Once you have $75,000 a year, making more doesn’t help according to Gallup data collected from a half million Americans.
People who earned $55,000 were only 9% more satisfied than those making $25,000 – but they had expected double the satisfaction for the money.
Once you get to $75,000 the beneficial results of earning more income were negligible.
The Million Dollar Man or Woman is not happier than the ones earning $75,000 a year!
More striking is what we do with our money.
The research shows spending money on everything you’ve ever wanted doesn’t make you as happy as banking it and spending it conservatively or giving it all away.
The secret to monetary pleasure is buying things for others giving additional credence to the adage “’tis better to give than to receive”.
When we give money to others to spend, they are happiest when they, too, spend it on others.
There is a push-effect.
I know a woman whose father and mother have crafted their wills to require their children to give away half the money they are being bequeathed. And they’ve asked that the people who receive the 50% do the same for someone else.
It takes $75,000 to be as happy as a millionaire or even a billionaire.
But no amount of money makes people happier, according to this data, then those who share what they have.
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