Let’s talk about wellbeing and money.
It’s a common belief that the more money you have the happier you’ll be. However, it’s also said that money can’t buy you happiness.
I think both are true to a point, money can’t buy you happiness but it can be used as a tool to maximise happiness and wellbeing.
Money can help you meet your basic needs such as access to food and a safe place to live. Where as a lack of money can lead to both physical mental health problems. And too much money can also have a negative impact on well being by social comparison…..
The sweet spot when it comes to income and happiness is £33,000 and over, for emotional well being it’s 44-55k and life satisfaction it’s £68k.
Life satisfaction, emotional well being and happiness start to decline when earnings are over £68k. Which is interesting as in general we’re led to believe that the more money we earn the happier we will be.
I find this news quite relaxing because it means I don’t need to constantly strive for more money and it gives a much more attainable reference point for happiness.
It also allows me to block out the noise of advertisers and financial gurus who tell us that the more you earn the happier you’ll be and helps me to reduce my anxiety.
It’s liberating to think we can stop stressing about keeping up with the Jones’ because the evidence shows that we don’t need millions to be happy. We can focus on the things that really matter in the present instead of constantly trying to play catch-up by chasing unrealistic goals.
I’m now going to calm down, spend more time in the present and enjoy more time with the ones I love and really enjoy our lives.
I just need to remind myself that the goal in life is to be happy and to maintain emotional well being.
Does this information reduce your financial anxiety and help you to enjoy your life in the present?