Money does buy happiness. Perhaps the relief from anxiety about emergency funds or retirement money is part of it. Or the very rich believe that they can pay off their mortgages, if they have not done so already. They can travel, own second homes and put their children, and perhaps grandchildren, through college.
A new survey done for Spectrem's Millionaire Corner shows:
Happiness rises steadily with net worth, according to our results. Less than one-fourth of investors with a net worth of less than $100,000 (not including primary residence) rated their happiness as a nine or a ten. Compare that to 44 percent for Millionaires with a net worth of $5 million or more (NIPR).
"Americans express very complex and contradicting attitudes toward wealth," said Catherine McBreen, president of Millionaire Corner. "There's a real reluctance to associate money with happiness and love, but our data indicate that the wealthy feel significantly more satisfied with the lives they lead."
Filed under: 24/7 Wall St. Wire