You are plodding along, giving your company your all, and balm out of no where your boss asks you to take a pay cut. This didn't actually happen to me but it happened to many of my colleagues and it stinks.
Now I look at them and wonder....does less money make them less happy in the long run?
Let's face it, those who make more money have an advantage in the work/life balance arena. They can afford a nanny, a reliable means of transportation, convenience services like dog walkers and take-out meals. It also can ease financial stress which often causes fights among spouses.
A new Gallup study puts things in perspective and guess what? Pulling in the big bucks makes people more likely to say they are happy with their lives overall -- whether they are young or old, male or female, or living in cities or remote villages, the survey of more than 136,000 people in 132 countries found.
While big bucks can lead to satisfaction, positive feelings are less affected by money and more affected by feeling respected, in control of your life and having friends and family. Most of us want both, respect, friends and family and the big bucks.
"When people evaluate their life, they compare themselves to a standard of what a successful life is, and it turns out that standard tends to be universal: People in Togo and Denmark have the same idea of what a good life is, and a lot of that has to do with money and material prosperity," said Daniel Kahneman, a professor emeritus of psychology and public affairs at Princeton University. "That was unexpected."
As noted in the Washington Post, pprevious studies had suggested that money was associated with happiness. But the relationship appeared weak, and earlier work tended to focus on individual countries without examining differences across nations.The new survey -- the first large international study to differentiate between overall life satisfaction and day-to-day emotions -- makes that crucial distinction, allowing researchers to explore the elusive concept of happiness in much greater nuance.
I look at it a little differently. I don't necessarily believe being a billionaire makes you happier but I do think being financially comfortable does. What do you think? Does a big income mean happier days?