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I remember reading somewhere about a study a couple years back that found that people who made below $50k USD / year (and living in the US) could see definite improvements in their overall 'emotional well being' by increasing their income. But after $50k the effect disappears and people no longer benefit, emotionally, from having more money.
I'm sure since then inflation and social issues will have most definitely caused the $50k mark to rise.
Edit: my general opinion is that money can not buy happiness, but a lack of money can certainly contribute to unhappiness.
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