I would slightly disagree but mainly because I was born dirt poor, grew up broke and was broke up until fairly recently and now earn very well and do spend a fair bit of time with people who have multiple millions/billions in the bank (not my case mind you!!!) and so feel I have seen and lived through most sides of the coin.
Money, once you get to a certain point (having enough for bills and all the basic necessities + leisure), only has as much power as you give it, and often can become quite detrimental, in a similar way to not having money. I also think mindset plays a big part in quality of life and all the things you mention.
for example:
Where you live: yes, someone with money has more options in terms of where to live but it comes at a cost, the better the neighborhood the higher the mortgage/rent so the salary vs rent or mortgage ratio might be very similar to someone on minimum wage paying rent in a cheaper neighborhood. I also feel people will overstretch themselves economically irrelevant of their economical situation to keep up with the Jones by always trying to live in the « better neighborhood ». All my friends on minimum wage live in a better neighborhood than me even though I earn 10x what they do and could afford the best neighborhood. It just didn’t make financial sense for me to reduce the gap between my salary and rent/mortgage forcing me to always earn above a certain threshold just to be 15 minutes closer to the hyper center of the beach. Yet most people make that choice and therefore feel poorer than they are.
What opportunities you have:
Honestly I had more opportunities when I was broke. When I was broke and was earning minimum wage or more often than not below minimum wage, everything was an opportunity, an opportunity to earn even just a little bit more, or a lot more, or to learn something new or do something new while earning the same without needing a crazy amount of experience etc… because it’s a minimum wage job anyway.
Currently I am at the peak of my salary. I very much doubt I could earn more nor that I will (nor do I want to I think). So I am stuck. It’s either this forever (and I am burned out and starting to be massively miserable), or accepting I will always earn less or likely will go back to minimum wage. Why? Because you can’t jump into high paying positions without the background to back you up. You need start from the ground up again. So if I want to do something else I need to start from the bottom. When you are the bottom, it’s easier to shift gear, because all you can do is climb up anyway.
that’s why it’s interesting to see people miserable in minimum wage jobs and yet feeling “stuck”. I feel it’s hard to be stuck when on minimum wage because almost any other job will pay you that, so what’s the risk in trying something new? When you earn a lot, and have outgoings that usually go with your current salary it’s a lot harder to jump ship, and dare try something new and take the financial hit.
your health:
Now I earn well I have private insurance and I must say it’s nice but I am from a country that has a nice public health system and was in it for most of my life so honestly don’t feel my health affected by my bank account. I am conscious that having the money to pay for private can be the difference in terms of time between symptoms and diagnosis and treatment options etc… and that is BIG.
on the other hand I also feel like most people don’t care about their health nor their economical situation regarding their health. Many people who don’t have much money still spend a lot of money on unhealthy stuff (beer, sweets, fast food, cigarettes, takeaways etc…) despite knowing that those things are expensive and not necessary/nutritious and many people who have money to buy all those things without it impacting their finances will still prefer more healthy options. Plenty of free ways to work out and excercise and many don’t.
like yes, money can buy you a better health coverage but health is also in actions. I say this while I am queen of ordering fast food and signing up to the gym and showing up only once a year. But I am aware it’s me choosing to be unhealthy.
your stress levels - everything.
Stress is impacted by many things. Not making ends meet is stressful, working 14hours+ days is stressful, having a company where people’s wages and employment depends on you is likely stressful.
In the end stress can also very much be correlated to the amount of money you need to go through the month.
Someone unemployed or on a low wage who is £200 short every month, will be very stressed.
someone whose outgoings are £4000 and whose job they are about to lose will be very stressed also.
someone whose company is not doing well and know they need a cash flow of 100k per month to make sure all their employees get paid will also be very stressed.
In the end all those scenarios are stressful, and it’s a different kind of stress. £200 is slightly easier to borrow or find than £4000 or 100k. In the end stress evolve with money. I somehow feel more stressed now that I earn well despite spending well below my means, because I know that even then my outgoings/ taxes (especially) are a lot. And to keep up with them I am stuck having to keep a certain amount of money coming in. And those are very different figures to the amount I needed to make sure I had at the end of the month when I was broke, it was still highly stressful then but the amount I needed each month seemed more accessible than the amount I need now. And that increases the stress by a lot and keep me in abusive positions for longer than it would then, which is also stressful.
Even relationships and friendships are influenced by it:
I would say that’s highly dependent on your personality? For example I have kept all the same friends I had when I was dirt broke, Many of them don’t even know my salary has evolved to what it is and I don’t think they would be able to tell, I like the same things I used to like, I do the same things, wear the same clothes have the same conversations, live in the same kind of neighborhood (and my car is old).
Money influences what you let it influence. Money has never got in the way of my friendships but in terms of relationship I am very wary of protecting myself financially and I am attracted to people who do the same, I would rather someone poor but with good budgeting skill than someone on a high salary throwing money at the wind like it’s Monopoly money.
I think money is a tool I don’t think it’s a personality trait but I do think some people make it a personality trait and that determine a lot of the above.