A $95,000 annual salary is what you need for life satisfaction, a group of psychologists have concluded. But if you're just going for emotional well-being? A range of $60,000 to $75,000 a year will do the trick, they added.
Those are the figures psychologists from Purdue University and the University of Virginia arrived at after analyzing World Gallup Poll data from 1.7 million people in 164 countries and cross-referencing their earnings and life satisfaction, MarketWatch reported, citing a study in Nature Human Behaviour.
Oh, by the way: If you live in North America, the threshold salary for attaining life satisfaction is $105,000, the study said, according to Money, and $65,000 to $95,000 for emotional well-being.
And if you have a family and children, the aforementioned salaries need to be higher, the study said.
Life satisfaction is defined as an overall assessment of how one is doing, MarketWatch said, while emotional well-being refers to one's day-to-day levels of happiness, sadness, excitement or anger.
What if you earn more than the noted salaries?
More money equals more satisfaction and positive emotions, right? Well, apparently not.
Once the salaries needed for life satisfaction and/or emotional well-being are realized, more cash actually is associated with reduced happiness, MarketWatch said.
"This may be because money is important for meeting basic needs, purchasing conveniences, and maybe even loan repayments, but to a point," Purdue University noted in reference to the study. "After the optimal point of needs is met, people may be driven by desires such as pursuing more material gains and engaging in social comparisons, which could, ironically, lower well-being."
How are Americans faring on the well-being front?
No U.S. state improved in well-being by a statistically significant measure, according to a Gallup and digital health company Sharecare study released this week, the outlet said.
That stat represents a first in the nearly 10-year history of the Gallup-Sharecare Well-Being Index, MarketShare added.
What are the best states for experiencing well-being?
South Dakota came out on top: 64.1 out of 100 points, the study said, adding that Vermont and Hawaii followed.
Is there research that says there are no limits to how much happiness money can buy?
“The relationship between well-being and income is roughly a linear-log and does not diminish as incomes rise," according to research published in 2013 in the American Economic Review, Papers and Proceedings. “If there is a satiation point, we are yet to reach it.”