On the same note, a large number of people think that acquiring more money can help make them happier. However, research has indicated that whilst assets can satisfy necessities in life, beyond a point of effectiveness, more assets do not necessarily translate into higher levels of happiness. But now I ask – how much money is sufficient to be happy in the United States?
Research has shown that happiness and overall satisfaction rise with money income and thus it is happier to be rich as long as one earns up to $75000 per year. That benchmark has long been set; beyond it, income does very little to enhance happiness and overall well-being. Although it is always pleasant to have more money, people tend to believe that $75,000 is just enough to be able to buy all the necessary things for a comfortable life.
Of course, $ 75,000 goes much further in some parts of the country compared with others. Expenses can be significantly different even between two states or two cities. For instance, $75,000 is a basic but acceptable living standard needed in many midwestern and southern states. But one can imagine it is rather difficult to survive on such a salary in high-priced areas of the country like New York or San Francisco. Location is also important to consider when determining the factors to prioritize.
Also, you have to look at your situation in life and how far your money goes in a specific period for it to be used. You might need more money just to make ends meet if you have children, own a house, have a loan or mortgage, or live in a costly urban center. Some factors need to be considered in proposing a target income, and these are family size, the cost of housing, and the debt burden.
Though there still are debates about how a specific level of income relates to contentment and overall well-being, most of the studies coincide in identifying that emotional health and satisfaction do not rise beyond the bar of $75,000 per year for American families. Beyond that point, research has indicated that even tripling one’s already high-income level does not add much to one’s ordinary happiness.
Yes, money is still needed up to the level where one is comfortable and has the means to feed, clothe, find shelter, access healthcare, and have a little more. It is to be noted that around $ 75,000 per year appears to be a realistic figure that would suit the majority of the American families’ necessities. Beyond that level, more money accumulated by a person translates to more material things or a bloated amount saved in a bank but does not translate to more happiness or satisfaction daily.
Thus, while it is more comfortable to be rich and have no financial worries and everything arranged to one's taste, one does not need a million dollars to be content. The next time you feel the need to buy something that is romantic, you should consider spending your money on a date with friends as opposed to items to possess. A study in the United States has found that $70-80k yearly seems to be enough to cover happiness and satisfaction in most families.
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