The Job Slog: Can a Larger Salary Really Buy You Happiness?
I am sure that many BioJobBlog readers have heard the old adage that money can’t buy happiness. The corollary to this statement is that it [money] sure helps! However, in a recent study published in the Proceedings of the National Academy of Sciences, Nobel laureate Daniel Kahneman and Angus Deaton, two Princeton University economists determined that there may indeed be something of a relationship between income and happiness.
After analyzing more than 450,000 responses to the Gallup-Healthways Well-Being Index, a daily survey of 1,000 US residents conducted by the Gallup Organization the authors concluded that:
When plotted against log income, life evaluation (thoughts that people have about their life when they think about it) rises steadily. Emotional well-being also rises with log income, but there is no further progress beyond an annual income of ∼$75,000. Low income exacerbates the emotional pain associated with such misfortunes as divorce, ill health, and being alone. We conclude that high income buys life satisfaction but not happiness, and that low income is associated both with low life evaluation and low emotional well-being.
According to an article authored by Phyllis Korkki of the New York Times, Kahneman asserts that
“Many people want to make a lot of money, but the benefits of having a high income are ambiguous,” When you are wealthy you are able to buy more pleasures, he said, but a recent study suggests that wealthier people “seem to be less able to savor the small things in life.” He added, “Wanting money is not a recipe for disaster, but wanting money and not getting it — that’s a good recipe for disaster”
Many job and career counselors contend that working at a high paying but unsatisfying job may not be the best approach to life. For example, Korkki reported that Daniel Pink author and career advisor said that “Looking at lists of careers with the highest salaries tends to be a fool’s game.” Generally, people flourish when they’re doing something they like and what they’re good at” he added. Also, Nicholas Lore, a founder of a successful career coaching firm said “It all depends on priorities. Some people are willing to make lifestyle changes because the intrinsic rewards of following a passion or making a difference are more important than a high salary in an unenjoyable career.”
I think that the true relationship between money and happiness is best described by Lore when he said “Many people equate success with a high income, but, “How can someone say they’re successful if they’re not happy doing their work? To me, that’s not success.”
Until next time...
Good Luck and Good Job Hunting!!!!!!!!!
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