Wealth does not equal satisfaction.

An extract from the ABC

A study has found that only 5 per cent of Australian millionaires regard themselves as prosperous.

The Australia Institute has surveyed 12,000 people to determine their attitudes towards income and wealth.

It found that for those with household net worth of more than $3 million, only one-in-five regards themselves as prosperous, while 7 per cent say they are poor or "just getting along".

In households with incomes of $100,000, only 5 per cent described themselves as prosperous.

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The original report is worth a read.

Remarkably, the proportion who indicate they are totally satisfied with life overall declines as income increases, but is more or less unaffected by differences in wealth.

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"Research by The Australia Institute has revealed that, despite being well off by any objective standards, most Australians believe that their incomes are inadequate to meet their needs."

Perhaps that should be re-worded to read that most Australians believe their incomes are inadequate to meet their wants.

Seriously though, the report makes a point - I often wonder why I am never satisfied with what I have achieved and with what I own when I know I have more than many other people, and more than I need. I guess this is what drives us. Sometimes I wish I could just be satisfied with owning my own home and no bad debt like the average joe but if I don't do something (invest) every 6 months to a year, I feel like I'm falling behind. There is some truth in the saying Money dosn't buy happiness I guess.

Cheers
Nat

natmarie73 said:

There is some truth in the saying Money dosn't buy happiness I guess.

Cheers
Nat

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Too true Nat, but it sure DOES buy a better class of misery, wouldn't you agree???

Monopoly said:

Too true Nat, but it sure DOES buy a better class of misery, wouldn't you agree???

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Agreed.

I'd rather be a rich unhappy person, than a poor unhappy person. Still working on it, lol.

Regards
Marty

"Research by The Australia Institute has revealed that, despite being well off by any objective standards, most Australians believe that their incomes are inadequate to meet their needs."

I guess it depends on the definition of 'needs'.

I believe a lot of people get confused between needs and wants

Maybe it might a good idea for people to stop equating their personal worth to their net worth. Being happy with yourself has nothing to do with how much money you have in the bank or how many IP's you own. As someone who has relentlessly pursued (with some setbacks along the way) the idea of constant self improvement over the last 15 years (or half of) my life, I can say with utmost certainty that achieving personal goals is always much more satisfying than achieving monetary goals.

WillG said:

"Research by The Australia Institute has revealed that, despite being well off by any objective standards, most Australians believe that their incomes are inadequate to meet their needs."

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Seems about right to me.

Australians need a second car, plasma TV, new kitchen, etc, etc.

Otherwise how can we, while on our holidays to countries where the average wage is a few dollars a day, proudly lift our heads up high and call ourselves Australians!

Cheers,

Aceyducey

I think it's about your personal attitude and your outlook on life rather than how much you have or don't have.

I also become a grumpy bear when I'm hungry.

This is where everything come back to your Purpose in life.

For some, their Purpose in life requires much resource, skills and/or knowledge (= time + money).

For others, their Purpose may be simple.

Seeking and growing one's Purpose is what gives one pleasure.

Cheers,

The Y-man

Mark Laszczuk said:

I can say with utmost certainty that achieving personal goals is always much more satisfying than achieving monetary goals.

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The Y-man said:

Seeking and growing one's Purpose is what gives one pleasure.

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PT_Bear said:

I also become a grumpy bear when I'm hungry.

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Great statements guys.

I have at times mentioned that my tenants have better living conditions than my family. Recently I sometimes wonder whether I really want to "work" in order to match my tenants living style ... and I find that I actually have no drive for such things ... flash house, new cars, etc, ...

So perhaps what I've often put down to saving or delayed gratification is actually a lifestyle choice.
Or is it that living this saving lifestyle has in time changed or shaped my future choice ?
Certainly I was happier before I started the current development, it's been a constant flow of hurdles, though recently the level has eased. I hope I can return to my blissful farming lifestyle soon.

Oh it's just too deep, the topic not the paddie mud. As Kristine somethimes remarks : I think I need a bex and a lie down.

Patosan said:

I have at times mentioned that my tenants have better living conditions than my family. Recently I sometimes wonder whether I really want to "work" in order to match my tenants living style ... and I find that I actually have no drive for such things ... flash house, new cars, etc, ...

.

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I'm the same. I have several tenants living in nicer houses. Of course they seem to have better (a lot more expensive) furniture & cars as well. What keeps me sane is the fact that I only have so much longer to work and will retire with a decent income, while they (most of them) will work until they get the pension & then they will have a lousy lifestyle.

There is some truth in the saying Money dosn't buy happiness I guess."

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Actually, happiness doesn't buy you money.....

Cheers,

... those with household net worth of more than $3 million, only one-in-five regards themselves as prosperous, while 7 per cent say they are poor or "just getting along".

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Let's see ... if we assume their home is $1 mill that leaves $2 mill.
Even at ordinary 5%, $2 mill would produce $100k p.a.
Of course they could have a job or business also ... still they're "just getting along"

Then again I guess we're looking at the extremes; 20% prosperous & 7% poor.
So the remaining 73% are reasonably content ... well that's not too bad.
In fact I wonder if you'd get similar statistical spreads asking the same question to any wealth or income groups.

It never ceases to amaze me the attitude people have towards those who (for whatever reason) have achieved financial freedom. Heaven help you should have more than $X in your bank account, drive an expensive european car, wear fashionable clothing etc, and you have the gall to describe your financial standing as "just getting along"!!!

Hell you just can't win in this world!!! If you're stone broke, living from pay packet to pay packet and struggling, it's okay to whinge, but if you aren't, and indeed if you openly display even the slightest amount of wealth you are expected to be deliriously happy 24/7 just because you have money!!!

I stand firmly by that stupid little adage that money doesn't buy happiness only a better class of misery, and albeit I express it most times with tongue-in-cheek, I often think truer words have never been spoken. However, my greatest misery is not how much I have, but how unkind others can be!!!

Money doesn't make people happy or unhappy, PEOPLE make themselves and each other that way!!!

Never judge another until you have worn his or her (designer??) shoes for a while!!!

Cheers,

Jo

Most people choose to be unhappy.

After all they have no legitimite financial or health reasons to be so.

It's a common part of the human psych to find a way to feel miserable. The aim is to drive people to do better, but most people simply wallow in it.

And misery loves company!

Cheers,

Aceyducey