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Money can’t buy happiness, but it can reduce sadness. A study by Nobel Prize-winning economist Angus Deaton and psychologist Daniel Kahneman found that richer and poorer people are equally happy, but higher-income individuals experience less sadness on a daily basis. Emotional well-being increases with income up to $75,000, but after that, there is no significant increase in happiness. Poor people experience more negative emotions, such as stress and worry. Spending money on experiences, such as travel or dining out, makes people happier than buying material possessions.
Money Can’t Buy Everything: Who is Happier Poor or Rich?
Money has always been considered as one of the most important things in life. We often hear people say that money can buy happiness. But is it really true? According to new research, richer and poorer people are generally as happy as each other. However, where they differ is in their level of sadness. Higher-income individuals are markedly less sad on a daily basis.
The study conducted by Nobel Prize-winning economist Angus Deaton and psychologist Daniel Kahneman found that people’s emotional well-being increases with income up to an annual salary of $75,000. After that, there is no significant increase in happiness. The study also found that people who are poor experience more negative emotions, such as sadness, stress, and worry, on a daily basis.
However, this does not mean that money can buy happiness. It simply means that people who are financially stable have fewer reasons to be sad. Money can provide a sense of security and stability, which can help people feel more content and less anxious about their future.
In fact, the study also found that people who spend money on experiences, such as travel or dining out, tend to be happier than those who spend money on material possessions. Experiences create memories and social connections, which can lead to long-term happiness.
Furthermore, the study also found that people who give money to others tend to be happier than those who spend money on themselves. Giving to others can create a sense of purpose and fulfillment, which can lead to greater happiness.
In conclusion, while money can provide a sense of security and stability, it does not necessarily lead to happiness. People who are financially stable may experience less sadness on a daily basis, but true happiness comes from experiences and giving to others. It is important to focus on the things that truly matter in life, such as relationships, personal growth, and making a positive impact on the world.
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