Gulf Winds Federal Credit Union Blog

Does a Higher Salary Lead to a Better Life?

Surprisingly, we’ve found the answer to this question is a resounding No!

A higher salary won’t make you happy

Of course, for those with crippling debt, arguing against the benefits of having more money is a tough sell. However, if you’ve struggled with financial management in the past, your problems won’t be magically solved by a bigger paycheck.

Your salary is all about how much money you bring in, but it doesn’t account for how much you spend. Plenty of high-earning professionals spend themselves poor because they don’t have good money management habits.

Lottery winners often share the same fate—work with us and consider the lottery to be a one-time salary—frequently losing it all and wishing it had never happened. Heck, even A-list Hollywood celebrities end up broke due to outrageous spending.

This is why higher salaries won’t do a thing for your quality of life unless you have good money management habits to back them up.

Financial security and the peace of mind that accompanies that security aren’t about how much you earn but what you do with it once you have it. Plenty of low income earners make intelligent moves with their money, providing them with savings and security that even those with high salaries don’t have.

Financial management is about choices

Except in extreme cases (such as medical emergencies), an individual’s financial woes are usually due to the choices they make. A higher salary won’t make you happier. Learning about your finances and gaining better control over the money you do have is the best way to improve your financial security and overall quality of life.

 

 

 

 

 

 

 

 

 

Photo Credit: Bigstockphoto.com - AndreyPopov

 

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