Study: Money Buys Happiness, to a Point

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Economists say the more money you make, the happier you are -- but only to a certain extent.

According to a new study from the Gallup Organization and the National Institute for Aging, people are happiest if they earn about $75,000 a year so all their basic needs are met.

"Giving people more income beyond 75K is not going to do much for their daily mood ... but it is going to make them feel they have a better life," Angus Deaton, an economist at the Center for Health and Wellbeing at Princeton University, said in an interview.

Earning more than that can increase your sense of success, but it doesn't necessarily make you happier.

Deaton said for people who make less that $75,000, "Stuff is so in your face it's hard to be happy. It interferes with your enjoyment."

Researchers also concluded that people were happier on weekends, but their deeper sense of well-being didn't change.

The study was based on an analysis of the responses of more than 450,000 Americans to the Gallup-Healthways Well-Being Index, a daily survey of 1,000 U.S. residents conducted by the Gallup Organization.

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