This Salary Amount Makes People HappyThe Countess may have been right that money can't buy you class, and The Beatles were correct in that it can't buy you love, but apparently it can buy you happiness. Princeton researchers just discovered that people who make $75,000 a year report greater emotional well-being than those raking in less than 75K annually. But after hitting that salary benchmark, people's happiness doesn't increase as they get more raises, according to the two professors behind the study, Angus Deaton, Ph.D., a renowned economist, and Daniel Kahneman, Ph.D., a Nobel prize-winning psychologist.
By Zoë Ruderman
And that magic number is the same regardless of where you call home-even if it's a super expensive city like New York where that kind of money doesn't go as far as other regions. "No matter where you live, your emotional well-being is as good as it's going to get at $75,000," said Deaton in an article in the Gallup Management Journal. "It's like you hit some sort of ceiling, and you can't get emotional well being much higher just by having more money."
Related: Cheap and Easy Ways To Get Happy
The researchers stressed that it's probably not actually about how much you have in your bank account (though some people definitely derive pleasure from seeing lots of zeroes on their statements), but rather it has to do with what that cash allows you to do. "Not having enough money to live a decent life really gets in the way of doing the ordinary things that make people happy," explained Deaton. "What might create your emotional well being is spending time with your friends, and if your income is below $75,000, you may not have the money to do it."
Related: The Right Time For Everything
Seventy-five thou is a big number. And considering that the median household income was $49,445 last year, according to a survey conducted by the U.S. Census, it's a far-off goal for a lot of people. So we got experts to share the secrets to reaching that goal (or at least getting a lot closer to it). Read the phrase that just might convince your boss to give you more money. Then find out how what you wear can affect your chances of getting a promotion and a bigger paycheck. (We polled 500 HR execs and were kind of surprised to hear that one of the biggest work fashion faux pas is donning this kind of jewelry.
Do you think salary affects a person's happiness? Do you think it's about the actual money or the security that it offers? Or is it that people with more dinero can do cooler stuff and therefore enjoy their time more?
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