Money is a tool that can help increase our happiness if used correctly. Here's how, explains MaxAlberhasky
. Earning at least $75,000 per year appeared to be enough to buffer against the emergencies and misfortunes that life can occasionally throw at us. However, this finding of a happiness threshold at $75,000 per year was contested recently.
A paper published in 2021 using a larger, more granular dataset found that happiness increases as your paycheck increases, even well beyond $75k per year.The link between income and satisfaction/happiness rise in tandem as high as the household income data goes, around $500,000 per year.How Money Can Boost Our Happiness
The researchers agree that higher income makes us feel more satisfied and accomplished, and now the needle is tipping towards suggesting that more money can also make us happier on a moment-to-moment basis and facilitate more pleasure in our lives. But, as with many things, more money leading to more happiness comes with a caveat: It depends on how you spend it. After all, it could be the case that buying a jet ski might not be the silver bullet to happiness.
. Earning a high income won’t make you happy if you are working hundred-hour workweeks all year or hoarding every cent you earn because it renders the tool useless. Spending on others , purchasing experiences , and using money as a means to buy back leisure time that you can spend with loved ones are three simple strategies to convert money into happiness and use this tool we call money in a way that benefits your life and the lives of those around you.Kahneman, D., & Deaton, A. .
Killingsworth, M. A. . Experienced well-being rises with income, even above $75,000 per year. Proceedings of the National Academy of Sciences, 118.
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