This is just one study.
Why is it more valid than another study, the one which cited the $75k threshold?
Some or many of us probably have more money than we imagined, with equity valuations at all-time highs.
But if your net worth was 10x or 100x greater, would you be happier?
For instance, I have to acquire a new car soon, because my lease is up soon. Would I be happier if I spent say the average of what a new car goes for or 2x the average sales price?
Or 4x?
I really doubt it. I like technology and appreciate refined engineering and design. But I barely drive 3k miles a year. I could make do with a used car. Now there's more aggravation potential with an unreliable car not under warranty.
But I doubt I’d derive more happiness if I had a car well over $100k which was very fast or had plush interiors.
In fact I do more heavy driving overseas. I just rented a car for about 2 weeks in Austria and Italy and put over 1400 kilometers on it. It was a compact auto, don’t even remember the model or brand, but it was French.
It was fine but I could have spent 30-50% more, probably rented a Benz or Audi instead. The car accelerated fine for my trip, which included some mountain passes.
The main annoyance was that the trunk would only fit one of my suitcases. The carryon I had to put in the back seat.
A larger car would have been nice but then also a pain to park in some places.
If I spent more, it probably would have nagged me spending money that I could afford but being a poor value for the incremental benefits.
Also spent good money on lodging. Of course I could have stayed at more expensive places, had more expensive meals. But I didn’t shortchange myself, was more than fine with the places I chose and meals I had.
The one thing I would have enjoyed more is better weather. Didn’t see as many things because the weather wasn’t as good as I hoped but this area of the world gets a lot of rain, one reason I keep going back, just rolling the dice to get better weather next time.
Can more money buy better weather? Well I suppose you could chase good weather, be able to travel at the drop of a hat. But I can do that, though it wouldn’t be jumping on my own private jet.
So maybe I’m lacking in imagination but I don’t think having 10x or 100x would bring more happiness.
Maybe if I’d been born rich, I’d have. Different outlook, would have certain expectations which would need to be met or I’d be discontented.
For instance maybe taking an Uber would be unacceptable, would need at least a town car.
Or maybe chicken would be poor peoples food, completely unacceptable for any meal.