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☆ The more money you have, the more money it takes to feel happier, new research says
▼ + stars: | 2024-10-15 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

New research suggests that as you move up the income ladder, it takes exponentially more money to get the same happiness bump. AdvertisementYes, money buys happiness — and there's no magic salary number that'll unlock personal bliss. You need more and more money to move up the happiness ladder — and as your hoard becomes bigger, so, too, does the amount you need to become happier. It's like getting exactly the same benefit you've always gotten and it just takes a little bit more money." AdvertisementHave you found yourself chasing more money to feel happier?

Persons: —, Matthew Killingsworth, Killingsworth Organizations: Service, Wharton People Analytics

☆ More money tends to make you happier—even if you're already rich, Ivy League researcher finds
▼ + stars: | 2024-10-11 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +1 min

His research finds that the correlation between your paycheck and your happiness holds extremely true across a vast range of incomes. Further, it shows that the psychological effect of more money is relatively the same across income brackets. In other words, if a person earning $200,000 a year and a person earning $50,000 both receive a 20% raise, the relative increase to their happiness will very likely be roughly the same. But in terms of quantifying their joy, the raise has about the same effect, Killingsworth says. "Money is one of many variables [in] the equation for happiness, and no single variable dominates," Killingsworth says.

Persons: Matthew Killingsworth, Killingsworth Organizations: University of Pennsylvania's Wharton School, CNBC

☆ Daniel Kahneman’s Gift for Adversarial Collaboration Is What We Need Now - The New York Times
▼ + stars: | 2024-04-01 | by ( Cass R. Sunstein | ) www.nytimes.com time to read: +1 min

Our all-American belief that money really does buy happiness is roughly correct for about 85 percent of us. We know this thanks to the latest and perhaps final work of Daniel Kahneman, the Nobel Prize winner who insisted on the value of working with those with whom we disagree. Professor Kahneman, who died last week at the age of 90, is best known for his pathbreaking explorations of human judgment and decision-making, and of how people deviate from perfect rationality. Beyond a threshold at or below $90,000, Professor Kahneman and Professor Deaton found, there is no further progress in average happiness as income increases. Eleven years later, Matthew Killingsworth, a senior fellow at the Wharton School of the University of Pennsylvania, found exactly the opposite: People with higher income reported higher levels of average happiness.

Persons: Daniel Kahneman, Kahneman, Angus Deaton, Deaton, Matthew Killingsworth Organizations: Princeton, Wharton School, University of Pennsylvania

☆ Millennials say they need $525,000 a year to be happy. A Nobel prize winner's research shows they're not wrong.
▼ + stars: | 2023-11-21 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

For millennials, happiness would come from a $525,000 annual salary. Still, high inflation, interest rates, and student loans damper Americans' financial happiness. Here's what each generation said they need to earn annually, as well as the net worth required, to achieve happiness:Gen Z: $128,000, with a net worth of $487,711Millennials: $525,000, with a net worth of $1,699,571Gen X: $130,000, with a net worth of $1,213,759Boomer: $124,000, with a net worth of $999,945AdvertisementMen said they needed to earn $381,000 annually, while women said $183,000 would make them happy. The latest economic data could make Americans' financial happiness goals more achievable. AdvertisementThe latest Survey of Consumer Finances from the Federal Reserve, however, had a glimmer of hope for millennials when it comes to net worth.

Persons: —, Daniel Kahneman, Matthew Killingsworth, Angus Deaton, millennials Organizations: Service, Penn's Wharton School, Federal, Consumer Finances, Federal Reserve

☆ Would a $100,000 salary make you happy? Here's when more money doesn't mean more joy
▼ + stars: | 2023-03-28 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

While money certainly helps bring joy and satisfaction to your life, it won't have the same impact on everyone. The researchers first set out to determine why one study showed a happiness plateau while the other did not. For the new study, the researchers decided to look at incomes above or below $100,000 as a starting point. Since Killingsworth's study categorized that salary in the $90,000 to $100,000 range, they decided to simply look at incomes above or below $100,000. An "unhappy minority" revealed itself, however, as the researchers found the most explicit happiness plateau among the least happy 15 to 20% of people.

☆ Money really does buy happiness for most people, researchers say
▼ + stars: | 2023-03-09 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

It found that for the vast majority of people, money does buy you happiness. Meanwhile, happiness "increases steadily" along with income among the rest of the population, Killingsworth, Kahneman, and Mellers found. For the happiest 30% of people, happiness rises at an accelerated rate beyond $100,000. "In other words, the bottom of the happiness distribution rises much faster than the top in that range of incomes. Killingsworth, Kahneman, and Mellers noted, however, that the correlation between income and well-being was "weak, even if statistically robust."

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