The U.S. economy is booming with unemployment the lowest it has been in nearly 50 years, nominal wage growth is the highest in the decade and the economy continues to grow – but the cost of living has risen by 14% in the last 3 years – far outpacing wage growth. This is causing Americans to struggle to maintain and afford a good lifestyle. 58% of Americans have less than $1,000 in savings and 32% have no savings at all. Among American adults general happiness has been going down since the 1990’s and the lack of money is a very large cause of it.
Money influences happiness by fulfilling needs and desires, reducing stress when facing hardships with drugs and other chemicals, emotional wellbeing increases as salaries rise, and self reflections become more and more positive with higher income. With stagnant wages and rising costs of living, the key to happiness isn’t having money, but how we spend our money on things that make us happy.
Find out how money makes us happy and how the sharing economy instead of ownership can be a solution to many of these problems here.