Millennials say they need $525,000 a year to be happy. A Nobel prize winner's research shows they're not wrong. Here is the article: Millennials Need $525,000 a Year to Be Happy: Survey (businessinsider.com)
We know a guy, who is 5 years older than us (later War Baby/Silent Generation) that has two adult sons, who are both top-notch Engineers, with college degrees. Both married, children, nice homes and vehicles. Actually, both make at least 3X the salary their dad did working for Ford Motor Company and retiring from there.
Wrong question? I think it should be simply are you happy! I am a member of another forum where many members are 'homesteaders' who prefer hard work and low income to town life and money in their pockets. I wont pretend to go that far but have left any number of high paying (well perhaps modestly paying) jobs in search of a more relaxed (but perhaps less secure) life, now passing towards 80 I have not regretted any of those decisions then or now. It all depends what you want out of life! That said the cost of accommodation in many areas, but particularly in a town or city, is simply outrageous be it to rent or buy.
I don’t understand how people are doing it. We are selling our house so we’ve been paying more attention than usual. Our real estate agent told us a place that just sold for $750,000+ was bought with full financing. I didn’t know people could do that now, 100% loan. And even if you can, how on earth can anyone afford those monthly payments?
Who can do it? Degreed Engineers (Bachelors or Masters), RN's, Doctors, Airline Pilots. IOW, high paying jobs/careers. Because of how my wife has saved, we were able to buy "straight out" (no monthly payments) our 2021 Dodge Durango GT along with a few Service Plans.
There may be some measure of happiness derived from making X amount of money per year, but are they content with that? Once someone reaches a certain milestone of financial success that they say will make them happy, do they not rationalize that if X amount of money makes them happy, then X+ will make them happier? Happiness cannot be confused with contentment. For the most part, happiness derived from wealth is just a bucket with a hole in it that cannot be fully filled for any length of time. My wife has a son who made a move to make more money and he was happy that he got the job and a salary that is probably higher than he has ever made. Just recently, he got a raise which made him even happier but, he would be much happier and if he made the same money and was able to go back to where he calls home. But the question remains, would he be content with that?