Joe Pinsker

speaker

1,247 appearances 30 recordings 1 series first heard Oct 2022 last heard Jan 2025

Joe Pinsker’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Getting a Raise Means More Money, But Not Always More Happiness · 17 Jan 2024 podcast

And she booked a vacation the next month. voice-verified

But not long after coming back, the feeling had kind of faded for her and she'd reverted to some sort of baseline that she had of happiness. voice-verified

The way we feel about our pay definitely has a lot to do with how it compares to the people around us. voice-verified

Those may be coworkers, those may be friends. voice-verified

We're sort of looking around at our peer groups to see if we're happy with our pay or not. voice-verified

So to the extent that sharing salary information might make people feel bad, that's definitely a consideration, though there's a lot to be said for salary transparency, just in terms of sharing information, making sure people know how much would be fair pay for the work that they do. voice-verified

Pay raises can make a huge difference to people, especially at lower ends of the earning spectrum. voice-verified

And if you're moving from financial stress to financial comfort, a raise can be awesome. voice-verified

That's something that's come up in several interviews I've done lately with people who got a big raise. voice-verified

One interesting note is that as you move up the income scale, it takes more and more money to generate the same boost in happiness that you see when you look at the correlations in the data. voice-verified

So getting a $20,000 raise might not bring you as much happiness if you're making $100,000 than if you're making $40,000. voice-verified

A raise is a really good opportunity to survey your finances and see where you might be able to up your savings or pay down more debt. voice-verified

I was talking with a financial planner who was saying that voice-verified

Most often the pattern she sees is that when people get a raise, they end up just starting to spend it and it almost disappears into their monthly cash flow. voice-verified

A much better way to go about things is to be deliberate about automatically just diverting some of that raise money into savings, into your retirement account, etc. voice-verified

JR, I am not a happiness guru, but after writing a couple of stories about this, I'll give an answer that may help. voice-verified

And something that sort of crystallized for me as I've been talking with researchers who study happiness is that the answer is not one thing. voice-verified

We often dwell on one thing changing in our lives and how that would make us happier. voice-verified

But even if you got a big raise, you might still have some of the same annoyances at work. voice-verified

Or even if you switch jobs, you may have the same conflicts with family members at home. voice-verified

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