This might be an interesting question to pose to your students who may/may not have a context to answer it. Another way of posing the question is to ask what “things” they think they need to be happy and estimate the cost of those items. I predict you get a wide range of answers; from “not much” to millions of dollars. This question provides a good introduction to the concepts of understanding needs and wants (see NGPF lesson here) and also the extremely tenuous link between money and happiness.
So, what does research say to this question?
- CNN survey came up with a median of $80,000 (CNN):
When asked how much would do the trick, just over half of people surveyed in CNNMoney’s American Dream poll said it would take less than $100,000. Nearly a quarter of the people who took the poll, conducted by ORC International, said between $50,000 and $74,999 would work.
- Princeton research found a number close to $75,000 and differentiates between life satisifaction and happiness (Kahneman and Deaton):
Emotional well-being also rises with log income, but there is no further progress beyond an annual income of ~$75,000. Low income exacerbates the emotional pain associated with such