How Much Money You Need To Be “Rich” | The REAL Number
Published: 2023-06-19
Status:
Available
|
Analyzed
Published: 2023-06-19
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
A majority of people prioritize financial peace of mind over out-earning others.
"70 percent of people also said that not stressing about not having enough money is more important than having more money than other people"
Pending
Work-life balance is preferred over higher salaries for most people.
"they would rather have a flexible work-life balance than a higher salary"
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The government defines being rich as earning $400,000 or more annually.
"when it comes to the gov government's definition of what it means to be rich that is anyone making four hundred thousand dollars a year or more"
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Approximately 1.8% of the general population earns $400,000 or more per year.
"statistically in a room of 100 random strangers almost two of them exactly 1.8 could be making four hundred thousand dollars a year or more"
Pending
To be in the top 1% net worth in major US cities, one needs at least $2.5 million (Denver) to $4.7 million (San Francisco).
"if you want to be considered in the top one percent in terms of a net worth in the top 13 U.S cities you need to have a lot more money it starts from 2.5 million dollars at the low end in a city like Denver to 3 million dollars in Washington DC all the way up to San Francisco at 4.7 million dollars"
Pending
An individual earning a median income of $54,000 annually is in the top 5% of global income earners.
"if you make a median income of about fifty four thousand a year and you live alone you're already in the top five percent of the world's income earners"
Pending
Emotional well-being has a cap around $60k-$75k, with diminishing returns on happiness above $100k.
"they found the cap or the ceiling for the emotional well-being of a person was between 60 to 75 000 per year they found that anything above 100 was sort of like the point of diminishing returns it didn't necessarily make people feel happier"
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Emotional well-being for individuals had a ceiling around $60,000 to $75,000 per year, according to a 2010 study.
"they found the cap or the ceiling for the emotional well-being of a person was between 60 to 75 000 per year"
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Higher income is correlated with increased life satisfaction.
"instead they found being richer is actually correlated with higher life satisfaction"
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The income bracket of $500k+ reported 100% happiness, in contrast to the $50k-$100k bracket.
"there was only one income bracket that had 100 percent of the people that answered that said they were 100 happy only one and it was not the group of people making 50 to 100K a year instead it was the people making 500k a year or more"
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Income exceeding $100,000 per year showed diminishing returns in terms of increased happiness.
"anything above 100 was sort of like the point of diminishing returns it didn't necessarily make people feel happier"
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Later research suggests a correlation between increased wealth and higher life satisfaction, without a specific tipping point.
"they found no Tipping Point instead they found being richer is actually correlated with higher life satisfaction"
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Being in love is equivalent to winning $209,000 USD in 2009, which is over $300,000 USD adjusted for inflation.
"They concluded that being in love felt like the equivalent of winning a hundred sixty three thousand pounds or 209 000 US Dollars and that study was done in 2009 so by today's standards after accounting for inflation that would be worth over 300 000 US Dollars"
Pending
A 2013 poll indicated that 100% of individuals earning $500,000 or more reported being 100% happy, unlike lower income brackets.
"there was only one income bracket that had 100 percent of the people that answered that said they were 100 happy only one and it was not the group of people making 50 to 100K a year instead it was the people making 500k a year or more"
Pending
The practical benefits of marriage (tax breaks, health benefits, increased lifespan) are equivalent to $100,000 USD per year.
"economists from the University of Zurich also looked at the Practical benefits of marriage and they found that the effects of things like tax breaks and health benefits and actually living longer adds up to the equivalent of one hundred thousand US dollars per year"
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The emotional benefit of being in love was estimated to be equivalent to winning $209,000 USD in a 2009 study.
"being in love felt like the equivalent of winning a hundred sixty three thousand pounds or 209 000 US Dollars"
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The inflation-adjusted value of being in love, based on a 2009 study, is over $300,000 USD today.
"so by today's standards after accounting for inflation that would be worth over 300 000 US Dollars"
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Economists estimate the annual financial benefits of marriage (tax breaks, health benefits, longer lifespan) to be around $100,000 USD.
"the effects of things like tax breaks and health benefits and actually living longer adds up to the equivalent of one hundred thousand US dollars per year"
Pending
Increased income can immediately resolve basic financial problems like paying for food, rent, and a car.
"we'll get to solve at least one of them and that's the money problems of paying for food and rent in our car and things like that that just having more money will immediately and instantly resolve"
Pending