Many of us have thought about what it would be like to really rich – perhaps by winning the lottery or inducing someone to pay too much for our business. But the age-old refrain of be careful of what you wish for is a useful one since there evidence suggesting that being really rich often serves as a pathway to heartache.
Researchers are puzzled by this – why is it that the psychological benefits of wealth seem to stop accruing once people reach an income of about $75,000 per year. The main culprit according to Scott Schieman, a professor of sociology at the University of Toronto and one of the leading researchers in the field, is the growing demands of work. As indicated by a recent New York Times article, there was a time when wealth was associated with leisure. That was undoubtedly a happy time for the rich.
The tables began to turn during the 1960's when inherited privilege gave way to educational credentials and relentless hard work. Like many overscheduled children, wealthy people tend to pack their leisure time with additional obligations. According to Daniel Kahneman, a psychologist who won a Nobel Prize in economics, being wealthy is often a powerful predictor that people spend less time doing pleasurable things and more time feeling stressed.
