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Nearly 80 percent of U.S. adults say they need more money to feel financially comfortable, and more than a quarter would have to double -- or more than double -- their current income to achieve that goal, according to a new Yahoo! Finance/Harris Interactive survey.
The survey, conducted earlier this month, looked at five broad areas of financial life: satisfaction with income; awareness of cash on hand; budgeting; obstacles to money management; and work/life balance.
Researchers in the field of well-being said they weren't surprised at the results. "It doesn't matter what the income level is, people always think they need more than they have," says Tim Kasser, a psychology professor
"The new car is great when you get it, but after six months you get used to it, and then the culture steps in and says, ‘Are you dissatisfied? Buy this year's model with heated seats, a global positioning system, and an MP3 player,'" Kasser says.
Studies show that a certain amount of money does indeed make people happier: People who live in wealthy nations report higher levels of happiness than those who live in poor ones.
But excessive wealth seems to raise the happiness bar only slightly.
Even the filthy rich -- the Forbes 100 richest Americans -- scored only slightly above the average person on the happiness scale, according to a study by psychology professor Ed Diener at the University of Illinois, Urbana-Champaign.
"People always want more money and then, when they get more, they end up wanting more again, because they adapt to the kinds of things they buy," explains Richard Easterlin, a professor of economics at the University of Southern California and a pioneer in the research on well-being.
Researchers suggest that people are stuck on a "hedonic treadmill," constantly adapting to the improvement in their material circumstances.
I know many people who always have this illusion they'll be happier if they make more money. They end up sacrificing family, health, and everything else to make more money when they'd be better off sacrificing money to spend more time on health and family....BUT money if lost can always be made again, family and health are harder to get back when lost
HAPPINESS IS MUCH MORE THAN MONEY IT"S AN ATTITUDE
Excerpted from Yahoo Finance
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In a previous post (What is the most important thing you can teach your kids), I had mentioned that the most important thing you can teach your kids is not reading, writing or ‘rithmetic .
The most important thing you can teach your kids is to handle money responsibly
Of course, you can’t just tell them to do it (at least for my kids telling them to do something makes them do the opposite) and it is hard for kids to understand and practice just a vague theory of being responsible about money
There is of course no classes in school that teach kids about money
So how do you teach kids about money? In a fun way so that the concepts stick to them for a lifetime without them feeling that they are forced to learn it
Piggybank
You don’t have to spend a lot of dollars and get a fancy one. Just let them decorate and personalize their one jar. You can use it to teach your kids about the value of money -- what it's worth, why you save, and how to save -- and have some creative fun in the process.
Storybooks
There are a lot of times when my kids won’t do it if I tell them to but if they see Barney or SpongeBob doing it they want to be cool and do the same.
Some of my favorite money storybooks for young children include "If You Made a Million" by David M. Schwartz, "Alexander, Who Used to be Rich Last Sunday" by Judith Viorst, "A Dollar for Penny" by Julie Glass and "It's a Habit, Sammy Rabbit!" by Sam Renick.
Read these aloud to your child -- or, if they're old enough, let them read them to you. Kids will enjoy the stories for what they are, and learn something in the process.
Monopoly
This classic board game has sold over 200 million copies worldwide over the past 72 years. This was my favorite game growing up
It can change your life when it comes to money, because you can actually learn lessons from playing it.
The most obvious lesson it teaches is that you can't get rich renting. If you don't own property when you play Monopoly, you lose. Renting makes the player who owns the property rich and, ultimately, the player who doesn't own property poor. A lot like real life.
Other real-life lessons that Monopoly players learn is that it's easier to get rich and win the game by buying less-expensive properties first, because you can build faster and then use the cash flow from these properties to buy the higher-end properties.
There are countless editions of Monopoly available now, which makes it even more fun.
Stock
Teach your child how to "own the place" by opening up a custodial investment account in his or her name. Let your child select companies they have an interest in -- like McDonalds, Nintendo, Disney, and so on -- and with your guidance they can invest in and become owners of these companies.
Another neat way to purchase stock as a gift is through OneShare.com. The actual stock certificate from the company you choose comes beautifully framed and engraved for your little shareholder. When I was small, my parents gave me a share of Disney stock in a gold frame -- I still have it to this day!
Practice what you preach
The best way to reinforce fiscal responsibility is by practicing what you teach them. As a parent you are your kids biggest role model and seeing you live frugally happy will make the lessons stronger
Excerpted in part from The Automatic Millionaire
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Americans are dining in restaurants more than ever, and with eateries trying to hold the line on prices, it's not necessarily a big money-saver to buy your own groceries.
According to this article in MSN Money, eating out is supposed to be the new eating in and time -strapped workers are abandoning the family kitchen and eating out in hordes inspite of wages remaining stagnant.
For Leah McAllister, an advertising representative who lives near Atlanta, the rigors of work and family contribute to her decision to eat out frequently. On a recent night, she pushed her baby toward Taqueria del Sol, a Mexican eatery in downtown Decatur, Ga., for a plate of Memphis tacos.
Within a block, she had other options, including tsukemono vegetables at Sushi Avenue, rock-shrimp tacos at the Key West Fish House and organic Sonoma duck breast for $15 at the Supper Club.
The biggest reason for the shift in her lifestyle: grocery-store prices. Just the other day, she paid $8 for a package of chicken wings and was shocked that they cost so much. "I was raised that everyone came home and ate around the family table, but now we eat out at least three times a week," McAllister said. "It's easier, and sometimes it's cheaper."
There is also a writeup about about a couple who spends $30 for cooking a single meal (including driving costs) and only $17 (including tip) for eating out.
Does that make any sense to you??? Maybe they drive to another state to buy expensive one of a kind food?
Somehow, even though I am faced with facts I cannot get myself to believe that eating out *IS* cheaper than cooking at home. Don’t get me wrong – I eat out very frequently but mainly because it’s convenient . I definitely don’t think it’s much cheaper.
So, whaddya think?
Is eating out really cheaper than cooking or is this just a case of making numbers do what we want them to?
Let me know in the comments secton
It;s National De-Lurking week in the US. I may be a little late (OK - a lot late) but I am not bad (I promise) so will you delurk for me…(PRETTY PLEASE!)
Personally, I have a harder time posting a meaningful comment than writing a post on my blog but I'm going to go de-lurk on all the wonderful blogs I frequent here at Orble
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Teaching your kids about how to handle money responsibly is one of the most important jobs you have as a parent.
Why?
Good money management is about simply about forming habits - The earlier you form habits, the more it feels like second nature
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Most people believe that if they just had more money, the things that make them unhappy would disappear and their lives would be better. The truth is that your life can be better without more money. It can be better today, but you need to make some decisions and take some actions.
David Bach, author of "The Automatic Millionaire" has listed Five Tips of Happines
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Christmas has come and gone and the lucky few probably got what they wanted but if you are like me and most others you probably got some gifts that you are never ever going to use.
So what can you do with these unwanted gifts? If you live the frugal life and want to prevent extra clutter here are some strategies
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I just wanted to share some interesting facts about Warren Buffet, one of the few people I totally admire and a great example of how to enjoy life frugally.
- He bought his first share at age 11 and he now regrets that he started too late
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Winter is here in the Northern Hemisphere with the resulting cold temperatures. I am not a cold weather person but also cannot keep the thermostat set in the 70s in our old drafty house because of rising energy costs
Here are some warm tips to help you stay comfy and cozy, and hopefully, save on heating and repair bills.
[ Click here to read more ]
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Comment by Manjula
on Making the most of the money you have
Thanks for stopping by..Yea, the more money one has, the worse it gets
Manjula