Many people are familiar with the 2010 Princeton study that reported that there is a diminishing return to the impact of money on one’s happiness that tops out at about $75K a year. People were surprised that the threshold was very in line with the average household income in the USA at $73K. It is often cited as evidence that money doesn’t buy happiness. I wrote an article about it almost two years ago.
I recently came across this article on Time/Money’s website which looked at the study in more detail. The work won Scottish-American economist, Angus Deacon, a Nobel Prize and they present more findings of the study – including differences between ‘happiness’ and ‘life satisfaction’. As is usually the case, there is more here than typically meets the eye.
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