In news that won't come as a surprise to anyone - money can in fact buy happiness, despite what popular phrases might try to tell you.
A recent study set out to dispel the age-old myth, and as much as I hate to break it to you - it found that not only does being rich make you happy, getting richer makes you happier.
Popular opinion previously held that no amount of money you earn above $75,000 (£54,000) per year will make you any happier, but recent research has set out to debunk this.
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The new study, which is called Experienced well-being rises with income, even above $75,000 per year, explicitly says: "There was no evidence of an income threshold at which experienced and evaluative well-being diverged, suggesting that higher incomes are associated with both feeling better day-to-day and being more satisfied with life overall."
More than a decade ago, research said that money can buy happiness, but the price is about $75,000 per year.
The study was conducted by Nobel Prize winning economists, who decided that although having a certain amount of money can increase your happiness, that joy will plateau at $75k. It said that any less than that, and sadness increased, but that earning more doesn't add anything.
It turns out they might be wrong. In fact, as you may expect - happiness increases past that threshold.
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The study was led by Matt Killingsworth, a senior fellow at Wharton School for Business at the University of Pennsylvania.
He based his study on 1,725,994 samples which were pulled from employed adults in the US - using an app he made called Track Your Happiness.
In a recent interview with Motherboard, he said: "The way it works is that people get pinged at random moments as they go about their daily lives.
"And then I ask them some questions about their experience, just before that moment, how they feel, what they're doing, and a variety of other things."
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He also got data about the participants' incomes and lives in general.
Killingsworth added: "I was really interested in understanding what was the relationship between people's level of income and their level of what we might call 'experienced well-being'."
As per his study, he also asked them questions on how important they think money is, and whether having a lot of money made them 'successful'.
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The study reads: "A question that asked participants 'To what extent do you think money is indicative of success in life?' similarly showed that the association between income and well-being was steeper for people who equated money and success."
It concludes: "Here, over one million real-time reports of experienced well-being from a large US sample show evidence that experienced well-being rises linearly with log income, with an equally steep slope above $80,000 as below it.
"This suggests that higher incomes may still have potential to improve people's day-to-day well-being, rather than having already reached a plateau for many people in wealthy countries."
Featured Image Credit: PATopics: Interesting