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Report: Money can buy you happiness, to a point
September 07, 2010, Associated Press
WASHINGTON - They say money can't buy happiness. They're wrong.
At least up to a point.
People's emotional well-being - happiness - increases along with their income up to about $75,000, researchers report in Tuesday's edition of Proceedings of the National Academy of Sciences.
Deaton, an economist at the Center for Health and Wellbeing at Princeton University, "Stuff is so in your face it's hard to be happy. It interferes with your enjoyment."
For folks making less than that, said AngusKahneman reviewed surveys of 450,000 Americans conducted in 2008 and 2009 for the Gallup-Healthways Well-Being Index that included questions on people's day-to-day happiness and their overall life satisfaction.
Deaton and DanielHappiness got better as income rose but the effect leveled out at $75,000, Deaton said. On the other hand, their overall sense of success or well-being continued to rise as their earnings grew beyond that point.
"Giving people more income beyond 75K is not going to do much for their daily mood ... but it is going to make them feel they have a better life," Deaton said in an interview.