Does money buy happiness? If so, how much money would it take? And what is happiness anyway?
Economics professor Richard Easterlin probed these questions back in 1974. He found that regardless of income levels, people believed that if they had an extra 20 percent more in their budget, they would reach maximum happiness.
His namesake’s theory, the Easterlin Paradox, hypothesized that these expectations are sadly removed from reality. According to the paradox, happiness does not trend upward as income continues to grow despite expectations.
“What a crock!” you might be thinking to yourself. If you had some extra 0’s at the end of the figure on your paycheck, you would be a hell of a lot more jolly. Especially now, when money is scarce, and wallets are thin, how can anyone suggest money is not an essential factor to one’s happiness?
Don’t worry, I hear you, and you are partly right.
A 2010 study from Princeton University found that happiness does increase with wealth – up to the point of 75 thousand a year. The study concluded that a person earning 20 grand a year would experience a significant increase in happiness if they were to make 50 grand in the same time frame.
But once you reach 75k, your level of happiness plateaus no matter how much you make.
The saying goes, I would rather be miserable and rich than miserable and poor. But perhaps we need to start looking for happiness in other places. For Gold Company Group ambassador Heather Lee, happiness is setting new world records. For you, perhaps it’s a day at the beach or a long holiday.
Whether you are on Struggle Street or earning 75 thousand plus a year chasing the mythical happiness dragon, we all could do with a bit of extra cash flow.
Your out-of-date necklace, exes ring or golden pendants gathering dust might just bring you the happiness you are looking for. No doubt, there are a million things you could do with your newfound cash, and with gold and silver prices at all-time highs, it might be time to bring some extra happiness into your life.