All you need is $25,000
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All you need is love $25,000. A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness. What is interesting is that the study was done by an investment banker. [Update] Please look beyond the literal figures. Also as Chris points out it should be £ and not $. [/Update] regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:41 Tuesday 31st January, 2006
What would be interesting to know would be how much the investment banker who did the study is earning...and perhaps to test his theory reducing that to $25k ;) '--8<------------------------ Ex Datis: Duncan Jones Merrion Computing Ltd
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All you need is love $25,000. A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness. What is interesting is that the study was done by an investment banker. [Update] Please look beyond the literal figures. Also as Chris points out it should be £ and not $. [/Update] regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:41 Tuesday 31st January, 2006
If you want to live check to check, I suppose that might be correct. Many of the gadgets, clothing, entertainment we spend money on do very little to make us happier. However, earning more money allows us deal with adversity(sicknesses, car repairs, lay offs, etc) when it arises without the added stress of wondering how to pay for it. There's no doubt that money allows you to travel, explore new hobbies, experience different/better goods and services, but I think money is more related to security than happiness. BW
If you're not part of the solution, you're part of the precipitate.
-- Steven Wright -
But would you be happier with more than $25,000? regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN!
I'm sorry, but I couldn't buy my Porsche 911 with only $25k, so no, I would not be happier. :) Brigg Thorp Senior Software Engineer Timex Corporation
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Car note: $23K Mortgage: $96K Student Loans: $50K I'd say I would need $177K. That would leave a good $8K to get one of those gaming systems I spec'd out from Ailienware the other day. :cool: ~Nitron.
ññòòïðïðB A
startNitron wrote:
Student Loans: $50K
Faaarrrrrkkkkkkk! Is this pretty standard in the US? How long on average would it take a student to pay this off? No wonder one of the regulars is so paranoid about having a kid his wife is on the pill and he also wears a condom. Cost of a kid on top of their student loans would kill them. Anyone know who the regular is I'm talking about? Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash 24/04/2004
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Nitron wrote:
Student Loans: $50K
Faaarrrrrkkkkkkk! Is this pretty standard in the US? How long on average would it take a student to pay this off? No wonder one of the regulars is so paranoid about having a kid his wife is on the pill and he also wears a condom. Cost of a kid on top of their student loans would kill them. Anyone know who the regular is I'm talking about? Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash 24/04/2004
Well, if it makes you feel any better, that number is for my wife and I combined, and she is a pilot, so a lot of the $$ is for flight time. My loans alone were ~$17K out of school. As far as kids go, the single most expensive thing for us is daycare. (~$140/wk) [edit] I'm looking at ~ 10 years out of school to pay them off. [/edit] ~Nitron.
ññòòïðïðB A
start-- modified at 8:57 Tuesday 31st January, 2006
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What would be interesting to know would be how much the investment banker who did the study is earning...and perhaps to test his theory reducing that to $25k ;) '--8<------------------------ Ex Datis: Duncan Jones Merrion Computing Ltd
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not 25,000 dollars, 25,000 pounds that's a bit more. Cleek | Image Toolkits | Thumbnail maker
It's a lot more on today's exchange rate, £25k = $44K -- Help me! I'm turning into a grapefruit! Buzzwords!
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Well, if it makes you feel any better, that number is for my wife and I combined, and she is a pilot, so a lot of the $$ is for flight time. My loans alone were ~$17K out of school. As far as kids go, the single most expensive thing for us is daycare. (~$140/wk) [edit] I'm looking at ~ 10 years out of school to pay them off. [/edit] ~Nitron.
ññòòïðïðB A
start-- modified at 8:57 Tuesday 31st January, 2006
Nitron wrote:
Well, if it makes you feel any better, that number is for my wife and I combined, and she is a pilot, so a lot of the $$ is for flight time. My loans alone were ~$17K out of school.
That seems a lot more reasonable. I mean you did your bachelors and then your masters and as you said a lot of your wifes loans were for flight time.
Nitron wrote:
As far as kids go, the single most expensive thing for us is daycare. (~$140/wk)
Didn't have that myself, though only one income makes it noticeable nontheless.
Nitron wrote:
[edit] I'm looking at ~ 10 years out of school to pay them off. [/edit]
Seems a long time to me. Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash 24/04/2004
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All you need is love $25,000. A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness. What is interesting is that the study was done by an investment banker. [Update] Please look beyond the literal figures. Also as Chris points out it should be £ and not $. [/Update] regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:41 Tuesday 31st January, 2006
I disbelieve this study and find fatal flaws in its design. For one, there is a very strong and established correlation between socio-economic status (SES) and health; particularly in the long-term. Thus, while $25,000 may meet basic need, it does little to influence the SES/health correlation. Furthermore, the following are not specified: - whether this $25,000 is per year until death - inflation adjusted - for which country / continent... ie: people dwelling in cold climates will have more expense than in warmer climates - environmental factors (seasonality) - cost of living (varies by country) - there is no standardized definition of happiness, although the study would seem to assume that individual marginal satiation rates are decreasing - health care systems on a per country basis differ (costly versus state subsidized) In fact, the very first line of the article: Chasing wealth can make you ill and earning over £25,000 a year won’t make you any happier. contradicts concrete evidence of the correlation between SES and health. It's harldy academic or to be taken seriously.
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I disbelieve this study and find fatal flaws in its design. For one, there is a very strong and established correlation between socio-economic status (SES) and health; particularly in the long-term. Thus, while $25,000 may meet basic need, it does little to influence the SES/health correlation. Furthermore, the following are not specified: - whether this $25,000 is per year until death - inflation adjusted - for which country / continent... ie: people dwelling in cold climates will have more expense than in warmer climates - environmental factors (seasonality) - cost of living (varies by country) - there is no standardized definition of happiness, although the study would seem to assume that individual marginal satiation rates are decreasing - health care systems on a per country basis differ (costly versus state subsidized) In fact, the very first line of the article: Chasing wealth can make you ill and earning over £25,000 a year won’t make you any happier. contradicts concrete evidence of the correlation between SES and health. It's harldy academic or to be taken seriously.
Good god, I should have know posting this on a programmers site would get answers like this. Where is the un-post button damnit... regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:18 Tuesday 31st January, 2006
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Kid sister rule - 1. The tigress is here :-D
-1? I like that score :)
Ryan
"Punctuality is only a virtue for those who aren't smart enough to think of good excuses for being late" John Nichol "Point Of Impact"
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Worse.:laugh: I am romanian and in Romania. The living conditions in this country have gotten only worse from the revolution in 1989 untill now. Poverty rising. The minimum Wage in Romania is $100, and the average one of $200. I am having some difficulties with money now, being also a student. regards, Mircea Many people spend their life going to sleep when they’re not sleepy and waking up while they still are. -- modified at 8:04 Tuesday 31st January, 2006
Sorry to hear that, Mircea. I lived in South Africa for many years which is also not all that great economically and I found, as this study suggests, that once basic needs were met any money above it did not make me a happier man. regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN!
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All you need is love $25,000. A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness. What is interesting is that the study was done by an investment banker. [Update] Please look beyond the literal figures. Also as Chris points out it should be £ and not $. [/Update] regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:41 Tuesday 31st January, 2006
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Sorry to hear that, Mircea. I lived in South Africa for many years which is also not all that great economically and I found, as this study suggests, that once basic needs were met any money above it did not make me a happier man. regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN!
Indeed, it is not the money that bring happiness. But you got to have enough to cover your basic needs and also to cover for security (in case you encounter any kind of problem: health, etc). regards, Mircea Many people spend their life going to sleep when they’re not sleepy and waking up while they still are.
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Good god, I should have know posting this on a programmers site would get answers like this. Where is the un-post button damnit... regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:18 Tuesday 31st January, 2006
Paul Watson wrote:
Good god, I should have know posting this on a programmers site would get answers like this. Where is the un-post button damnit...
:laugh: Sorry.
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All you need is love $25,000. A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness. What is interesting is that the study was done by an investment banker. [Update] Please look beyond the literal figures. Also as Chris points out it should be £ and not $. [/Update] regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:41 Tuesday 31st January, 2006
Then I suggest the aforementioned banker try living on 25K. And see how he likes it :). ¡El diablo está en mis pantalones! ¡Mire, mire! Real Mentats use only 100% pure, unfooled around with Sapho Juice(tm)! SELECT * FROM User WHERE Clue > 0 0 rows returned Save an Orange - Use the VCF!
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Nitron wrote:
Well, if it makes you feel any better, that number is for my wife and I combined, and she is a pilot, so a lot of the $$ is for flight time. My loans alone were ~$17K out of school.
That seems a lot more reasonable. I mean you did your bachelors and then your masters and as you said a lot of your wifes loans were for flight time.
Nitron wrote:
As far as kids go, the single most expensive thing for us is daycare. (~$140/wk)
Didn't have that myself, though only one income makes it noticeable nontheless.
Nitron wrote:
[edit] I'm looking at ~ 10 years out of school to pay them off. [/edit]
Seems a long time to me. Michael Martin Australia "I controlled my laughter and simple said "No,I am very busy,so I can't write any code for you". The moment they heard this all the smiling face turned into a sad looking face and one of them farted. So I had to leave the place as soon as possible." - Mr.Prakash 24/04/2004
Michael Martin wrote:
Nitron wrote: [edit] I'm looking at ~ 10 years out of school to pay them off. [/edit] Seems a long time to me.
10 years is the standard term for federal school loans. I've got ~$20k and am paying ~$200/mo. You are ofc free to prepay although my lender says they won't accept a prepay of less than a full additional month, and will then helpfully not send the next bill. I've never actually tried this to see what they'd do with a $300 check. Student loans are the cheapest you'll ever get in your life, so I'm putting all my extra cash towards higher rate bills.
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All you need is love $25,000. A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness. What is interesting is that the study was done by an investment banker. [Update] Please look beyond the literal figures. Also as Chris points out it should be £ and not $. [/Update] regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN! -- modified at 9:41 Tuesday 31st January, 2006
Paul Watson wrote:
A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness.
That's 25,000 minus debt payments. Actually 25,000 with no credit debt is a significant amount of money, once you can reach that state (debt free) money goes a long way. It is the debt that brings unhappiness rather than the huge money bringing happiness. And often debt increases for most of the population proportionally to their earnings, so increasing income while increasing debt will never bring happiness. If I ever reach debt free, and I am heading that way, I could see myself taking less money for less stress if it comes to that. I have no expectations of being a millionare. _________________________ Asu no koto o ieba, tenjo de nezumi ga warau. Talk about things of tomorrow and the mice in the ceiling laugh. (Japanese Proverb)
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Vikram, you can't go converting money between countries like this. Try and take the spirit of the study (that once you meet your basic needs furthering your income does not increase your happiness as you would expect) please. regards, Paul Watson Ireland Feed Henry! K(arl) wrote: oh, and BTW, CHRISTIAN ISN'T A PARADOX, HE IS A TASMANIAN!
Paul Watson wrote:
Vikram, you can't go converting money between countries like this.
Umm, why not? Even more food for thought - Heck, *I'm* not poor, but apart from my rent and lunch (which the company takes care of), I hardly spend more than 1 USD a day.
Paul Watson wrote:
once you meet your basic needs furthering your income does not increase your happiness as you would expect
I thought that was common knowledge? Cheers, Vikram.
"When I read in books about a "base class", I figured this was the class that was at the bottom of the inheritence tree. It's the "base", right? Like the base of a pyramid." - Marc Clifton.
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Paul Watson wrote:
A study says that $25,000 meets our basic needs and anything after that is increasingly unlikely to increase our happiness.
That's 25,000 minus debt payments. Actually 25,000 with no credit debt is a significant amount of money, once you can reach that state (debt free) money goes a long way. It is the debt that brings unhappiness rather than the huge money bringing happiness. And often debt increases for most of the population proportionally to their earnings, so increasing income while increasing debt will never bring happiness. If I ever reach debt free, and I am heading that way, I could see myself taking less money for less stress if it comes to that. I have no expectations of being a millionare. _________________________ Asu no koto o ieba, tenjo de nezumi ga warau. Talk about things of tomorrow and the mice in the ceiling laugh. (Japanese Proverb)
Well put: other than my mortgage (don't ask) I am debt free and have managed to accumulate some money for a rainy day. However I have found that my lifestyle rises to meet my income and you get used to it pretty quickly. I also don't buy anything I can't afford to pay for in full: I'd rather save and wait for it than owe the money.
turning the other cheek just gets you slapped twice