First Date Gone Wrong Long, long ago, I went on
Whoever said that money can’t buy you happiness was wrong…Well, sort of.
As much as we all would love to win the lottery and have oodles of money to buy what we want when we want, may not be as great of a dream as we thought. Our emotional well-being aka, happiness, increases with our income but tops off at about $75,000, so say researchers.
Most of us know that the pressure is on when it comes to social pressures to be active consumers. Our enjoyment suffers because the grass is always greener. Angus Deaton, an economist at the Center for Health and Wellbeing at Princeton University, “Stuff is so in your face it’s hard to be happy. It interferes with your enjoyment.”
A survey for the Gallup-Healthways Well-Being Index of 450,000 Americans in 2008 and 2009 was reviewed by Deaton and Daniel Kahneman with questions focusing on people’s day-to-day happiness and their overall life satisfaction found that happiness rose with income, but the effect was leveled out at $75,000. But, with the peetering of happiness came an overall sense of success or well-being that rose with earnings. For example, someone who goes from a $100,000-a-year job to one paying $200,000 will feel more successful, but their day-to-day happiness doesn’t go up with the pay increase.
“Giving people more income beyond 75K is not going to do much for their daily mood … but it is going to make them feel they have a better life,” Deaton said in an interview.
However, one conundrum of this study is that it’s hard to quantify the value of growth for people, thus affecting the extent of just how happy one is. There are other variables to consider as well, such as the size of your household and your personal happiness needs. Also, a smaller study suggested a $50,000 salary is when we start to see significant differences in life satisfaction and well-being.
One good outcome from the researchers is that, “as in other studies of well-being, we found that most people were quite happy and satisfied with their lives.”