Money can’t buy happiness. We’ve all heard that time and time again, and it’s true that it can’t buy you love or satisfaction in life.
And we all know about rich men, camels, eye of the needle, etc. etc. But on balance, it sure is better to have money than to not have it, and it can certainly buy comfort. Turns out, according to some research by our friends at Town and Country, that there is perhaps a sum of money that can optimize contentment.
You need just the right amount, it turns out. Not so much that it takes on a life of its own and causes trouble, and not so little that a splurge causes you stress. You need enough to follow your passions, but no so much that you question the sincerity of everyone who comes near you.
Experts at Princeton University tried to answer the question of how money relates to happiness in 2010. They found, not surprisingly, that rising income did improve their subjects’ sense of well-being, but the impact topped out at $75,000.
A survey by Skandia International’s Wealth Sentiment Monitor two years later found the figure a bit higher, putting it at $160,000. This all sounds good, but given the kind of fantasizing that makes people buy Powerball tickets, that might not really be quite enough. T&C pursued a less scientific line of inquiry, imagining the life of a typical wealthy family in New York City. They chose a married couple with two teenagers as their sample family. A Fifth Avenue apartment, house in the Hamptons and vacation in the Caribbean are all part of the deal. Don’t forget boarding school and the occasional private jet – things our wealthy family certainly can’t do without.
Once T&C came up with this fictional family, they consulted a number of experts to come up with the number. For the whole story and the big reveal, please take a look at the full article:
Here’s Exactly How Much Money You Need To Be Happy | Town and Country