I made a post about reaching my 6 figure annual salary goal and then I started doing some research around salary and happiness. I came across this article by MarketWatch.
To sum up the article:
- Life satisfaction – $95,000 annual salary
- Emotional well being – $60,000 to $75,000 annual salary
I am a single mid 30s male with no kids living in a vibrant city. Downtown living is expensive, but I am grateful for my current salary. I would say I am happy, but I would sacrifice all of it if it meant my parents, my younger brother, and I continue to stay healthy. I am satisfied because I achieved my salary goal.
However as you earn more and more, I tend to think like the majority and strive to want just a bit more. It is not so much lifestyle inflation because I learned that painful financial lesson in my 20s. It is more about using the extra income to save more, enjoy life a bit more, or pay off debt sooner.
Here is the thing though.
As I have grown in my career and have matured, I have realized that job satisfaction and company culture outweighs the salary. In my case based on conversations I have had with recruiters, I could be earning at least 30-40% more if I joined a competitor, but fortunately my current situation allows me to grow in my dream role as a digital marketer. I am still learning.
Of course, every situation is different based on your life and financial situations as well as the income you make. If (when?) I settle down, I am sure my salary happiness will change. This is simply my personal example based on my current situation.
