How much does money have to do with happiness?
Does making (or possessing) more money make you happier?
For a lot of people, this question sounds like an obvious ‘yes.’
This is especially true when you take into account how stressful it can be to come up short on funds at the end of the month.
Anyone who’s ever struggled to pay their bills knows just how stressful it can be to not have enough money.
But at the same time, there are all kinds of stories circulating out there about depressed movie stars, musicians, and millionaires.
Some of these people are so depressed and seemingly unhappy that some of them have even committed suicide.
Why would someone continue to be sad or depressed if they were rich, if money were the key to happiness?
By this logic, anyone who has more than enough money to live on ought to be so happy that they don’t really experience any sadness.
But that’s obviously not true.
It’s actually a quandary that’s been studied by scientists.
Here’s what you need to know.
What Does Science Say About Money And Happiness?
According to a recent Purdue study, which was published in the journal Nature Human Behavior, it was discovered that, globally, life satiation tends to occur at about $95,000 for life evaluation and $60,000-$75,000 for emotional well being.
In North America, it also stated that the ideal income for life satisfaction is $105,000.
Of course, the numbers vary by state.
But as it turns out, money will only increase your happiness to a certain extent.
Beyond the numbers listed above, it seems that money alone tends to have severely diminishing returns.
It’s also true that the happiness caused by money isn’t all-encompassing or omnipotent.
There are limits to how happy money can make you.
Making enough money to be able to eliminate money stress will definitely contribute to your happiness. It may even contribute to your levels of life satisfaction and well-being.
It can also contribute to making you a healthier person, because you’ll be able to afford more of the things you need to live a well balanced lifestyle.
However, there is a point to where money ceases to be effective where happiness is concerned.
What’s The True Key To Happiness?
Well, there are a lot of theories about that.
But a life comprised of a well-put-together set of health and wellness metrics is certainly a good place to start.
Staying healthy, taking responsibility for positive mental health, nurturing high-quality relationships, and pursuing meaning and purpose in your life seem to be good launch-off points.
In addition, it certainly seems to be helpful to take thought for any clinical mental health issues you may be suffering from.
Depression and anxiety, for example, may not be caused by a lack of money—and therefore may not be fixed by getting more of it.
These are conditions that you may need therapy or even medication for.
So make sure to reach out and talk to someone if these are the issues that are keeping you from experiencing the kind of happiness you want in life.