The Beatles made it clear that money can’t buy love. But can it buy happiness? Economists say yes, to a point. According to a 2018 study by Purdue University, household income impacts both emotional well-being and perceived life satisfaction. The study found that $95,000 is the ideal impact for life evaluation, and the perfect income for emotional well-being falls between $60,000 and $75,000.
Research shows that dollars do make a difference, and personal finance writers agree. GOBankingRates surveyed some popular finance bloggers and money pros to learn more about the ways in which cash affects the quality of life.