Past Due: Radio 125 – Why Rich People Don’t Feel Rich
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We tend to look at people who make a lot of money with envy: Wouldn’t it be nice to be rich? Todd Henderson, professor at the University of Chicago, makes $250,000 a year and says he feels poor.
Today we talked about why “rich” is not the right word to use – if you live in a developed country, you’re already rich by the world’s standards – and how even high income earners are subject to the hedonic treadmill (letting their expenses always rise to meet their income).
I also took a question from Heather in Indiana. She shared that her friends own a rental property that’s worth less than they owe and the current renters are a month and a half behind on payment. I gave a few options for moving forward and what I would do if I were in their shoes.