I went to top 3 business school with a lot of students from rich families. One time, around the lunch table, I thought I’d ask how much money it would take for them to feel comfortable. I expected answers in the 2-5M range. Answer 1, 10M…hmmm must be an outlier. Answer 2, 5M. Answer 3, 10M, Answer 4, 25M, Answer 5, 25M, answer 6, 10M, Answer 7, 50M.
My answer: 2M.
Lots of studies have been done showing your level of economic contentment mainly depends on your peer group…lesson: hang out with poor folks and feel rich.
