Money can’t buy happiness, money is not everything, and people with a lot of money always remain sad. We are listening to these phrases since we were born. But do you actually think that it’s a truth or just a myth we are relying upon?
However, no one can answer this question until he becomes rich. Middle-class people only believe this because they don’t have money in reality. But still, they think about it all the time and try to become a wealthy person. And it’s the main cause of their unhappiness.
But do you know, what science suggests about it? In fact, there are two studies suggested by two Nobel Prize winner economists, Daniel Kahneman and Matthew Killingsworth. Read both reports here:
“Money Doesn’t Buy Happiness After $75,000,” Study in 2010 Suggested
In 2010, two economists named Daniel Kahneman and Matthew Killingsworth conducted a theory on ‘money can buy happiness or not.” As per their reports, money stops pleasing people after they reach $75,000 as their annual income.
Also Read: 5 Psychologically Proven Reasons Why Everybody is So Unhappy
To prove this theory, Daniel and Matthew researched human psychology. They organised a survey of 1000 people in the US to study their state of mind about money. All of these people used to give their feedback on daily basis from 2008 to 2009.
In the research, the economist examines two major aspects that affect a person’s emotional life. First of all! The quantity of joy, stress, anger, sadness and affection. And secondly, changes in their thoughts when they think about their daily lives.
In a conclusion, the research found that money does have an impact on people’s emotional life as well. The more money people get, the more they feel happy. However, the process ends when a person reaches $75,000 as an annual salary.
In their report, Daniel and Matthew wrote, “low income is associated with low life evaluation and low emotional well-being,” On the other hand, “high income buys life satisfaction but not happiness.”
Also Read: 10 Ways to Improve Your Mental Health & Well Being
“Money Provides Satisfaction Even After $75,000,” Latest Study Suggested
As per the latest data provided by the same economists Kahneman and Killingsworth, money continues to provide satisfaction and happiness even after people reach $75,000 as an annual salary.
Recently, both economists conducted another survey in America on around 33,000 people. In the study, Daniel and Matthew compared the feelings of people with a $10,000 salary per year and a $500,000 salary per year.
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Eventually, people with a $10,000 salary per year look very upset with their lives. And on the other hand, people with a $500,000 salary per year look happy and satisfied. So, in a conclusion, money is the source of happiness in this modern world.
Matthew Killingsworth also added one thing to his report, said “most people larger incomes are associated with greater happiness. The exception is people who are financially well-off but unhappy.”
“For instance, if you’re rich and miserable, more money won’t help. For everyone else, more money was associated with higher happiness to somewhat varying degrees.”