve their lives, but is this the case? Sure, a few extra dollars in your pocket can alleviate some financial stress, but money alone doesn't lead to true happiness or satisfaction. Anyone who has attended any of the happiness programs at Happiitude, very well knows that this is what we call "happiness shopping". And, it's never enough! In the realm of remote work and company culture, we see that employees value flexibility, autonomy, and a strong sense of purpose just as much, if not more so than simply a higher wage. At Happy Work Studio, as we help companies transition to remote work, we also help them understand that investing in their employees' well-being and creating a strong company culture can often lead to greater levels of happiness and satisfaction than financial gain alone. So, let's rethink the narrative around "happiness at work". It's not just about the paycheck, it's about creating an environment where employees feel valued, supported, and motivated to do their best work. It's time to change our perspective 😉 Let me know how you feel about this. Check out the full article here:  https://lnkd.in/daams65A? #happinessatwork #happiness #companyculture

A few key takeaways from this article: 1️⃣ More is never enough. No matter your income level, everyone — even people with multiple millions — believe they’ll be happier with more. 2️⃣ The more you have, the more you want. The higher your existing income, the higher bunp you believe is needed to be happy. 3️⃣ You get used to more. Even if you get more money, you get used to it and find yourself wanting even more to be *truly* happy. It reminds me of a conversation with a friend. He had “a number” — if he reached it he would retire. He reached it. But he made up a new number that was even higher. Yes money can make your life easier, can even make you happy. When is enough enough? #promotion #ceo #income #jobsatisfaction

This year I am on pace for an 85% decrease in salary. Here's what it taught me so far 👇 1. I re-appreciate the value of money. I've been broke before... and I've always been somewhat frugal (you should see my car!)... but to be honest it's been a few years since I've thought twice about buying simple things like a cup of coffee or a new shirt. It's been challenging, but also refreshing. We do more dinners at home. I'm rocking old clothes. And do more picnics or playgrounds with the kids. 2. Venturing away from your career is yet another reason to have savings. Yes, we all need to save for a rainy day (and many of us don't). But also, our fear of being broke can prevent us from living our dreams. Right now I make enough to pay the bills, and that's about it. But I also have a little bit saved up in case things get really ugly. If it wasn't for this cushion, I don't think I'd be enough of a risk taker to have started my own business. I know those people are out there, but not me. I can't stomach having kids and not being able to pay the rent. 3. Money doesn't buy happiness. Heard that before? There is an adage thrown around that happiness "plateaus" around $100k. Making any more doesn't mean you're any more happy. This is an absurd thing to debate, but here's what I know when it relates to happiness... An 85% paycut allowed me to: a) start a business i've been thinking about starting for almost a decade b) walk my kids to school every single day c) spend almost a month on the east coast with family without worrying about PTO or badging in d) pick up multiple new hobbies, which bring me true joy e) focus on my own health. You have 99 problems until your health declines. Then you have 1 problem. I'm feeling better than ever. Have you gone through a similar experience? Would love to hear your thoughts.

Single Mom Turns School Social Worker Salary into Multi-Million Dollar Empire - Find Out How She Did It! Once upon a time in 2018, I was a school social worker with dreams bigger than my paycheck. A single mom, fiercely determined to give my son the very best in life – top-notch education, wonderful violin lessons, and adventures around the world. But my job wasn't enough to continue making these dreams come true. So, I made a bold move. I decided to start a small business on the side to earn more money. My plan was to take it slow, juggling it with my job. But something amazing happened. The little business idea caught fire 🔥 too hot to keep it small. And I needed to make bigger and bolder moves NOW! And the small idea became my group mental health practice. People started to notice what I was doing, and they wanted in. Before I knew it, I had a long list of people waiting to work with me. I realized I had created something special, something that could really grow big and help me wave goodbye to my money worries for good. Using the knowledge I had, I crafted a special, simple, step by step roadmap for business success, which I called the Multi-Million Dollar Private Practice Framework™. It was like a magical map, guiding me from having almost nothing to building a business worth millions. It is still magical and helping many other private practice owners their business journey simple, easier and structured to follow. My journey is not a destination is a process of change and transformation, where creating a legacy has become of my biggest vision to date! This is a story of a big dream, fierce desire, and a plan that transformed my life and ended my money struggles. Now, I am here to tell you that dreams really can come true, with a sprinkle of courage and a good plan to lead the way. If you are a mental health practitioner in private practice who desires to grow and scale you business to the next level, I have a formula that can make it happen for you. Schedule a consultation with me today, let’s make some magic happen. Slide into my DM and let’s start your journey to massive impact, and time and financial freedom! XO 😘 Soribel #therapistsofinstagram #privatepracticesuccess #mentalhealthprofessionals

How much happiness can your salary buy ?The relationship between money and happiness is clear, but not simple. One nuance is that money matters for happiness, but not enormously. Since most people live in a fairly narrow band of the happiness spectrum, big increases in income are generally needed to produce the most substantial increases in happiness. Detailed read in comment.