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Income is tied to happiness and hope for the future
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Income and happiness
Scientific literature points out that money tends to make people happier, but not always.
An unstudied aspect of money is how our income and wellbeing relate to hope - how people think about the future.
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The limit of money and well-being
A new study found a positive connection between money and well-being, but it is subject to various other factors.
Those making more money tended to report higher levels of life satisfaction and hope. However, the effect didn't exist for those making less than $1800 a month - this is around the poverty line for a multi-person household with children.
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Money and optimism
A higher income may cause people to be hopeful and improve their level of life satisfaction. It could also be that optimistic people make more money due to them already being hopeful.
While having enough money to live is necessary for happiness, by itself it is not enough. It appears that it is what people do with their money that increases their wellbeing.
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Describing Hope
Hope is a positive cognitive state based on determination and planning to meet a goal successfully. It consists of three things:
- Goals thinking
4 Types of Hope
- Realistic hope: It is hope for an outcome that is reasonable and possible. For example, hope for ease from chronic pain, knowing that complete eradication is unrealistic.
- Utopian hope: It is a collectively oriented hope that combined action can lead to a better future for everyone.
- Chosen hope: Hope helps us live with a problematic present in an uncertain future. Choosing hope for the smallest range of goals is essential to control negative emotions.
- Transcendent hope, or existential hope, is the hope that is not tied to a specific outcome, but a general hope that something good can happen.
Being Hopeful: Benefits
- Hope correlates with high academic and athletic performance, greater physical and psychological well-being, better self-esteem, and increased relationships.
- Hope can enhance well-being over time.
- Hope results in the person viewing stressful situations as a challenge rather than a threat.
- Hope can be seen as creating a buffer against chronic anxiety.
- Hope is a motivational factor that sustains actions toward long-term goals.
- Hope is positively related to overall life satisfaction.
- Hope motivates individuals to maintain their positive involvement in life despite any limitations they may have.
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Studying happiness
Religion, philosophy, and the arts have long considered happiness a subject important to study.
The sciences, however, have only recently caught up:...
Subjective well-being = Genes + Circumstances + Habits
- Subjective well-being is preferred by social scientists instead of happiness because it's not so vague and subjective.
- Research shows there is a big genetic component in determining the baseline you always seem to return to after events sway your mood.
- Circumstances could make up between 10- and 40 percent of your subjective well-being. But their effects never last very long.
- The one variable that affects long-term well-being and is under our control: habits.
Habits = Faith + Family + Friends + Work
- Faith doesn’t mean any faith in particular. Just find a structure through which you can contemplate life’s deeper questions.
- When it comes to your family and friendships and how they should be, just cultivate and maintain loving, faithful relationships. There is no magic formula.
- What makes work meaningful is not the kind of work it is, but the sense it gives you that you are earning your success and serving others.