"The more people focus on their salaries, the less they will focus on satisfying their intellectual curiosity, learning new skills, or having fun, and those are the very things that make people perform best."
The fact that there is little evidence to show that money motivates us, and a great deal of evidence to suggest that it actually demotivates us, supports the idea that that there may be hidden costs associated with rewards. Of course, that doesn’t mean that we should work for free. We all need to pay our bills and provide for our families — but once these basic needs are covered the psychological benefits of money are questionable. In a widely cited paper, Daniel Kahneman and Angus Deaton reported that, in the U.S., emotional well-being levels increase with salary levels up to a salary of $75,000 — but that they plateau afterwards. Or, as Arnold Schwarzenegger once stated: “Money doesn’t make you happy. I now have $50 million but I was just as happy when I had $48 million.”
Money Motivated Series
Does Money Really Affect Motivation? (1)
Does Money Really Affect Motivation? (2)
Does Money Really Affect Motivation? (3)
Does Money Really Affect Motivation? (4)