Korean Job Discussion Forums

[decolyon]

I remember reading an article in the Journal a few months back, that said essentially, money can buy you happiness, to a point. It said that through studying people of various income levels and how happy those people describe themselves, there is consistent and steady increase in happiness relevant to the increase in yearly income. The level of happiness is dramatically evident until the point to where people make about $75,000 a year. After that point, the level of happiness to income levels off. While there is still some increase, it's relatively minor compared to below that point. People said they are "happier" because they worry less about making ends meet, they don't worry about day to day expenses, they worry less about their children's future, and they feel secure that even if they lost their job, they could survive comfortably for a prolonged period of time.

This got me thinking, I know people that earn incomes at this upper range. I know some people that make in the low 6 figures yearly, and in general, these people (my friends in some cases) are much happier (at least on the surface) than I would consider myself to be. I did the rough math and found that the equivalent of 75K back home is roughly 85 million Korean won. My salary, plus benefits gets me to about 40 million a year. Which means, if I had more than double my salary, I should be "happy." After thinking about it, I would say I would feel more comfortable, I would worry less, and I think I could fit what might be described as happiness. I mean, wouldn't you? If you boss told you tomorrow he's going to double your salary and you wouldn't have to work any extra hours, wouldn't that be one of the best days of your life so far?

So, I wanted to put that out and get some feedback from you guys. Can happiness have a price tag? Would you be happy with 85mkw a year? Are there any of you making that amount and do you consider yourself happy? More importantly, how can I double my salary, legally, and not work myself to death for it? haha. Or is happiness not about money, but about the life you are living? I think if money wasn't an issue, I would have the time to pursue the things that make me happy, i.e. extensive travel, learning a musical instrument, learning a language, constantly improving myself. But, given I work 40 or more hours a week, combined with the daily responsibilities of being single and living alone, I often find I get maybe 2 or 3 hours a day of just "me time" and I usually just devote that to turning my brain off as I'm exhausted.

Anyways, I'd love to hear your opinions on it all. I look forward to your responses.

[redaxe]

I guess $75,000 USD a year would be "enough" money for me in the sense that it would allow me to live in a very nice place and buy pretty much anything I need or really want, while I would probably get diminishing returns in happiness from additional salary beyond that.

If I had a housewife and kids, I would need a lot more money than that to be satisfied, though. $75,000 a year is not enough for two adults and a child or two, to enjoy the minimum standard of living that would make me "happy." Obviously it depends where you live, but where I live (Seattle) I think your household needs to be pulling in six figures a year to not be suffering any economic hardship.

I think happiness in terms of money is more about comparison to others, though. The richest man in a poor neighborhood tends to be much happier than the poorest man in a rich neighborhood, even if the latter is much richer than the former in absolute terms.

[Globutron]

[Who's Your Daddy?]

Getting the money you need to buy the house you want gives value to me. But after that, the extra money doesn't seem to add much to life to me. And if you're staying in Korea, even more so.

Apart from a more expensive car/house, I can't think of anything I can't do here that more money would let me do. What would I do, eat steaks every day?

[Fox]

Can you really just convert dollars into won in that fashion? Surely the lower cost of living in Korea should be taken into account?

[recessiontime]

I heard of another older study that said the figure was 50000 / year. Now it's climbed to 75000 a year lol.

I'm guessing it's inflation?

[decolyon]

[redaxe]

[pkang0202]

I need a six figure salary. Then I'll be happy. Why do I need that much?

I want at LEAST 4 bedroom house. I want to drive a nice car. I want to go into a restaurant and buy that $500 bottle of wine without doing the math in my head about the cost. If I want to impress my gf/wife with a nice date, I want the cash to be able to do something movie-like. I want a home theater in my house. I want a hot tub. I want to take a vacation without ever thinking, "Can I afford that?"

Thats not to say I'm not happy without those things. I'm plenty happy now. All those things that comes with making 6 figures a year will just me happier.

[Underwaterbob]

[Fox]

[Globutron]

[asc422]

... ....

[Unposter]

IMHO, happiness comes from success - success at whatever you are doing (even success at avoiding something) whether it is work, money, spending money, saving money, education, hobbies and interests, doing nothing, meditating - everything and anything!

Sure, bean counters and scientists can put a number on it. There is probably some relevance to it. But, in the end, it really all depends on what you want and whether you've gotten it or how close you are to getting it.

I think the biggest point of that study is that overwelmingly (though not necessarily all) people need some money to be happy - about $75,000. But, and this is the important thing, it is not the more money you have the happier you are. There is a definite law of diminishing returns.

As for Korea, I think a lot of people like it in Korea because they have less money worries regardless of how much they save than they did before. Obviously, worrying about money is something that makes most people unhappy.

[TheUrbanMyth]