How Much Money Makes You Happy? Scientists Pinpoint Amount

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.