[ad_1]
Shout.
This is true. If, when, you do not win Friday's $ 900 million Mega Millions jackpot jackpot, let it all go out. It's a healthy emotion and an alternative to watching a sad movie or running in the rain. More than half of people say they cried at some point in their lives because they did not have enough money, according to a recent report titled "The Secret Lives of Americans" (Secret Lives Americans), written by the researcher NonFiction and co-written by Gunny Scarfo. and Ben Zeidler. Psychologists say that crying is good for mental health. The worries of money are stressful. In the absence of yoga or meditation, tears can free you.
Is not that why people are spending money on lottery tickets? At some level, they feel dissatisfied with what they have and / or would like to have more. Many studies suggest that players who play the lottery come from low-income neighborhoods and probably should not spend their money on scratch cards or other lottery tickets, given the low chances of success. It's the game, after all. Americans in the fifth-lowest socio-economic status group had the highest rate of lottery gambling (61%), according to a 2011 study published by the Journal of Gambling Studies.
Why do people spend money on lottery tickets? At some level, they feel dissatisfied with what they have and / or would like to have more.
Obviously, you do not need $ 900 million to be happy, but millions of Americans are stressed about making a living. Psychologists from Purdue University and the University of Virginia recently analyzed World Gallup Poll data from 1.7 million people in 164 countries and compared their earnings and satisfaction with With respect to life. Although the cost and standard of living vary from country to country, they drew a bold conclusion: the ideal income for individuals is $ 95,000 a year for life satisfaction and $ 60,000 to $ 75,000 a year for emotional well-being.
"An impressive number of Americans are leading a double life in money," write Scarfo and Zeidler. "For their friends and neighbors, their lives seem normal, even prosperous. But privately, behind closed doors, Americans are sorely in need of help with the money and the emotions that surround it. "About 37% say they're sleeping hungry and 12% have stolen something." Their findings are based on a survey 2,238 people with a margin of error of 2%. They use a technique known as "known sampling" in which the identity of the respondents is checked to verify its accuracy.
Give up the fake life you live on Instagram
So what do you do next when the dreams of a McMansion, a life filled with endless vacations and free from the pressure of work, disappear at 11 pm? And Friday? First, the median size of the single-family home increased each year to a peak of 2,467 square feet in 2015. People then realized that they did not need all this space. Second, make the difference between your private and public life. People are increasingly influenced by what they see online – whether it's their children's proxy or plastic surgery – and share their own version of a successful and happy life.
Beware of social media. This may reflect only what you think of yourself. "Social media has been described as more addictive than cigarettes and alcohol," says Shirley Cramer, executive director of the Royal UK Society for Public Health in the UK. About 28% of the world's generation say they want to be voluntarily enriched in their social media publications. , according to NonFiction. Yet only about half of Americans say they have rewarding daily social interactions, including quality time with friends and family, a separate report from Cigna
THIS, -0.36%
found.
Look also: Nearly half of Americans say they feel lonely
Get inspired by music and art to save money rather than spend
While credit card debt reaches $ 1 trillion, it's time to think about saving instead of spending. NonFiction notes that almost twice as many people have credit cards (76%) as retirement accounts (47%). "Even rappers are becoming more transparent and reflective in the way they approach money-related topics," write Scarfo and Zeidler. They cite Lil 'Dicky's music video, "$ ave Dat Money." They describe the video, which has been viewed more than 104 million times on YouTube.
GOOG, -0.50%
as one of the most "visceral recognitions of the tension between dream and reality".
Gunny Scarfo and Ben Zeidler describe the rap video "$ ave Dat Money" as one of the most visceral recognitions of the tension between dream and reality.
The rapper knocks on the doors of mansions to ask homeowners if he can use their lavish surroundings to film his music video for free. Many refuse, but a woman says yes. He sings: "The rap game is all wrong. We are not trying to spend money just to be flexible. We did not really have it like you. He rapped about 401 votes on Netflix.
NFLX, + 5.28%
log in and keep your eyes peeled for restaurants that overload you: "Do not make me pay double for that. Do not do it for yourself because I could just ask what the ice cube is worth. This is not the usual business of rappers.
Do not miss: That's why Generation Y can not have beautiful things (nor save money)
Do not have any shame in your financial game
NonFiction also reveals interesting details about what people like to share with their friends and what they prefer to keep quiet. In the old camp: where they went on their last vacation (61%), photos of their last vacation (51%), their last major purchase (40%) and how much their rent or costs of 39, dwelling (30%). And what do people like to keep private? Their wages and bonuses at work (14%), their debt (13%), their savings (9%), the net worth of their household (9%), their share invested for retirement (6%).
What does that tell you? Let people be shy about their actual finances, but maybe they are more comfortable with broadcasting a more superficial version of their lives. Keeping tabs on concrete goals – such as being paid fair wages – may be more useful than being bewitched and bewildered by the intangible promise of millions of dollars. A recent survey conducted by Harvard Business School and UCLA found that 80% of people would pay money to keep their salary secret, but workplace experts say that transparency can bring people to claim higher wages.
advisable: "The last 7 days have been the worst of my financial life"
Give your story to a friend or financial advisor
While the savings rate has fallen to its lowest level in 12 years, more and more people are also keeping money in their current accounts. Consumers maintained a historically high current account balance for the end of the year to June 30, 2018, at $ 3,673 for all financial institutions, said last week Moebs Services, a research firm in economics at Lake Bluff, in Illinois. Moebs has analyzed more than 12,000 reports of calls for filing. This suggests that people do not spend the money that they would normally use for their daily expenses and / or that they do not know what to do with that money.
A man's lottery is another man's retirement plan. A decade after the collapse of Lehman Brothers and the financial crisis that led to the Great Recession, millions of people remain deeply suspicious of Wall Street and are reluctant to invest. Studies show that most people do not have a financial advisor and that lack of advice may be problematic. "Although there are primary care physicians for the average American, there is no personal CFO," say Scarfo and Zeidler. "In some ways, this is not surprising, as the financial services sector has not been designed with a customer-centric and customer-focused focus."
Get a daily summary of key personal finance readings in your inbox. Subscribe to MarketWatch's free newsletter, Personal Finance Daily. Register here.
Source link
