The exact amount varies around the world, but according to new research, the ideal annual income as it relates to an individual’s overall life satisfaction is $95k.
Any more or any less, and you may be singing a different tune.
Data for the study was pulled from the Gallup World Poll, with over 1.7M contributing respondents from 164 countries worldwide. They found that, when judging with the criteria of overall well-being and general satisfaction in relation to life goals, as well as comparison with friends and neighbors, $95k was the sweet spot for satiation.
So, did less money correlate with less happiness? Not really! In fact, respondents reported that it only took between $60k-$70k annually to be emotionally satisfied. Great news for those of us with less, uh, cushy bank accounts. We may not be able to afford a boat like the Jones’, but I guess we’re happy about it!
What’s interesting was that the opposite was actually true: Once the $95k threshold was reached, respondents actually reported lower life satisfaction. “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.”
So, ya know, as a very wise man once said…mo’ money, mo’ problems.
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