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Happiness is earning $60,000/year

mymoneyblog.com

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Re: Happiness is earning $60,000/year

#51
post #33

Earlier quoted context omitted.

If I had that wealth I would still keep coding... just for fun and for the sake of coding! Probably I would focus on something extraordinary, like robotics or AI.

Then why don't you focus on robotics or AI right now? Life is too short for NOT focusing on something you find extraordinary.

Because you can afford to suck in something you find extraordinary when you're rich, whereas you can't if you need to get paid.

Re: Happiness is earning $60,000/year

#52
post #32
post #26

Americans are materially wealthy relative to most of the rest of the world. I would suspect (without having any sort of citation to support it) that, when compared to Americans, most of the people who have ever lived in any time and in any country have known nowhere near the standard of living represented by a $60K annual income in the U.S. today. If that assumption is true, and if the premise of this piece is also c…

I think the key to the $60K happiness threshold is that it represents being in the top 20% income bracket. Standard of living may be lower elsewhere, however, an individual's relative wealth (especially with respect to peers) is probably what's really relevant: http://www.telegraph.co.uk/science/science-news/3315638/Rela...

In fact it might represent both an absolute and a relative component, all it really says is that in the USA today that combined figure seems to be $60k.

Re: Happiness is earning $60,000/year

#53
Everyone here seems to be missing the fact that in the video he differentiates between the "experiencing self" and the "remembering self".

With respect to the "remembering self", the reflective state, the more money you earn the more satisfied you are. Or to paraphrase Socrates:

The unexamined life is not worth living, unless you are poor.

Re: Happiness is earning $60,000/year

#54
post #33

Earlier quoted context omitted.

If I had that wealth I would still keep coding... just for fun and for the sake of coding! Probably I would focus on something extraordinary, like robotics or AI.

Then why don't you focus on robotics or AI right now? Life is too short for NOT focusing on something you find extraordinary.

Usually these kind of goals are ones that are only realistic if you have already made it big and can fund something expensive without the need to see real returns for a long time. Like what Elon Musk has done with spacex, wouldn't have been possible without large personal wealth.

Re: Happiness is earning $60,000/year

#56
post #6

Earlier quoted context omitted.

I hold the same philosophy with regard to cigarettes. I'll decide for myself what's carcinogenic, thank you very much.

I am afraid that saying cirgarettes are carcinogenic is a simple fact. It has been established strongly that they increase the risk of cancer, and that is the very definition of the word. With that said, I support your right to decide for yourself what is an acceptable level of risk for you and to enjoy them if you please. I choose to refrain, but that is my choice and you have every right to make a different one.

I was being sarcastic. The intended message was empiricist, not libertarian. I've been getting absurdly wild karma swings from this comment, and I'm worried now that the upvotes are all coming from people who think smoking is safe.

Re: Happiness is earning $60,000/year

#57
Total misrepresentation.

Kahneman says that at $60K a year your direct experience of happiness flatlines. But our perception of how happy we are increases with the amount of money we make, far beyond the $60K.

There's two types of happiness, how happy we are and how happy we think we are and the two correlate only at a .5.

The flatlining question is "How happy are you right now?" The question that increases with wealth is "How happy are you?"

Which is a fairer representation of how people understand happiness?

Re: Happiness is earning $60,000/year

#58
post #33

Nop, happiness is about having $10M in assets and earning $1M a year in royalties. Believe me. Until then, keep coding...

If I had that wealth I would still keep coding... just for fun and for the sake of coding! Probably I would focus on something extraordinary, like robotics or AI.

Robotics or AI, while respectable, are not extraordinary. To do extraordinary work, you'll probably have to go into biology, although I'm too uneducated to know which subfield. From afar, computational and synthetic biology look very promising. So if I got rich, that's probably where I'd put my efforts.

Re: Happiness is earning $60,000/year

#59
post #32
post #26

Americans are materially wealthy relative to most of the rest of the world. I would suspect (without having any sort of citation to support it) that, when compared to Americans, most of the people who have ever lived in any time and in any country have known nowhere near the standard of living represented by a $60K annual income in the U.S. today. If that assumption is true, and if the premise of this piece is also c…

I think the key to the $60K happiness threshold is that it represents being in the top 20% income bracket. Standard of living may be lower elsewhere, however, an individual's relative wealth (especially with respect to peers) is probably what's really relevant: http://www.telegraph.co.uk/science/science-news/3315638/Rela...

Yes, point well taken - I think I was unfair to Mr. Kahneman in how I characterized his statement (my comment really addresses the absolute "Happiness is earning $60,000/year" statement as expressed in the title - which, in my view, is a dubious absolute metric for happiness). Thanks also to timwiseman and merrick33 for pointing this out.
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