There are Free Lunches Statement of Intentions

There are Free Lunches: Behavioral Clues to Live Happy in the Economic World is a blog that intends to present updated and relevant information about the "hidden" and only recently uncovered dimensions of the economic science: the behavioral factors. With this blog we intend to promote in Europe and in the rest of the World, the top research articles and perspectives on behavioral economics, decision making, consumer behavior, and general behavioral science. We aim to be followed by journalists, academics, managers, civil servants, and everyone who wishes to improve their daily interaction with the economic world and consequently, their lives' happiness.

Friday, 3 June 2011

Why You Don't Feel Rich, or paraphrasing Pablo Picasso: "they're poor people living with lots of money"

A Princeton study last fall showed extra income didn't affect most people's happiness above about $75,000 a year. Another study by Gallup found the happiest people in America earn $120,000 a year.
These folks may be happy. Just don't call them rich.

Survey after survey shows many Americans wouldn't consider themselves "rich" until they had a net worth of $5 million-$10 million. British publisher Felix Dennis says you aren't rich until you have at least $150 million. Russian oligarch Sergei Polonsky says anyone without a billion dollars "can go to hell."

The question over what's considered "rich" became important a few years ago after some politicians suggested anyone making more than $250,000 could afford a tax hike. Plenty found this absurd, and perhaps rightly -- what $250,000 buys varies wildly depending on geography. A quarter-million bucks in North Dakota buys a ranch. In New York City it (literally) buys a parking space.

If you have 5 minutes you can check all the information about this study here:

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