Fulfillment Beyond Income
“A life directed chiefly toward the fulfillment of personal desires will sooner or later always lead to bitter disappointment.”
We’re taught to think that the more money we have, the happier we’ll be. But that couldn’t be further from the truth. I’ve worked with many millionaires throughout my career, and unfortunately they are some of the unhappiest people I have met.
Making more money, acquiring more wealth, seeing their account balance go higher becomes an obsession and often leads to the detriment of the things that truly matter in their life.
In 2010, Princeton University economists Daniel Kahneman and Angus Deaton decided to conduct a study related to happiness and income. They analyzed responses from over 450,000 US residents and found that there are two aspects of subjective well-being: emotional well-being and life evaluation.
Emotional well-being, which refers to the emotional quality of an individual’s everyday experience, rises with income but does not improve beyond an annual income of approximately $75,000 ($108,000 based on today’s dollar taking inflation into consideration). This suggests that day-to-day happiness increases with income up to this point, after which it plateaus.
Life evaluation, on the other hand, which refers to a person’s thoughts about their life, continues to rise with income. The study concluded that while high income improves life satisfaction, it does not necessarily lead to increased happiness, and that low income is associated with both low life evaluation and low emotional well-being.
It’s an interesting finding that highlights the complex relationship between income and happiness, and how they may affect different aspects of well-being in different ways. A recent study found that meaning (the belief that life has purpose, value, and direction) is a stronger predictor of happiness.
Visual Credit: Jun Han Chin
Action Items
Finding purpose and fulfillment beyond income involves a holistic approach. Here are some items you may find helpful:
Self-Reflection: Take time to reflect on your values, interests, and passions. Ask yourself, what activities or causes resonate with me? What brings me joy and a sense of accomplishment? What impact do I want to make in the world?
Set Meaningful Goals: Define clear goals that align with your values. Consider both short-term and long-term objectives. Break down larger goals into smaller, achievable steps.
Explore New Experiences: Step out of your comfort zone. Try new hobbies, travel, or volunteer. Exposure to diverse experiences can lead to personal growth.
Connect with Others: Build meaningful relationships. Surround yourself with supportive friends, family, and mentors. Collaborate on projects or join communities related to your interests.
Practice Mindfulness and Gratitude: Be present in the moment. Practice meditation, mindfulness, or journaling. Cultivate gratitude for what you have.
Contribute to Others: Helping others can provide a sense of purpose. Volunteer, mentor, or support a cause you care about. Acts of kindness create a positive impact.
Prioritize Health and Well-Being: Physical and mental health are essential. Exercise, eat well, and get enough rest. Prioritize self-care and stress management.
Learn Continuously: Lifelong learning keeps your mind engaged. Read, take courses, attend workshops. Explore topics beyond your immediate field.
Celebrate Progress: Acknowledge achievements, no matter how small. Celebrate milestones and growth. Remember that fulfillment is a journey, not a destination.
It’s important to keep in mind that purpose and fulfillment are deeply personal. What brings meaning to one person may differ from another. Trust your intuition, stay curious, and embrace the journey!
~Alex
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