Introduction: How much to be happy in SG?Hi there, and welcome to The Investing Iguana, the show where I help you make sense of the world of personal finance, investing, and retirement planning. I’m Iggy, your host and guide on this exciting journey. Today, we’re going to talk about a very interesting topic: how much money do you need to earn to be happy in Singapore? $100,000 to be Happy in Singapore?You might think that happiness is a subjective feeling that can’t be measured or quantified, but some researchers have tried to do just that. They have identified a certain income level at which people tend to report the highest levels of happiness and life satisfaction. This is called the “satiation point”, and it varies depending on where you live and how much it costs to live there. So, how much do you need to earn to be happy in Singapore? According to a new research by S Money, a financial comparison website, you need to earn US$75,320 annually (approximately S$103,007 at the current exchange rate) to be happy in Singapore. That’s right, over 100k Singapore dollars per year! More $ = More Problems?That sounds like a lot of money, doesn’t it? Especially when you consider that the median salary in Singapore in 2022 is approximately S$60,900 (US$44,500). That means that more than half of the population is earning less than the satiation point. Does that mean that they are unhappy or dissatisfied with their lives? Not necessarily. Happiness is not only determined by income, but also by many other factors, such as health, education, social relationships, leisure activities, and personal values. Money can buy you some comfort and convenience, but it can’t buy you love, friendship, or meaning. In fact, some studies have shown that after reaching the satiation point, happiness levels off or even dips. This is because people tend to adapt to their higher income and raise their expectations and desires accordingly. They may also face more stress, competition, or envy from others. As the saying goes, “more money, more problems”. What other routes to happiness?So, if money is not the key to happiness, what is? Well, there is no simple answer to that question, but some possible suggestions are:
How are other countries faring?These are just some of the ways that you can increase your happiness without increasing your income. Of course, everyone’s situation is different and there is no one-size-fits-all solution. You have to find what works best for you and your circumstances. But if you’re curious about how much money you need to be happy in other countries around the world, here are some interesting facts:
ConclusionYou can see the full list of countries and their prices of happiness on S Money’s website. You can also use their calculator to find out how much money you need to be happy in any country based on your current income and lifestyle.
But remember: money is not everything. Happiness comes from within and from how you live your life. So don’t let these numbers discourage or pressure you. Instead, use them as a reference point or a motivation to improve your financial situation and your well-being. That’s all for today’s episode of The Investing Iguana. I hope you enjoyed it and learned something new. If you did, please give this video a thumbs up, share it with your friends, and subscribe to my channel for more content like this. And don’t forget to leave a comment below and let me know: how much money do you need to be happy in Singapore? I’d love to hear from you. Thank you for watching, and I’ll see you next time on The Investing Iguana. Stay happy and stay smart! |
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