Well-known research from 2010 had shown that people tend to feel happier the more money they make – until they reach about $75,000 a year. After that, money didn’t buy happiness.
But according to a new study, your well-being rises with the amount of money you make, even beyond $75,000. Higher incomes are associated with both feeling better day-to-day and being more satisfied with life overall.
Money is just one factor that influences happiness – and it’s not even the most important one. Other research has shown that social relationships and connection are the most important contributors to happiness.
Lastly, people who equate money with success are less happy than those who don’t, according to another study. When you have a job that gives you meaning or purpose, you tend to be happier, regardless of how much money you make.
Writing this month’s post reminded me of two excellent books:
- my friend and colleague, Melissa Leong’s Happy Go Money: Spend Smart, Save Right and Enjoy Life; and
- the classic Man’s Search for Meaning by Viktor E. Frankl, which now comes in a Young Adult Edition.