The Magic Income Number

What’s the magic income number? According to Angus Deaton and Daniel Kahneman, it’s about $75,000, at least when it comes to day-to-day happiness. “As people earn more money, their day-to-day happiness rises,” reports The Wall Street Journal. “Until you hit $75,000. After that, it is just more stuff, with no gain in happiness.” Income above $75,000, however, does improve people’s overall “life assessment.” “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,” says Mr. Deaton. [%comments]