World Financial happiness starts at $85,000 per year
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- Americans earning more than $US85,000 a year are happier than those who earn less.
- A found that the more you earn, the happier you are.
- found that happiness plateaued when earning $US75,000 a year.
Want to be happier than the average American? Make (at least) $US85,000 a year.
So says a new study, which found that money does buy happiness.
The study, published in the, drew on 1.7 million experience-sampling reports from 33,000-plus employed US adults using the iPhone app Track Your Happiness. Developed by former software product manager and Wharton fellow Matthew Killingsworth, the app analyses the relationship between income and happiness by randomly asking users to log their activities and feelings.
Françoise Hardy and Jacques Dutronc: this 2nd child they had to mourn
© MAX COLIN / BESTIMAGE Françoise Hardy and Jacques Dutronc: this 2nd child they had to mourn Emblematic couple of the 1960s, Jacques Dutronc and Françoise Hardy, who celebrated this Sunday, January 17 these 77 years, went through a test: a miscarriage, a few years after the birth of their son Thomas Dutronc. A couple marked by hardship. In the 1960s, the legendary couple formed by Françoise Hardy and Jacques Dutronc made a whole generation dream.
The study revealed that the turning point for financial happiness is an income of $US85,000. Those earning less than that are less happy on average than the overall average happiness, while those earning over $US85,000 are happier.
The study measured happiness in two ways: evaluative, looking at life satisfaction, and experienced, looking at feelings. Happiness increased pretty steadily as income increased in both cases, but significantly more so for life satisfaction than for feelings.
As reported by, this new study is a sharp contrast from by psychologist Daniel Kahneman and economist Angus Deaton, which looked at surveys of 450,000 Americans and found that participants with higher incomes reported higher emotional wellbeing up to an annual income of $US75,000 ($US90,000 when adjusted for inflation, per Bloomberg).
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As a transgender person myself, I was devastated each time an Airman reached out to me for help in transitioning and I had to break the news that under current policy, they couldn't.Today this reads desperately simplistic, but looking back, I could not be more thankful for my misguided understanding of the military and what it meant. After joining the Air Force, I found myself a part of a team where I meant something. My job was in IT and my role fixing computers and solving problems was important. It was satisfying to know that what I did, no matter how small, made a difference. This was exactly what I needed and from early on in my career, I flourished.
After that, per the 2010 study, happiness plateaus.
Money can bring happiness if you spend it right
Killingsworth's study might be onto something.
, a financial therapist and author of "The Financial Anxiety Solution" that an annual income of $US75,000 may not be the threshold for everyone, depending on your basic needs, cost of living in your area, and your personal interests.
"The data is pretty clear that when we can financially take care of ourselves, our mental health is better," she said. "It's stressful to be on the grind all the time."
She added that spending money on experiences or items that align with your values will increase happiness, but falling victim to lifestyle creep (increasing your expenses as your salary increases) won't.
Her view echoes previous psychological research. Harvard psychologist Dan Gilbert has said that money can buy happiness if you spend it right,.
Of the sentiment that money can't buy happiness, Gilber wrote in a coauthored: "This sentiment is lovely, popular, and almost certainly wrong."
He and the authors said that it doesn't buy more happiness, but provides an "opportunity for happiness" in that moneyed people live longer and healthier lives, enjoy financial security, have leisure time, and control what they do every day.
As they put it, money "is an opportunity that people routinely squander because the things they think will make them happy often don't."
Sydney is named as the second healthiest city in the world .
Among the 44 cities ranked Amsterdam topped the list, with Sydney second and Melbourne coming in at number 11. © Provided by Daily Mail Sydney ranked the second healthiest city in the world due to the amount of sunshine hours and the amount of outdoor activities enjoyed by residents The Healthy Lifestyles Cities Report also took into account the cost of a bottle of water, obesity levels of the country, life expectancy, air and water quality, number of takeaway restaurants and costs of a monthly gym membership.