Thursday, May 17, 2012

Will You Be Happy With $50,000 Income?

Will You Be Happy With $50,000 Income?

According to an article, Why $50,000 May Be the (New) Happiness Tipping Point,  you get genuine happiness when you earn $50k or more in a year.

The question is: Can you really be happy with an income of $50K?

I am doubtful because real happiness is more than the income that you can earn. Here are 5 things to consider in getting lasting happiness:

1.      Budget for it: If you spend as you wish without leaving an amount every month to save for the future, you will not be happy when you stop working because there will be no more regular income. To be happy is to build financial independence. Start and build a nest egg while you are earning. Set aside an amount monthly before spending it.  

2.      Live within your income: You can’t be happy if you spend more than you get and get into debt with a $50K income. You will incur interest and you may not be able to settle your debt because compounding interest accumulates over time and snowball into an amount way out of your control. You become a bankrupt. You will regret, be sad and miserable.      

3.      Avoid temptation and more wants in life: Advertisements are everywhere and they are cleverly done to arouse and appeal to your emotions. Can you discipline yourself not to spend on what you want beyond your means? 

4.      Don’t follow others: Don’t follow the lifestyle of your neighbors. Outwardly they may look impressive; they could be in deep financial troubles. Live the way you are and the way you like and be happy. 

5.      A simple life: Adopt an attitude of gratitude is the surest way to be happy; you will still be happy if ever you earn below $50K in a year. Enjoy what you have and be happy with it. Material things cannot sustain happiness because there is no way to get all the latest products you want in the world.

It’s fabulous to earn $50k or more in a year. The most important thing is to like, enjoy what you do and be truly happy.  

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