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The Unhappy Millionaire ICYMI
The Happiness Lab with Dr. Laurie Santos
The Effect of Income on Well-Being
Two Nobel Prize winning scientists tested how annual salary affects three different measures of well-being. They found that income does affect well-being for people at lower salary levels. Based on their estimate, it is much better to earn $70,000 than $40,000. If you earn $10,000 or $20,000 then earning more will make you feel less stressed and happier. But that effective income on well-being starts to level off, and it does so quickly.
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