How Much Money Makes You Happy? Scientists Pinpoint Amount

11/18/2011 03:35 pm ET

Countless studies have examined the relationship between income and happiness. But now scientists have pinpointed the exact amount of money you need to be happy. The magic number? $75,000.

After analyzing 450,000 responses from the Gallup-Healthways Well-Being Index (GHWBI), a daily well-being survey that queries 1,000 respondents, two scientists from Princeton University say happiness is based on life evaluation and well-being, reports GALLUP Management Journal.

According to Mogulite, the findings show that those with a total household income of less than $75,000 overall had lower levels of emotional well-being and satisfaction with their state of life. However, those who made more than that amount didn't see a significant increase in their happiness.

Of course, there remain a couple of exceptions to this finding. If you give your money away or you find that wealth upgrades your social status, it can make you happy beyond the $75,000 mark.

So, next time you hear the phrase "money can't buy you happiness," remember, it actually can. But only to a certain point.

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