Relationship Between Money And Happiness Essay

"That comparison between yourself and other people is really important for one's sense of well-being," said Clingingsmith."If I'm a trader and making 0,000 at a firm where everyone else is making 0,000, that may feel different." So why do these studies matter?

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That study analyzed data from the Gallup Organization in the Gallup-Healthways Well-Being Index (GHWBI).

It's a lower number because researchers in that case used a single person's income rather than the family income used by Clingingsmith.

But research shows that our choices are based on more than just arithmetic—they’re also influenced by a complex web of psychological and emotional factors.

This chapter gives you a quick overview of the relationship between money and happiness.

It depends on how much you're already making, according to a recent study from an economist at the Weatherhead School of Management at Case Western University.

Each dollar makes a big difference in reducing negative emotions for people in the 20th income percentile, but those returns fall off by the 80th income percentile and disappear at around 0,000, according to the study.

"We earn income because there are things we want to do — we want to live our lives, support our families, have experiences and so forth," said Clingingsmith.

Although the mass media has convinced many Americans that wealth leads to happiness, that’s not always the case.

It doesn’t do much good to learn about compound interest or high-yield savings accounts if you don’t know how money affects your well-being.

If personal finance were as simple as understanding math, this book wouldn’t be necessary; people would never overspend, get into debt, or make foolish financial decisions.


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