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Money does buy happiness but only up to $670k

therock

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therock

therock

Supersonic

USD 500k per annum..

 

 

https://www.straitstimes.com/business/invest/money-does-buy-happiness-but-up-to-670k-only-survey

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Money really does buy happiness and the correlation extends well beyond the US$75,000 (S$100,000) annual salary threshold that had been seen as the upper limit for making an impact, according to a team of scientists, including the Nobel Prize-winning psychologist who introduced the idea of a happiness plateau more than a decade ago.

Contentedness does increase steadily in line with incomes and even accelerates as pay rises beyond US$100,000 a year – as long as the person enjoys a certain baseline level of happiness to begin with.

That is according to the study of 33,391 people living in the United States published in March 2023 in the Proceedings Of The National Academy Of Sciences journal.

The researchers say the effect can be observed in salaries up to US$500,000 (S$670,000), though they lack conclusive data beyond that level.

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In a separate survey by Bloomberg, over 500 investors were asked how much they would need to retire comfortably. The answer is somewhere between US$3 million and US$5 million.

About a third of investors pegged it at US$3 million and roughly another third at US$5 million.

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Ct3833

Ct3833

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  On 4/24/2023 at 11:56 AM, Throttle2 said:

At least, they say $3mil to $5mil to retire. Not so stupid like those in Singapore who think that they can retire with $1mil…

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The survey audience has important influence to the outcome. The Bloomberg survey is based on inputs from 500 INVESTORS, the outcome will be very different if they ask the man in the street, some do not even have money for tomorrow, how to have 3million ? 

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Throttle2

Throttle2

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  On 4/24/2023 at 12:27 PM, Ct3833 said:

The survey audience has important influence to the outcome. The Bloomberg survey is based on inputs from 500 INVESTORS, the outcome will be very different if they ask the man in the street, some do not even have money for tomorrow, how to have 3million ? 

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Therefore cant retire. 
 

so the bloomberg one is more like it

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Dp26

Dp26

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  On 4/24/2023 at 12:27 PM, Ct3833 said:

The survey audience has important influence to the outcome. The Bloomberg survey is based on inputs from 500 INVESTORS, the outcome will be very different if they ask the man in the street, some do not even have money for tomorrow, how to have 3million ? 

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Who u ask definitely makes a difference to the answer for sure. 

 

Nothing wrong with retiring with 1m or less, just have to live retirement in the manner of 1m or less.

not like some who take home a 5k paycheck and lived like taking home 20k.

 

managing expectations is key. 

Live the now and provision for the future. The balance is often delicate to manage. 

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Scion

Scion

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  On 4/24/2023 at 11:56 AM, Throttle2 said:

At least, they say $3mil to $5mil to retire. Not so stupid like those in Singapore who think that they can retire with $1mil…

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so u now very smart and rich enough to criticize others as stupid?

 

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Victor68

Victor68

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(edited)

How many can even afford $1m? It just means you have to lead a very simple lifestyle lor. 365 days a year basic routine till you kick the bucket. 

Not sure this is call retirement or waiting 😆

Edited by Victor68
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Mustank

Mustank

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(edited)
  On 4/25/2023 at 12:14 AM, Victor68 said:

How many can even afford $1m? It just means you have to lead a very simple lifestyle lor. 365 days a year basic routine till you kick the bucket. 

Not sure this is call retirement or waiting 😆

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Next time when I lao lang, I go downstairs jiak wantan mee lim kopi, go home pah old game

Can’t afford anything else so just have to make do with these 🤪

 

Edited by Mustank
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Ct3833

Ct3833

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The high income people will certainly be able to find more happpiness than the lower income people, but that does not stop the  lower income people to find their own happiness.  Of course one will have to have certain minimum sum to survive, less than that, he will be worrying about livelihood, how to have happiness?

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RadX

RadX

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Money is never enough...one has to be contented.  When I was in Finland, they explained why the people are so contented...nah

 

Put in perspective, you have 4 million$$, but have 1 month left to live due to terminal cancer.  Happy?

 

 

 

https://www.straitstimes.com/world/europe/the-finnish-secret-to-happiness-knowing-when-you-have-enough?utm_campaign=stfb&utm_medium=social&utm_source=facebook

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Ct3833

Ct3833

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  On 4/25/2023 at 12:27 AM, Mustank said:

Next time when I lao lang, I go downstairs jiak wantan mee lim kopi, go home pah old game

Can’t afford anything else so just have to make do with these 🤪

 

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no need next time, now can organise kopi session liao. Who wants to org MU ? 🤣🤣

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Playtime

Playtime

Twincharged

If average income is about $4500... (I suspected already inflated up by high earners)

Then $670k can last about 12 years. 

So... no 670k at about 65yr old no talk if say live to 77yr old

So 670k no buy happiness,  just basic existence 😬... gotta go check toto how much liao 😔

 

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Playtime

Playtime

Twincharged
  On 4/25/2023 at 12:27 AM, Mustank said:

Next time when I lao lang, I go downstairs jiak wantan mee lim kopi, go home pah old game

Can’t afford anything else so just have to make do with these 🤪

 

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Or go China town bio aunties and milfs... cheaper , if just see no touch🤣

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t0y0ta

t0y0ta

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  On 4/25/2023 at 12:43 AM, Playtime said:

If average income is about $4500... (I suspected already inflated up by high earners)

Then $670k can last about 12 years. 

So... no 670k at about 65yr old no talk if say live to 77yr old

So 670k no buy happiness,  just basic existence 😬... gotta go check toto how much liao 😔

 

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The 670k I think is referring to the annual income of those interviewed who are "happy" due to high pay.

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Playtime

Playtime

Twincharged
  On 4/25/2023 at 12:45 AM, t0y0ta said:

The 670k I think is referring to the annual income of those interviewed who are "happy" due to high pay.

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I feel one should have at least a year's liquid income saved in the bank... that's just my personal opinion,  not sure others. 

But the 670k annual income is more than my life savings liao 😒... destined to be sad lor 🥺

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