Studies of happiness often find a positive correlation between income and subjective well -being. Simply put, rich people are usually happier than poor people.
Of course, the correlation itself does not provoke causal connection. In the past I have suggested that the positive correlation reflects largely reverse cause. Happy personalities are probably more motivated and able to make money.
Lyman -Stone Recently I focused on a study that demonstrates that genes related to a higher income are associated with much better mental health.
The study looked at two sets of genes, an associated with higher education levels and another associated with more income for a certain level of education. (Probably the last ones are linked to other characteristics, such as work ethics, self -control, ambition, charisma, caution and other qualities that are useful to earn more money.)
To be clear, I do not suggest that money has no influence on happiness. I rather believe that the impact is quite small, and that the majority of the perceived correlation between wealth and happiness stems from the fact that certain types of people both become rich more often and have a better chance of happy personalities.
I have spent several years in each of the 5 large income gangs, and I have never noticed any impact on my happiness from moving to a different income category. My happiness level seems to reflect my innate personality, not my income.
Ps. Philosophers have been debating about the issue of happiness for decades. What is it? At the age of 69 I have the feeling that I have finally discovered the answer.