News; Money can buy happiness, it costs $75,000

RICH people are happier than low-income earners but the benefits of wealth appear to taper off after US$75,000 a year, according to a Princeton University study.
The new study published online in the Proceedings of the National Academy of Sciences (PNAS) asked about 1,000 randomly selected US residents to assess their emotional well-being each day and also asked them to rate how they felt their life was going in general, according to a statement from Princeton University.
Participants assessed their emotional well-being by determining how much time they spent in positive or negative states the previous day.
They determined their life evaluation by rating their life on a scale of zero to 10.
Based on more than 450,000 responses, the study found as income decreased from US$75,000 ($82,000), respondents reported decreasing happiness and increasing sadness and stress.The pain of life's misfortunes including disease, divorce and being alone, were also made worse by poverty, according to the study's authors, psychologists Professor Angus Deaton and Professor Daniel Kahneman.
“We conclude that lack of money brings both emotional misery and low life evaluation; similar results were found for anger,” write the authors in the report.
“Beyond US$75,000 ($82,000) in the contemporary United States, however, higher income is neither the road to experienced happiness nor the road to the relief of unhappiness or stress, although higher income continues to improve individuals’ life evaluations.”
Although the study does not suggest that quality of life will improve with higher incomes, it does indicate that above a certain salary, people's emotional wellbeing was impacted by other factors such as temperament and life circumstances.
Those earning more than US$75,000 ($82,000) would not be able to buy happiness but the money would bring a life they people thought was better, the study concluded.


Opinion: It is indubitable that money can't buy any happiness in life, but it is a necessary and essential key to a better life and better standard of living. Every single thing we consume or enjoy today carry a cost and without money, nothing can be done. Fundamental component to stay in life such as food, water, electricity, education, health care and etc. do involve a cost and the way to pay for those is money!!! However, money dosen't determine everything. It cannot guarantee that misfortune will not happen on someone rich, ensure a healthy life, promote good reputation with noble quality, buy proximity, trust, believe and the list goes on. It's up to someone to decide on the balance between money and life. The most significant factor that decide on quality of life is the greediness of the person, but not money. People should feel contented as long as the money they have earned are able to provide them with the fundamental need and occasionally some entertainment to relax themselves.