Can money buy happiness? 60% of Americans say yes — and the price tag is $1.2 million | CNBC
In the realm of financial well-being, a recent report by Empower suggests that, for many Americans, the pursuit of happiness comes with a hefty price tag — $1.2 million, to be exact. The report reveals that 60% of Americans believe money can buy happiness and that attaining a specific net worth is crucial for contentment. In a landscape marked by soaring credit card debt, dwindling personal savings, and over half the population living paycheck to paycheck, the perceived sum for happiness is $284,167 annually.
Delving into generational perspectives, the report notes that millennials place an even higher value on happiness, setting the bar at over $500,000. Millennials and Gen Z are also more inclined to associate money with happiness. However, for these younger generations, high inflation poses a formidable barrier to financial success, with 53% of Gen Zers citing the rising cost of living as a significant hurdle.
The financial landscape for young adults today is further complicated by lower wages than their parents’ earnings at a similar age, coupled with substantial student loan burdens. Surprisingly, even high-income professionals, such as doctors and lawyers, often feel financially insecure. Retirement emerges as a universal obstacle to financial security, with most of the Empower report citing a need for $1.2 million in savings. However, other studies reveal that high-net-worth individuals set the bar much higher, with more than half stating a need for over $3 million………
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Rising Dough
In a world where financial aspirations often seem elusive, consider this: What factors contribute to the perception of a comfortable retirement or financial security, and how can individuals, especially those early in their careers, align their goals with realistic expectations?
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i think in some cases money can buy happiness because it can pay for medicine and you can live longer.with money you will have a lot of necessities that you can buy.
Some factors include savings account where you in some cases put up to half your paycheck there, or just having a well off job. Younger individuals who are just starting their career can have goals of course, but if they lean more on the side of fantasy or unreachable then they should or at least could adapt to what seems a little more real in order to reach that goal easier and quicker.
Factors that contribute to perceiving a comfortable retirement or financial security include saving and investing wisely, setting realistic goals, and having a solid financial plan. For people early in their careers, it’s important to start saving early and consistently, even with small amounts.