Do you care what other people make?
People often confuse who they are with how much money they make. And then they make the mistake of looking over the fence.
This desire to "keep up with the Joneses" gets lots of us in trouble, largely because so many of our neighbours are up to their eyeballs in debt and almost broke.
Ironically, a study by Glenn Firebaugh of Pennsylvania State University suggests that even affluent people are often most unhappy when living around those who are better off.Firebaugh argues that, in evaluating their own incomes, most people compare themselves to their peers of the same age. In other words, it's not how much you make or have, but how you measure up that drives people’s emotions.
Even a society-wide rise in the absolute level of wealth wouldn't boost happiness as much as relative financial gains, he maintains.
Well, according to Statistics Canada’s most recent income data, the median total income for single Canadians is just a bit less than $36,000.So maybe you’re not as badly off as you might think.
This is the number for individuals, of course. Couple families (married or common-law, including same-sex partners) living at the same address, with or without children, come in at about $86,000. Two-parent families with children, which excluded retired families, can lay claim to a $100,000 median income.
Tell us. Do relative income levels affect your thinking?
By Gordon Powers, MSN Money
Posted by: L | Sep 8, 2021 2:52:57 PM
You always feel better having friends that are a little worse off than yourself. It just seems to be the way it is.
Posted by: A | Sep 8, 2021 6:31:15 PM
I sorta agree and disagree. Personally I like it when my neighbours are doing better than me..ie. if they have a nicer home, are rich, take vacations.. it increases my property value. I don't want to be the rich person surrounded by poor or middle class. But honestly, I meant to say is it increases my property value if others around me are doing well - and if friends are doing well, maybe someday they can help me out;p But too, I guess 'misery loves company' as well sometimes...
Posted by: mcshane | Sep 9, 2021 7:03:49 AM
Should never covet your neighbours wife, donkey, property...10 commandments still make sense today.
Posted by: Alex | Sep 10, 2021 11:35:20 AM
My dad's neighbor commented on how he could buy a Hummer being a scientist and all, but he would't use a car to demonstrate his status. The guys was actually targeting me in his comments for driving a better car. I guess even educated people trying to compensate for things.
Personally, I dont care what house you live, what car you drive, etc... As long as you make your living honestly it's all good. That's what capitalism should be all about. If you want some-thing, work hard and get it.
Posted by: Guitar Maker | Sep 10, 2021 2:09:47 PM
Now a days there is only so many people we can relie on for advice. With the front end loading thats going on who can afford to pay the fees? What I hope will happen someday is consumers asking the fair question, "Can we just give you our money and you just give us the dividends without all the excuses?" Well my good client, How about you just shut up.
Posted by: Freedom | Sep 11, 2021 12:08:28 AM
What other people make is not my business. I'm happy what I make. Jealousy is a waste of time.
Posted by: ckim | Sep 11, 2021 8:32:17 AM
I don't really care if my friends make more than me...as long as they don't rub it in my face. There have been times where we'll go out for dinner and they make note that they make more than me therefore they should pay. It's nice of them to offer but the snide comments turn me off.