Asked on 29 Apr 2019
Does a high salary necessarily equate to a higher quality of life and as such result to happiness and vice versa?
It differs from person to person. But you will definitely need to have a certain level of income to be happy. But it might not be at UHNW level.
You definitely need money to have a better quality of life but what comes with the money might also affect it.
Jack Ma said in an interview once about the amount of stress he has because of his networth and would’t mind earning less for less stress while there are others that are happy with more stress and more money.
You can check out an article here http://amp.timeinc.net/time/money/5157625/ideal-income-study
You can afford better stuff in life. If you have a family and kids, they can get a better life too.
You get to try more food, your travel options open up, you can afford more help for kids in tuition or give them extra classes to pursue their passion in music, arts or whatever.
You can save time by getting a car or taking more grab.
You can afford to upgrade yourself, take more expensive courses like a Masters, MBA, CFA and more.
You can afford to take unpaid leave, sabbaticals even!
Our basic necessities of food, clothing, and shelter are decided ultimately by only one thing - Income.
The higher your income, the better food we eat, the nicer clothes we wear, and the bigger the roof over our heads.
So I would say, it is the only thing that decides the quality of life we live.
Now income doesn't have to only come from your salary. Investments also provide more income. It's how we can possibly retire one day without a salary.
27 Jun 2019
I think it is extremely important to me. Over the past few years, a higher salary has helped me to gain access to exclusive investment opportunities. Better credit and loan facilities are often tied with salary.
It is good to strive for a higher salary.