Yeah I know I am a FinanceProfessor, but I would rather you be happy than rich, so I think this is something that we should all remember!
From Yahoo :
"Measuring the quality of people's daily lives via surveys, the results of aFrom the Globe and Mail:
study published in the June 30 issue of journal Science reveals that income
plays a rather insignificant role in day-to-day happiness.
Although most people imagine that if they had more money they could do more
fun things and perhaps be happier, the reality seems to be that those with higher incomes tend to be tenser, and spend less time on simple leisurely activities."
From Live Science:
"Princeton University researchers have found that the link between a higher
income and an elevated sense of well-being is greatly exaggerated and mostly
In fact, economist Alan Krueger and psychologist and Nobel
laureate in economics Daniel Kahneman have found, using a newly developed
analytical technique, that people with above-average incomes do not
necessarily spend more time doing things they enjoy.
"Happiness is inherently a subjective concept. There are different dimensions to it and there are different ways people view their lives as a whole," said Prof. Krueger, a research chair at the U.S. National Bureau of Economic Research. "We're trying
to get at the way people actually spend their time day to day.""
"...they found was that those with higher incomes had more chores and less
They devoted more time to working, commuting, childcare, and shopping
and were under more stress and tension than those in lower income brackets."