Gary VaynÂerÂchuk wants young peoÂple to stop aspirÂing to earn milÂlions of dolÂlars. The 44-year-old self-made mulÂtiÂmilÂlionÂaire entreÂpreÂneur and CEO of VaynÂerÂMeÂdia says he has seen that chasÂing after milÂlions makes peoÂple misÂerÂable in life.
âIf youâre under 25, you think you have to make a milÂlion dolÂlars a year to be in the game,â VaynÂerÂchuk told CNBC.
But âI wish every 16 year old on earth would think of $ 70,000, not a milÂlion,â he says.
âYouâd have a whole difÂferÂent world. Youâd have peoÂple who wouldÂnât do things they hate.
SciÂence supÂports VaynÂerÂchukâs premise.
First, studÂies have shown that peoÂple feel hapÂpiÂer the more monÂey they earn, but only up to about $ 75,000 per perÂson per year. This is because monÂey makes peoÂple so much hapÂpiÂer that it allows you to meet basic needs like food, a place to live, and health care. After that, the corÂreÂlaÂtion with hapÂpiÂness stops.
Beyond that, research also shows that, from a hapÂpiÂness standÂpoint, it is more imporÂtant that your job gives meanÂing or purÂpose than a high salary.
âI have so many friends who make $ 53,000 a year and realÂly enjoy their lives,â says VaynÂerÂchuk. âAnd then, the fluke of my life for the past 20 years, I have an uncomÂfortÂable numÂber of friends who make $ 12 milÂlion a year and are unhappy.
âI think we realÂly need to redeÂfine success.â
VaynÂerÂchuk also points out that âthe entry levÂel into the 1% in AmerÂiÂca, one of the richÂest counÂtries in the world, is [over] $ 400,000 a yearâ â indeed, you have to earn $ 478,000 to be among the richÂest 1%. in the UnitÂed States, as of 2019.
So he also prefers the $ 70,000 benchÂmark because it âframes a conÂverÂsaÂtion for peoÂple who canât even imagÂine [makÂing milÂlions].â In othÂer words, for someÂone earÂly in their career, that numÂber may seem more attainable.
On a perÂsonÂal levÂel, when VaynÂerÂchuk was between 20 and 30, âmy life didÂnât realÂly have me runÂning in makeshift or luxÂuÂry cirÂcles,â he says. âI grew up in fairÂly modÂest places and as a poor student.â
VaynÂerÂchuk immiÂgratÂed to the UnitÂed States from Belarus in the 1970s. His first job was to bag ice for his parÂentsâ liquor store for $ 2 an hour. As a stuÂdent at Mount Ida ColÂlege, he creÂatÂed a YouTube chanÂnel to review fine wines, which turned him into an interÂnet sensation.
But even with all of his sucÂcess, VaynÂerÂchuk believes there is âno corÂreÂlaÂtionâ between his hapÂpiÂness and how much monÂey he has. Instead, he believes what makes him hapÂpy is the work he does.
âI love the entreÂpreÂneurÂship game, the good, the bad and the ugly,â he says. âAnd so I conÂsidÂer myself very hapÂpy because I love my process.â
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