Against popular culture or traditional sayings, money makes you happier. There is clear correlation and causality between income level and happiness. There is no other single factor that can increase levels of happiness as sharply as money can.Freakonomics, one of my favorite blogs, has a interesting series on "The Economics of Happiness" where you can find data supporting this argument. The effect is observed in all the countries with a similar ratio.
I shouldn't come as a surprise to anybody. Having a higher income carries as a consequence better health care, education, possibilities for enjoyment and relax, ...
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