Financial Happiness: A State of Mind

New research by psychologist and author Jonathan Rich indicates that financial happiness stems more from attitude than from income levels.

Irvine, CA, (PRWEB) May 21, 2004 -- Id be happy with my financial situation if..." Its easy to finish that sentence: If I earned twice as much," If I lived someplace cheaper," If I had a new car." But new research shows that the secret to financial happiness may lie more in attitude than in circumstances.

Psychologist Jonathan Rich, author of The Couples Guide to Love & Money, surveyed over 200 people through his website (www.MoneyWorkBook.com) in order to discover the factors associated with financial satisfaction. Survey participants indicated whether they felt that they were financially struggling" or comfortable." Then they went on to report their incomes, occupations, where they live, and to answer questions regarding financial attitudes.

The surprising findings were that attitude, not income, is the best predictor of financial comfort. The people who described themselves as financially comfortable" also indicated that they would rather save than spend money, and that they didnt care about impressing others with their money. Trying to keep up with the Jones is often a losing battle, and leads people to feel that theyre constantly struggling with money," observed Rich.

People with higher income were more likely to feel financially comfortable, but only when income was adjusted by the local cost-of-living. For instance, one couple, a contractor and a promoter living in pricey Petaluma, California described themselves as struggling," in spite of a joint income of well over $200,000 per year. On the other hand, a pastor and a store manager living in Rome, Georgia described themselves as comfortable" with a modest income of $50,000.

For couples, the mans education, but not the womans, was associated with feelings of financial comfort. Financial comfort was reported by two out of three persons when the man was a college graduate, but by fewer than half when the man had not graduated college.

Feeling comfortable with your finances is becoming harder and harder with prices going up and with the job market fluctuating," added Rich. The good news is that the keys to a happy future might lie in good old-fashioned values: thrift, education, and judging your success by internal rather than external standards."

ABOUT Dr. Rich

Jonathan Rich, Ph.D. is a clinical psychologist in private practice in Irvine, CA. More information about his book, The Couples Guide to Love and Money, can be found at www.MoneyWorkBook.com. The book can be ordered on Amazon.com, or directly from the publisher at (800) 748-6273. For interviews with Dr. Rich, review copies of his book, or a press kit, contact publicist Lorna Garano at (800) 748-6273 X107.

Title: The Couples Guide to Love and Money
Publisher: New Harbinger Publications, Oakland, CA.
Publication Date: February 2003.
ISBN: 1572243112
Format: 200 pp., 8½ x 11, Trade Paperback.

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