If you read the books "The Millionaire Next Door" or "The Millionaire Mind" you may be surprised to learn that most millionaire's are just ordinary people.
The majority of millionaires aren't living in gaudy mansions or driving Ferrari's. They have average sized homes and drive Ford F150's. They DON'T regularly drink champagne or eat caviar. They drink beer and eat hot dogs. They DON'T wear designer clothes they wear Levi jeans.
In a 10 part series we will discuss the misconceptions many people have about being a millionaire. Truths that may just burst your wanting to be a millionaire bubble.
In part 9 we look at how money does buy happiness. With all the suicides happening lately between people having their homes foreclosed on to billionaires throwing themselves in front of trains, there is definitely a connection between happiness in wealth to some extent.
According to a study by the Wharton School of Business, rates of depression are lower among the wealthy. Also, the rich tend to have better health than the rest of the population. This according to James Smith, senior labor economists at the Rand Corporation, who also states that health and happiness are as closely correlated as wealth and happiness. According to the Wharton study the wealthy even seem to laugh and smile more. "People experience their day very differently when they have a lot of money," says Betsey Stevenson, coauthor of the Wharton study.
Jim Taylor of the Harrison Group says, "There's no group in America that's happier than the wealthy." It may not be comforting to those who don't have money growing on trees, but the rich really are different. Roughly 70 percent of millionaires say that money created more happiness for them. With higher income also comes more life satisfaction. But it's not necessarily the Ferrari or the Rolex that leads to heavenly bliss...it's the freedom
For me the day I no longer have to use an alarm clock is the day I have ultimate freedom. Retirement is truly wasted on the old.
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