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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Appearances
WSJ Your Money Briefing · How Much More Money Would You Need to Be Happy at Work? · 1 Dec 2023
podcast
So even among the highest earners who were surveyed,
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they had a median income of $250,000 a year.
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Their median response for how much money they'd need to make to be happy was $350,000 a year.
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That's one way to interpret this, certainly.
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And anyone who has seen their pay go up over a period of time can recognize the ways in which, yeah, it's certainly better, but it's also something that you get used to.
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So we often focus on trying to make more money, but I was talking with a happiness researcher named Elizabeth Dunn, and she was saying that we might be better off directing more of our energy towards
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focusing on the best ways to use the money that we already have.
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There are ways we can change what we spend on and change how we save that are demonstrated to make us happier by lots of research.
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And so that might be a better place to start paying attention.
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It's about making more of what you already have than focusing on what you don't.
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Yeah, there's a good amount of research showing, maybe unsurprisingly, that there is a link between having more money and being happier.
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One study that came out last year found that people who randomly received $10,000 tended to be happier and in a measurable way for at least six months after they got the money.
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Another one was looking at people who won the lottery and won an amount of money that was usually between $100,000 and $500,000.
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And when you compare those people to people who played the lottery but didn't win anything or won a smaller prize, the people who won the bigger prizes ended up saying that they were overall more satisfied with their lives even more than a decade after they won the lottery.
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No question.
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And something that can get lost sometimes in these conversations about money and happiness is that for a lot of people, it's not just about happiness.
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It's also about paying the bills.
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And certainly a lot of people would benefit from just having more money and making life easier.
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Thank you for having me.
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with more money, we tend to focus on what would be different, but we don't focus on all the things that would still stay the same and that money wouldn't change at all.
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