Money Brings Happiness Essays

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That measure seems to be more sensitive to socioeconomic status, the authors noted.

People naturally compare their lives and incomes to others', and even if they experience no negative emotions they may yearn for and be more satisfied with higher pay far beyond the level they would need to avoid pain or afford leisure.

That study analyzed data from the Gallup Organization in the Gallup-Healthways Well-Being Index (GHWBI).

It's a lower number because researchers in that case used a single person's income rather than the family income used by Clingingsmith.

"We earn income because there are things we want to do — we want to live our lives, support our families, have experiences and so forth," said Clingingsmith.

Although the mass media has convinced many Americans that wealth leads to happiness, that’s not always the case.And for individual people, learning more about the relationship between income and happiness could help them find their own personal sweet spot — where income leads to life satisfaction without requiring additional sacrifices.There's still a lot of economics work that needs to done to fully understand that relationship.If the marginal dollar means nothing for the emotional well-being of an extremely wealthy person, but has a huge effect for a poorer person, then taking

Although the mass media has convinced many Americans that wealth leads to happiness, that’s not always the case.

And for individual people, learning more about the relationship between income and happiness could help them find their own personal sweet spot — where income leads to life satisfaction without requiring additional sacrifices.

There's still a lot of economics work that needs to done to fully understand that relationship.

If the marginal dollar means nothing for the emotional well-being of an extremely wealthy person, but has a huge effect for a poorer person, then taking $1,000 from the top percentile and giving it to the lowest percentile will have a large net effect on happiness, based on these findings.

"A little bit of marginal taxation doesn't hurt people who are up high as much as it benefits those down low through redistribution or spending on programs," said Clingingsmith.

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Although the mass media has convinced many Americans that wealth leads to happiness, that’s not always the case.And for individual people, learning more about the relationship between income and happiness could help them find their own personal sweet spot — where income leads to life satisfaction without requiring additional sacrifices.There's still a lot of economics work that needs to done to fully understand that relationship.If the marginal dollar means nothing for the emotional well-being of an extremely wealthy person, but has a huge effect for a poorer person, then taking $1,000 from the top percentile and giving it to the lowest percentile will have a large net effect on happiness, based on these findings."A little bit of marginal taxation doesn't hurt people who are up high as much as it benefits those down low through redistribution or spending on programs," said Clingingsmith.Previous studies have found a correlation between money and happiness, but the Case Western study used the data on individuals over time to demonstrate that income can a reduction in negative emotions.It also found that an increase in income can reduce the incidence of serious mental illness (defined as a score of 10 or higher).It doesn’t do much good to learn about compound interest or high-yield savings accounts if you don’t know how money affects your well-being.If personal finance were as simple as understanding math, this book wouldn’t be necessary; people would never overspend, get into debt, or make foolish financial decisions."That comparison between yourself and other people is really important for one's sense of well-being," said Clingingsmith."If I'm a trader and making $300,000 at a firm where everyone else is making $450,000, that may feel different." So why do these studies matter?

,000 from the top percentile and giving it to the lowest percentile will have a large net effect on happiness, based on these findings."A little bit of marginal taxation doesn't hurt people who are up high as much as it benefits those down low through redistribution or spending on programs," said Clingingsmith.Previous studies have found a correlation between money and happiness, but the Case Western study used the data on individuals over time to demonstrate that income can a reduction in negative emotions.It also found that an increase in income can reduce the incidence of serious mental illness (defined as a score of 10 or higher).It doesn’t do much good to learn about compound interest or high-yield savings accounts if you don’t know how money affects your well-being.If personal finance were as simple as understanding math, this book wouldn’t be necessary; people would never overspend, get into debt, or make foolish financial decisions."That comparison between yourself and other people is really important for one's sense of well-being," said Clingingsmith."If I'm a trader and making 0,000 at a firm where everyone else is making 0,000, that may feel different." So why do these studies matter?

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