Why Making More Money Won't Help You (2024)

QUICK JUMP

I know it sounds crazy. You might be thinking I’ve gone off the deep end here. How in the world can making more money NOT help you? Before you throw in the towel, hear me out…

There are severalreasons why making more money won’t help you

1) It doesn’t matter how much you make, if it all flies out the window

I was not taught personal money management skills and how to spend money wisely as a child. I wish I had that story, but I don’t. There was a time in my life where I was just spending every penny of what I earned. If my income was $2k/month, I’d spend $2100/month. I just wanted everything. I felt like I NEEDED everything to be ‘cool,’ to impress my friends, to impress my enemies (sad huh!), and to be happy. I thought that if only I had THIS one item, I’d be happy. And while it did give me instant gratification, that happiness was fleeting. It didn’t last. I’d need something else to keep that happiness alive, and so I spent and spent and spent. I could have made a million dollars cash a year and spent foolishly. I inerrantly thought that making more money would fix all my problems. That was my problem, I just needed more money. If only I had more money, everything in my life would suddenly be perfect. I’d be happy.

I was wrong. It didn’t matter if I was making $2k/month or a million, it would have all flown out the window just as easily. It wouldn’t have helped me financially because I didn’t know how to spend my money wisely!

2) When a person starts making more, they start taking more

It’s really a sick and twisted way the government is, and yes, I was on welfare in the past, so I do speak from experience. The more you earn, the more they take. The less food stamps you get, the less help they give. They make it almost impossible to get off welfare. Now, I KNOW there are TONS of people who fully take advantage of welfare, but that is between them and the Lord. I’m talking about welfare here. Every penny you save to try to get off the system, they penalize you for, thus keeping you on the system because you can never save enough, fast enough to get off. While there ARE a lot who take advantage, there are also some who want to get off and can’t.

Taxes. Ah, the wonderful world of taxes. Again, the more you make, the more you are penalized. You are in a whole new tax bracket, so you have to pay a ton more money to Uncle Sam. The higher you go, the more you pay. The less you make, the more you get back ironically. I guess they play Robin Hood. Take from the rich to give to the poor. Since I’m considered poor in income, I’m thankful. See, the government really DOES pay me to stay home with my kids, thank you! LOL

3) Pride and superficial friendships

When a person starts making more, most peopletend to start getting a big head. Being more prideful. At least that’s how I am. When my income starts going up, I start thinking to myself, how cool I am for being able to do this, be a single SAHM, and how not many can do that, so I must be special. I start forgetting about God and where the money REALLY COMES FROM!!!! I start to take credit for it. Like it’s ALL me. While I do work extremely hard, nothing I have is apart from God, and when I forget that, God shows me! Being prideful will not help you or anyone around you.

Likewise, when you become more affluent, people start being your friend just for the fanciness of it all. You end up not knowing who’s real and who’s just there for selfish purposes. You change. Your spouse changes. Again, the pride sets in. You start having this lifestyle that can become very fake very quickly. I deal with it in the blogging world quite a bit. You never really know if someone wants to be your friend because they truly like you for you, or because they think you’re some famous person, or cool just because you have a blog. Just so I set the record straight, I am far from cool. Loving God took care of that long ago! It’s not cool to be a Christian, not in our world, and I am 100% okay with that! 🙂

4) Stress and fear

The more I make, income-wise, the more stressed out and fearful I become. What if something happens and I lose everything I’ve worked so hard to create? You start worrying about losing it, it can even lead to loss of sleep and health issues as a result. Yes, I’ve been there, I speak from experience. You tend to be more fearful overall. You start trusting in your money and going away from God’s plans.

It becomes very easy to start trusting in your bank account and money than the One providing it, and THAT is a whole ‘nother subject! You start to take your eyes off Christ and look at the temporal. The temporal starts becoming more and more important to you. It reminds me of The Hobbit. Where the…whatever he was supposed to be…says, “my precious.” It was all about the ring. He used to be an upstanding gentleman and look what happened to him in the pursuit of a trinket. Now, I know it’s just a movie, but there are overlaying tones in there which are true in life.

5) Loss of joy and happiness

You know, it’s a total myth that more money produces more happiness and joy. Some of the most happiest people in the world (do your research and look up the stats!) are in poverty. The rich have more to worry about. It drains you physically, emotionally, and mentally. The poor know in Whom they trust. They have to rely on God MORE each day to provide for their needs, so in that way, they are often closer to Christ than the rich. They know whatever they have comes from the Lord. I’m not saying that the rich can’t love God, but I will refer you to the verse where it says a camel has more chance of going through the eye of a needle than a rich man to Heaven. This is not ALWAYS true. I know some very affluent Christian families. But in general, it is very hard for a rich person to choose anything over their money, including God.

6) Greed

The more you get, the more you want. I have experienced this in my life as well. If I was making $500/month, then I’d always want $1k/month, and if making $1k/month, I’d always want $2k/month. I’d always want more and more and more. It was never enough. When my income would go up, mysteriously, so would my bills. It was my own fault, yet, I didn’t see it.

One of the best things that has ever happened in my life was being homeless! Sounds crazy, huh? In that homeless shelter, I learned how to truly be content. When I got my first apartment, I had nothing. No silverware, no table to eat on, no couch to sit on, no plates, bowls, no clothes, nothing. We lived like that for several months. I remember a friend from church donated a bottle of laundry detergent to support me and it made me cry. Crying over laundry detergent. Pretty dumb, right? Not to me. I didn’t have ANYTHING. I was thankful for WHATEVER I could get! The bed I borrowed from the 1980’s that killed my back, whatever it was, I was happy. I was just happy to be out of the homeless shelter! lol.

Listen, I know where I’ve been. I know where I am now. No one will ever convince me I’m not rich. Not when I want for absolutely nothing! My garage has a ceiling fan! Like seriously, who does that? I have a lot, but I will never forget where I was 4 years ago. So, people can say I’m poor for only making $18k/year, that’s fine, but I know the truth is that I have more than many people who make $60k/year. I’m not in any debt and I sleep comfortably and well at night.

What do you want in your life? Still convinced that having more money will solve all your problems? Do you have any of your own tips to share?

Why Making More Money Won't Help You (2024)

FAQs

At what income does happiness peak? ›

This belief is supported by a widely publicized 2010 study led by Daniel Kahneman and his Princeton colleague, Angus Deaton — both winners of the Nobel Prize in Economics — which concluded that happiness only increases with income up to $75,000.

What is the #1 reason why people struggle to save money? ›

Saving money is hard. One of the most common reasons is that you might not have a good enough reason to save. Maybe you're overly focused on the present, or maybe you simply don't know what you want in the future. Either way, you need to get a vision for what you want to achieve with your money.

Why do people not save more money? ›

Debt, especially from high-interest credit cards, significantly hinders the ability to save. Lack of budgeting contributes to poor financial management and savings shortfalls. Social pressures and lifestyle inflation can lead to increased spending, further impeding savings efforts.

What happens when you have too much money? ›

We believe everyone should maintain a thoughtful emergency fund. However, holding too much cash beyond emergency funds or short-term needs may be dangerous. At the highest level, it could lead to significantly less wealth over time. Since 1928, U.S. Stocks have outperformed cash in 68% of the calendar years.

Is $75,000 a year a good salary? ›

If you make $75,000 a year, you're earning more than half of all workers in the U.S. And in fact, many people would probably consider the salary as good pay. After all, a $75,000 salary works out to around $6,250 per month, $1,442.31 per week, or $36.06 an hour.

Is $500,000 a good salary? ›

People who consistently earn $500,000+ annually should not have any financial problems. If they are scraping by, they aren't getting sympathy from anybody since they're making roughly 6.7X the median household income of $75,000. A very simple solution to growing rich is to simply track your finances for free online.

Why do poor people save money? ›

Savings and credit make a difference because income is more volatile for those hovering around the poverty line. Low-income families usually work in low-wage and temporary jobs, making them more susceptible to reduced hours and layoffs.

Why is everyone struggling financially? ›

After inflation, high interest rates, unattainable housing prices and other economic factors, 50 percent of U.S. adults say their overall personal financial situation is worse than it was in November 2020, according to October 2023 Bankrate polling.

What percent of Americans struggle with money? ›

Here's What to Do if You're One of Them. Many or all of the products here are from our partners that compensate us. It's how we make money.

Do people regret not saving money? ›

The majority of U.S. adults have regrets about their financial choices, from not saving enough for emergencies to missing out on opportunities to invest, according to recent poll results.

Why do Americans have so little savings? ›

Limited income and expenses

For many people, the balancing act between income and expenses leaves little wiggle room for savings. The majority of Americans — 60% according to a LendingClub report — live paycheck to paycheck, with no additional funds left over after they cover expenses each month.

What happens to people who don't save money? ›

Many Americans struggle to save money, but it's generally worth the effort to do so since there can be serious downsides to not stashing away cash. Those consequences can range from going into debt, facing financial hardship after losing your job, and not being able to achieve your aspirations, like homeownership.

Is $50,000 in savings good? ›

If you're nearing retirement with just $50,000 in savings, the reality is that you're frankly not in the best shape. The average 60-something has a retirement savings balance of $112,500, according to Northwestern Mutual. Even that, frankly, isn't a ton of money.

Is 100k too much in savings? ›

While $100,000 is a lot to have in your savings account, it could be the right move if you need that much for your emergency fund and upcoming savings goals. If you want to buy a house, then you may need that much or more saved for a down payment and other costs of homeownership.

Is 30k in savings good? ›

How much do you need? Everybody has a different opinion. Most financial experts suggest you need a cash stash equal to six months of expenses: If you need $5,000 to survive every month, save $30,000.

What age does your happiness peak? ›

The researchers found people reached their happiest when they arrived at the age of 70. Life satisfaction decreased between the ages of nine and 16, increased a little until the age of 70, and then declined again until the age of 96.

At what age does income peak? ›

What Are Peak Earning Years? According to the U.S. Bureau of Labor Statistics, the median income of American workers is highest between the ages of 45 and 54. These peak earning years are a critical time to take control of your finances and hone your money management strategies.

Does happiness go up with income? ›

Last year, Kahneman and Killingsworth reanalyzed that work and found, on average, money does appear to boost happiness up to at least $500,000 a year. Killingsworth's new research suggests the trend extends even further to the ultrawealthy.

What is the happiness line for income? ›

Foundational work published in 2010 from Princeton University's Daniel Kahneman and Angus Deaton had found that day-to-day happiness rose as annual income increased, but above $75,000 it leveled off and happiness plateaued.

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