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So, you've hit that money milestone you were aiming for. The one where you thought you'd finally feel wealthy. But you don't - and in fact you're as stressed and depressed as ever. Why?

There's no one number you can hit that upgrades you from middle-class to wealthy. Being rich is“a subjective experience,” says Charles Chaffin, co-founder of the Financial Psychology Institute (1).

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And according to recent research, some people never get much happier when they reach financial security - no matter how much money they make.

Wealth and well-being depend on mindset

No matter how much money we have, some of us may never feel wealthy. For instance, only a third of millionaires (32%) consider themselves wealthy, according to a survey by Northwestern Mutual (2).

One reason is that people who become millionaires are often“money vigilant,” according to Chaffin. This means they're constantly keeping track of how much money is moving in and out of their accounts - and they never feel truly secure with the amount they have (1).

Money vigilance is one of four money scripts people fall into, according to a framework created by psychologist Brad Klontz. He describes these scripts as unconscious sets of beliefs about money that shape our financial behavior. They're typically formed in childhood and can be passed down from generation to generation. While the outcomes from adopting the script of money vigilance can be good - like being a disciplined saver - they can also prevent you from enjoying your wealth (3).

Comparison is the thief of joy

Comparing ourselves to others, though it's human nature, can also make us feel less wealthy. Social media inundates us with curated images of friends, family, influencers and the rich and famous - all of whom seem to be doing better than we are.

But the people you pay attention to don't represent the majority. Chances are, you're doing very well comparatively. According to the World Bank, about 45% of the world's population, or 3.7 billion people, live below the global poverty line of $8.30 USD per day (4).

There are ways to stop constantly comparing yourself with others, according to physician and wellness expert Dr. Susan Biali Haas. She recommends reducing your triggers. So if you tend to get feelings of inferiority from scrolling social media, going to places like high-end shopping malls, or hanging out with people who make you feel inferior, for instance, Biali suggests making a point to avoid those things (5).

Read More: No time to lower your crippling car insurance rate? Here's how to do it within minutes - you could end up paying $29/month without a single phone call

The unhappy minority

Research has long suggested that making more money does buy happiness, but only up to a point. Some studies have shown that beyond a certain income level - ranging from $75,000 per year to $100,000 - all your needs are met, and more money doesn't make you any happier. Other research contradicts that, and finds that happiness continues to go up as income and wealth do.

Interestingly, in 2023 this conflict was resolved when two competing research teams at Princeton and the University of Pennsylvania teamed up and discovered that money makes most people happier, but a stubborn minority - around 15% of people - are unhappy seemingly by nature, and appear to be immune to happiness gains that come with earning above a certain threshold (6).

Do you think you are in this grumpy group? Well, the good news is that money isn't the only factor affecting happiness. Your genetics and personality do play a role - and those are pretty fixed - but spending time with family and friends, doing meaningful work or charitable activities, and engaging with spirituality and community can all make a big difference (7).

Know where you stand

To gain some perspective, it may help to have a clearer financial picture. First, what does it mean to be wealthy? To answer that question, you'll need to look at your net worth: the value of all your household's assets - everything from checking accounts to retirement savings to cars - less all of the debts you owe. Then, you can see how you're doing relative to others.

According to the most recent data from the Federal Reserve, net worth changes with age. Many people reach their highest net worth in early retirement, peaking in the 65-74 age range at a median of $409,900 and average of $1,794,600 (8).

Even if you don't manage to shift your mindset, you have a lot to look forward to as you get older. It's a myth that people are less happy as they get older - even as many challenging things happen as we age, from transitioning to retirement, grieving spouses or other loved ones, and coping with illness and disability.

According to a 2022 academic book on happiness by psychology researchers Floriana Irtelli and Fabio Gabrielli, older people have developed a better capacity to regulate their emotions and have learned, by living, to make themselves happier by investing in things that bring them more fulfillment and meaning (7).

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Article Sources

We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.

CNBC (1 ); Northwestern Mutual (2 ); The Journal of Financial Therapy (3 ); World Bank (4 ); Psychology Today (5 ); Penn Today (6 ); Happiness and Wellness – Biopsychosocial and Anthropological Perspectives (7 ); Federal Reserve (8 )

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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