While a third of Americans say they are constantly stressed about their finances, new data finds that making more money can actually do harm as well as good. People who report making a higher income tend to face higher levels of stress at work and don't necessarily experience higher job satisfaction, according to career platform LinkedIn.
Based on a survey of 1,000 LinkedIn members currently employed in the U.S., researchers found that people who earn between $51,000 and $75,000 generally feel the least stressed. By contrast, of those who make an income of $200,000 or more, nearly 70 percent said they feel stressed.
LinkedIn researchers also found that higher incomes did not translate to higher levels of job satisfaction: Roughly the same share of people who earn more than $250,000 a year say they are satisfied with their jobs as those who earn between $75,000 and $100,000.
Those who earn between $51,000 and $75,000 actually reported the highest levels of satisfaction at work. Those making under $50,000 are the least satisfied.
While men and women generally experience the same levels of stress and satisfaction with their jobs, there is a noticeable difference when it comes to age groups.
Although millennials report the least amount of stress from their jobs, they are also the least satisfied with their jobs. Meanwhile, 78 percent of baby boomers, people aged 53 and older, are satisfied with their jobs.
Even millionaires will tell you that making more money does not necessarily lead to a happier life and certainly not a stress-free one.
A recent study of 4,000 millionaires from Harvard Business School found that the price of happiness can actually be quite steep: It ranges from between $8 million to $10 million. Only at these levels "are wealthier millionaires happier than millionaires with lower levels of wealth," the study reports, and even then, a larger fortune is only associated with "modestly greater well-being."
One entrepreneur earning $1 million a year recently told The Cut that "money and power make people greedy and crazy, and I am not exempt." Despite living a highly privileged life, she admits to always wanting more, adding that when you make that much money, "you get in this rut where you're still tired, stressed and miserable."
Regardless of what you earn, learn how buying your way out of tasks you hate can help you lead a significantly happier life.
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