Why do people want more money?
Common Reasons for Wanting More Money
Money gives you security.
Although money can't buy happiness, freedom, security, and the power to pursue your dreams can go a long way towards making you happy. That's why it's so important to work hard, earn money, and learn how to save and invest it.
Survival and basic needs: Money is essential for acquiring basic necessities like food, shelter, clothing, and healthcare. Without money, it becomes challenging to meet these fundamental needs, which drives the desire to acquire financial resources.
Financial Security and Reduced Stress
Working to meet ends, paying bills, paying rent, groceries, etc. is an everyday life struggle for most people. Acquiring wealth eliminates this worry in a person and they find solace in this newfound comfort and financial security in life.
Broadly speaking, money is everything because of what it can buy you: security, freedom, health (to an extent), and even happiness. If you want those things and more, money is a tool that can be used to get them.
Reconciling previously contradictory results, researchers from Wharton and Princeton find a steady association between larger incomes and greater happiness for most people but a rise and plateau for an unhappy minority.
The bottom line is that if you can’t be content, you’ll never lead a rich life, no matter how much money you have. The key to money management—and happiness—is being satisfied. It’s not how much you have that makes you happy or unhappy, but how much you want. If you want less, you’ll be happy with less.
Wanting to earn more money is not inherently greedy. It's a natural desire for financial security, comfort, and the ability to achieve your goals.
Greed, greediness denote an excessive, extreme desire for something, often more than one's proper share. Greed means avid desire for gain or wealth (unless some other application is indicated) and is definitely uncomplimentary in implication: His greed drove him to exploit his workers.
Not everybody wants to be rich and you're clearly one of them. If you're happy with your lifestyle and able to continue to afford your lifestyle then there is absolutely nothing wrong with this whatsoever. Sometimes we as humans can get caught up in the we have to be rich in order to be financially secure.
Why are rich people so happy?
One of the main reasons millionaires may be happy is because money allows them to have more autonomy with how they choose to spend time, which we can all strive to do by carving out time for what matters most to us in life even if we are not uber-rich.
Feeling “rich” is increasingly elusive. Even among millionaires, only 8% would characterize themselves as wealthy these days.
Money allows us to meet our basic needs—to buy food and shelter and pay for healthcare. Meeting these needs is essential, and if we don't have enough money to do so, our personal wellbeing and the wellbeing of the community as a whole suffers greatly.
Happiness is not dependent on financial wealth, rather in life's simple and meaningful moments. When we strive for the pursuit of money, we'll overlook time with our loved ones, pursued passions, and contributions to the well-being of others.
I think you'll find it's few. Money is the number one cause of stress worldwide. Your Mental Health is More Important than Your Financial Health. Mental health deals with the way you think, feel, react, and act.
Based on that figure, an annual income of $500,000 or more would make you rich. The Economic Policy Institute uses a different baseline to determine who constitutes the top 1% and the top 5%. For 2021, you're in the top 1% if you earn $819,324 or more each year. The top 5% of income earners make $335,891 per year.
While people have different qualifications and different ideas of what constitutes a good salary, most would consider $75,000 per year to be good pay.
In general, surveys say yes; people with higher incomes report that they are happier than poorer people do.
In fact, some studies have suggested that wealth and social isolation may be linked. For example, a study published in the journal Social Psychological and Personality Science found that people who prioritize money and material possessions over social relationships are more likely to experience lonelines...
“It is important to remember that having too much money does not make someone intrinsically unhappy,” he said. Instead, it's how you choose to use your wealth that can affect your mental health and well-being, either positively or negatively.
Are the rich truly happy?
“In the simplest terms, this suggests that for most people larger incomes are associated with greater happiness,” says Killingsworth, a senior fellow at Penn's Wharton School and lead paper author. “The exception is people who are financially well-off but unhappy.
Greed is a condition of human nature that can apply to all socioeconomic levels rich or poor.
Someone who is avaricious is greedy or grasping, concerned with gaining wealth. The suggestion is that an avaricious person will do anything to achieve material gain, and it is, in general, not a pleasant attribute.
People who have to repay their large debts will benefit from inflation. People who have fixed wages and have cash savings will be hurt from inflation. Inflation is a situation where the money will be able to buy fewer goods than it was able to do so as the value of money comes down.
There are three basic reasons to save money. First, we save for an emergency fund. Second, we save for purchases. Third, we save for wealth building.
