I used to say that, “whoever says money can’t buy happiness, ain’t been shopping at the right malls.” I am not sure that money can buy happiness, but it definitely can buy security.
A new study at the University of Pennsylvania found that despite what people say, money CAN buy happiness. And there might not be an upper limit.
A similar study in 2010 found that more money does make us happier, but it plateaus at $75,000 a year. And more than that doesn’t affect how happy you are day-to-day.
But in the new study, researchers had 33,000 people use an app called “Track Your Happiness.” And they DIDN’T see any kind of plateau.
Basically, they found that yes, 20 bucks means more to someone who makes $25,000 a year than someone who makes $100,000. But if your income doubles, you see a boost in happiness regardless of how much you were making before.
In other words, someone who goes from $100,000 to $200,000 a year gets the same type of boost as someone who goes from 25 grand to 50 grand.
They think it’s mostly because more money equals more control. Quote, “When you have more money, you have more choices about how to live your life.”
But equating money with “success” isn’t a good idea. The study also found that people who think being RICH makes you “successful” are less happy overall.