Several key statistics for defining wealth have declined over the past three years. In 2018, 65 percent of respondents believed that wealth gives them peace of mind, but the number dropped to 53 percent by this spring. Half of respondents equated wealth with happiness, four percentage points lower than in 2018.
In another move, more people said that wealth means success in life – it was up to 50 percent, up from 40 percent last time.
“A big part of success is still making money, but it just doesn’t make you increase your financial capital,” he said. Baker said. “It achieves something in the process, to build other things, to take some of that financial capital and put it into something else.”
Mr. Norton said its priorities have shifted to more on the people around it, which is why it decided to pay the first half of its company’s Christmas bonus to employees in May. “I did it just to make sure it’s okay with them,” he said. “I focused less on my net worth and income and more on making sure we did the right thing for our clients, but also on making sure my staff and family were in order.”
But for others, the identified isolation focused their minds. Douglas Swets, an angel investor in early-stage beginners, said the pandemic brings more clarity and focus to the investments he and his partners are making.
“After a year of Zoom meetings, I can hold a lot more meetings, and that has improved our investigations,” he said. ‘We can have more people to make referral calls. You get all the questions answered. ”
At the same time, Mr. Swets, who is married with two adult children, said the investments he was judging were not necessarily better given. If it was anything, they were actually more risky, but the pandemic gave him a different view on investing.