🤑 A very popular study and some more recent results to put it into perspective. Clearly money seems to help, on average, with emotional well-being and life-satisfaction.
👌🏼But the overall effects are very small. Things such as the social network, purpose in life, and access to healthcare seem more impactful. Obviously the latter is something that is income-dependent in some countries, too.
🏋🏽♂️If not trying to make as much money as possible, how do you work on your emotional well-being and life-satisfaction? Share your top strategies in the comments.
References:
1. Kahnemann et al., High income improves evaluation of life but not emotional well-being. PNAS 2010.
2. Killingsworth, Experienced well-being rises with income, even above $75,000 per year. PNAS 2020.
3. Stevenson, Subjective Well-Being and Income: Is There Any Evidence of Satiation? American Economic Association 2013.
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