Making career moves is something that we nuts are all focused on at this time in our life. I’m sure many of our twenty-something readers can relate. Whether we’re looking to gain more experience, take on more responsibility or make big moves into areas we’ve never worked in before, 2014 has definitely seen positive changes for all of us career-wise. And when it comes to thinking about career, you inevitably start to think about salary. No longer are we living in student-housing, working part-time jobs and struggling to pay our tuition installments and bar tabs. Salary is something important to consider when you have a laundry-list of monthly expenses like a mortgage and various utilities (and let’s be honest, we still have bar tabs…albeit, less frequent ones).
I think everyone can relate to the thought “if only I made this much, I would be SO much happier.” I know I’ve had that thought, especially on pay day, when money comes in and immediately leaves to cover my expenses. I regularly think about winning the Cash for Life lottery, because it wouldn’t change my life drastically, but would give me some extra “fun-money” and take the pressure off my pay-cheque.
In doing some digging around the web, I found that for every ten thousand dollar increase in salary, people notice a tangible effect on their happiness. But, there’s a catch. This happiness tapered off once people hit around $75,000/year mark. And, for those making $100,000/year or higher, it would take an additional $100,000/year to provide them with increased happiness.
I can’t personally weigh in on the $100,000+ range, but I can weigh in on the rest. A ten thousand a year increase (gross) works out to approximately 6-7 thousand dollars NET, per year. That equates to approximately $300/bi-weekly pay. That could allow you to take on a higher rent/mortgage payment or a higher car payment. You could afford a bigger, higher quality TV and a more expensive wardrobe. But is that what really makes us happy?
This does look kind of awesome…
Research shows that happiness is only TRULY increased when we aren’t indulging in tangible items for ourselves, but by buying for others and sharing experiences with others. Personally, I’m a believer in spending my money on experiences. Yes, I like to indulge in items for myself sometimes. I think we all do. But when I sit back and think about what I’m excited for this summer, I think about all of the music festival passes and concert tickets I’ve purchased. I can’t wait to experience these events with my man and my best friends. Do I want new shoes? Always. But I know that ultimately, spending my money on a concert, a nice dinner with friends, a night out on the town or a trip with my loved ones will leave me with a greater sense of satisfaction than a pair of shoes.
Will I still try to grow my career (and in turn, my salary)? Absolutely. And will I spend some of the money on things for myself? Of course. But I will keep in mind that when it comes to my happiness, I should be looking to the people in my life and the experiences that we share, to cultivate my happiness.
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