Jun 15, 2013

money does increase life satisfaction, you sure?

Science is awesome process of repetitively challenging existing truth and finding new once , as we increase our knowledge we challenge old discoveries and come to new findings. 

Recently I published Is getting rich worth it?. In that I stated from my previous post that studies shows after $75,000 the happiness/satisfaction does not increase. Which was bit puzzling me...

So I dig deeper into this area and I found another (recent) study Subjective Well-Being and Income:Is There Any Evidence of Satiation?

This study challenges that old data.

Below graph shows in every country the life satisfaction grows as the income increases.





The Conclusions:
While the idea that there is some critical level of income beyond which income no longer impacts well-being is intuitively appealing, it is at odds with the data. As we have shown, there is no major well-being dataset that supports this commonly made claim. To be clear, our analysis in this paper has been confined to the sorts of evaluative measures of life satisfaction and happiness that have been the focus of proponents of the (modified) Easterlin hypothesis. In an interesting recent contribution, Kahneman and Deaton (2010) have shown that in the United States, people earning above $75,000 do not appear to enjoy either more positive affect nor less negative affect than those earning just below that. We are intrigued by these findings, although we conclude by noting that they are based on very different measures of well-being, and so they are not necessarily in tension with our results. Indeed, those authors also find no satiation point for evaluative measures of well-being.

I don't know if Income does or it does not increase satisfaction but this challenged my previous knowledge of money and happiness.

Some might say you don't live your life looking at numbers but human behavior studies amazes me, I love to explore "why we do what we do". 

Jun 5, 2013

Australia's unclaimed money - Could some be yours?

While trying to sort out some money mater with ASIC (Australian Securities and Investments Commission) and ATO (Australian Taxation Office) I found this interesting infographic.

There is whopping $677 Million sitting with the government.

Where does unclaimed money go?
Money from unclaimed shares, bank accounts and insurance policies is paid by institutions to ASIC but ASIC does not keep the funds. The money is transferred to the Commonwealth of Australia Consolidated Revenue Fund but is available to be claimed at any time by the rightful owner. There are no time-limits on claiming this money. 
Find out if there is money for you to claim - Do a search.

There are quite a few useful tools at this site: https://www.moneysmart.gov.au/








   

Jun 4, 2013

As civilization, are we losing the plot? I bet we are.

I get frustrated (I should’ve used ANGRY) when I see things like below on Facebook.

Are people so insensitive (or idiots)? Do they not understand what the meaning is of LIKE …Idiots do you use some part of your brain before hitting that button.


I don’t think there is anything to like about someone’s suicide post.

What would be the cure for these idiots? Any thoughts....love to see some comments. I've lost hope !



Jun 3, 2013

Is getting rich worth it?

While surfing the web this morning I came across this piece, Is getting rich worth it?

To me being rich is a relative term. Every person have different measurement to riches. Also the criteria of being rich might be different. 

I would like to become rich to obtain freedom and being able to assist people in need and not driven for big bank balance and huge bungalows.

Freedom to spend time with my family when I want
Freedom from locked in work hours

After surveying thousands of people, the researchers determined that while wealth is nice, the "Happiest" income was $75,000/yr, typical commute was 20mins, and average work week was only 33hrs. My previous post how much salary will make you happy? has more information.

This is one of the the best response from the Quora thread 
"I sold my trucking company in the late 90's and had the kind of money that I consider to be "rich" I found out this one thing, and it will stay with me forever.
Money buys comfort, comfort is not happiness, or satisfaction. I felt as empty as a drum for the next few years. While it is good to be comfortable it is more satisfying to be happy."
I think the question should be "Does money bring happiness.?" rather than "Is getting rich worth it?"