Richard Weiner photo
Tropical Financial Investment and Insurance Services logo

Richard Weiner

Financial Advisor

 

Tropical Financial Investment and Insurance Services

Located at Tropical Financial Credit Union

3050 Corporate Way

Miramar, FL 33025

 

Phone:  954-517-7738

Cell:      954-401-9548

 

Email: richard.weiner@lpl.com

September/October 2024

The Paycheck Next Door

The Paycheck Next Door

Everyone views wealth in a very personal way. Life experiences often influence those views. Many studies have been done on the subject, and here are some of the findings.


Happiness
While the old saying says money can’t buy happiness, the National Academy of Sciences (PNAS) found that it can influence happiness. Those earning about $150,000 report 20% satisfaction with their lives and well-being compared to those earning $500,00, reporting 60% satisfaction.* Similarly, a Swedish study of lottery winners found that even years after winning, lottery winners had greater life satisfaction and mental health and were better prepared to face life’s challenges, such as divorce, illness, and being alone. Apparently, substantial wealth made those things less difficult to cope with.**


Effect of Raises
According to PNAS, at the low end of the earnings spectrum, a raise is more likely to squash negative feelings about well-being than produce positive ones. At about $80,000 earnings, raises begin boosting feelings of satisfaction and well-being.


People at all income levels are tempted to use raises and bonuses to splurge. Before you treat yourself, financial professionals advise you to consider using raises and bonuses for any outstanding debt, to increase retirement savings, and for other investments. Then, treat yourself.


Another Happiness Influencer
The National Library of Medicine houses data confirms that for some people, keeping up with the Joneses is important for happiness. This data presents a split conclusion on neighborhood wealth’s impact on happiness and satisfaction. Findings suggest that people are generally happier living in more affluent areas, and individuals’ well-being is lower if they have less wealth or think they have less wealth than their neighbors.***


Personal Factors
Your neighborhood, paycheck, raise or bonus, the net worth of your assets, or the amount in your retirement accounts can’t literally buy you happiness.
Happiness
is also highly influenced by personal factors, as the graphic illustrates. However, it turns out that wealth may be associated with some of these categories of “happiness,” specifically self-focused positive emotions such as pride and contentment. A more challenging, higher paying career may give you both contentment and pride. Confidence in how well you can care for your family financially may fuel your contentment and peace. Giving children and grandchildren access to better education and their consequent achievements may make you proud.***


*Well Being Depends on Social Comparison, 2021
**Long-Run Effects of Lottery Wealth on Psychological Well-Being, 2020
***American Psychological Association, cited by Psychology Today, 2024
****American Psychological Association, cited by Psychology Today, 2024

594801


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Richard Weiner is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Tropical Financial Credit Union and Tropical Financial Investment and Insurance Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Tropical Financial Investment and Insurance Services, and may also be employees of Tropical Financial Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, Tropical Financial Credit Union or Tropical Financial Investment and Insurance Services. Securities and insurance offered through LPL or its affiliates are:

Disclosure
This publication is not intended as legal or tax advice. All individuals, including those involved in the estate planning process, are advised to meet with their tax and legal professionals. The individual sponsor of this newsletter will work with your tax and legal advisors to help select appropriate product solutions. We do not endorse or guarantee the content or services of any website mentioned in this newsletter. We encourage you to review the privacy policy of each website you visit. Limitations, restrictions and other rules and regulations apply to many of the financial and insurance products and concepts presented in this newsletter, and they may differ according to individual situations. The publisher and sponsor do not assume liability for financial decisions based on the newsletter’s contents.
The sender and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.