Quality of Life
Reviewed by Aug 27, 2020| Updated on
Quality of life is a very philosophical estimation of joy that is an essential part of most financial decisions. Parameters that are going to play a part in the standard of living differ based on personal inclinations that individuals have.
However, they generally cover financial assets and securities that they possess, personal life, job satisfaction, health, and financial security of the family.
Decisions made on finances can generally include a tradeoff in which the standard of living is reduced so that more money is saved or more money is being earned. In contrast, the standard of living can be improved by spending more money.
Breaking Down Quality of Life
The quality of life can be considered as a non-financial component, which is closely related to the life and job satisfaction of an individual. The quality of life, when used in association with the job or work, it generally refers to the ability and time to do the things that make an individual happy and joyful.
If your job is providing you with enough money but needs you to spend more hours on work, the employee will not lead a happy life despite earning a good amount of money. If a job is giving a great amount of money and leaving the individuals in tattering due to stress, injured, or no time for personal life, then it is another impediment on the quality of life.
Gone are the days when the individuals were ready to compromise on their quality of life in exchange for high pay. Now, people want to balance their personal and professional life.
Commuting to work in public transport, car, or bike is a major factor that individuals consider to measure their quality of life. Also, people consider going on vacation and the area they reside in as a major parameter for measuring the quality of life.