They do not create everything they are told. ” Money does not give happiness ” is one of the most repeated mantras in history. But have you noticed that millionaires never give away their fortune? Why should it be? Well, according to the Harvard Business School , no rich person renounces his patrimony because he needs a minimum of 8 million dollars (6.5 million euros) to be happy.
It is not worth, however, with getting an inheritance or achieving a prize. If you want to be satisfied with your life you have to earn your bread, says the study published in the journal Personality and Social Psychology Bulletin in January. Seeing it that way, it is understood that humans are so worried about (economic) fortune .
Previous research pointed out that happiness increased when reaching an income of 61,500 euros
Previous research suggested that happiness increased when income reached around 61,500 euros ($ 75,000). The problem with these analyzes was that these average earnings were compared with those of people who are below the poverty line and very rarely compared with those who earn the most.
That is why Harvard economists conducted two parallel surveys in which, in total, more than 4,000 millionaires participated with net fortunes that were between 1.5 and 15 million dollars. According to the first sample, the rich with at least 8 million are happier than those who have less profit. The second sample raised that limit to 10 million.
The Harvard economists conducted two parallel surveys in which more than 4,000 millionaires participated
The researchers used a seven-point scale to assess the participants’ overall satisfaction with their lives. The question to answer was very simple: “Considered everything, I am satisfied with my life”. If the volunteers answered 1, they were “totally in agreement” with the statement. The 7, on the other hand, meant to be “totally in disagreement”.
The results showed that people who had a net worth between 3 and 7.9 million dollars were no more satisfied with their lives than those with a net value of 1.5 to 2.9 million. It was not until reaching the scale between 8 and 14.9 million that the respondents clearly showed to be more satisfied with their lives. They were, however, those who were above 15 million who claimed to be happiest among the whole group of rich.
The millionaires who earn their wealth are moderately happier than those who inherited it
There is, in addition, another interesting detail. The respondents also indicated the source of their fortune. And that allowed the experts to draw the conclusion that the “millionaires who have earned their wealth are moderately happier than those who inherited it.” “The value we give to something corresponds strongly with the effort we make to acquire it”, they add.
The scientists of the Harvard Business School recognize that the top of the $ 75,000 marks a “link” between money and happiness. And that correlation remains stable until the eight million mark is reached, which is when the level of satisfaction increases again. Researchers do not rule out, however, that it is happiness that allows us to earn more money … and not the other way around.
The respondents agree that “to be 100% happy” they would need to grow their fortune “by leaps and bounds”
What the study points out is that the millionaires surveyed agreed that “to be 100% happy” they would need to grow their fortune “by leaps and bounds”. Most of them said that increasing their wealth a little more would not be enough, that they needed an increase of 1,000 percent to achieve a 500% increase in total happiness.
“What seems to happen is that even a marginal increase in wealth can increase happiness. But they predict that they would need much more, “says Grant Donelly, lead author of the analysis.
The people studied made a profit by spending money to save time
And what are the aspects linked to money that allow to earn in welfare? “Spending money on purchases that save time, such as cleaning the house, mowing the lawn or outsourcing tasks, promotes happiness because they grant free time,” the researchers say. “The people we studied made a profit by spending money to buy time,” they add.
“If you have a lot of money but you spend your time doing things you do not like, then your happiness minute by minute and your overall happiness will be quite low,” they conclude.
If you have a lot of money but you spend time doing things that you do not like, your happiness will be quite low