There is the saying, “Money can’t buy you happiness” and that may be true. However, even if money can’t buy you happiness it can definitely make you feel more comfortable, secure and satisfied.
In fact, psychologists from Purdue University and the University of Virginia analyzed World Gallup Poll data from 1.7 million people in 164 countries and cross-referenced their earnings and life satisfaction to find out what amount of money they need to be made to feel their best. So what’s the magic number? Your emotional being will be pretty solid if you make between $60K and $75K but to really great $95K is ideal.
Interestingly though the researchers found that as the salary went up from $95K the happiness level decreased. To put it in context the median U.S. household income is on average $59,000 and many of these are dual income families. Basically, you reach a point where the pressure from money becomes stressful. “The small decline puts one’s level of well-being closer to individuals who make slightly lower incomes, perhaps due to the costs that come with the highest incomes,” Andrew Jebb, the lead author of the study and doctoral student at Purdue’s Department of Psychological Sciences said. “These findings speak to a broader issue of money and happiness across cultures. Money is only a part of what really makes us happy, and we’re learning more about the limits of money.”
Hmm something to think about!