We know that money isn't the be all and end all of life, there are a variety of things that are more important. However, money does play a pretty big factor in how happy you are - at least according to a recent study.
Researchers from Purdue University sampled 164 countries and included data from 1.7 million people worldwide to find an answer on how much you had to earn to achieve happiness. The estimates were averaged based on purchasing power and questions relating to life satisfaction and well-being.
The ideal income according to them, is$95,000 USD for life evaluation (making enough to achieve set goals and success in comparison to others), and $60,000 - $75,000 USD for emotional well-being (daily overall positive feelings). These numbers are assessed for individuals and would be higher for those in a family.
When we convert these numbers into Canadian dollars, you find that you need to earn just under $122,500 to achieve life evaluation and $77,332 - $96,665 to really feel an emotional well-being.
However if you're earning above these benchmark amounts, researchers warn that your level of happiness would end up decreasing. They believed it was because after your needs were met and you gained some additional conveniences, the cycle would begin again where you would compare yourself to others in higher social classes and want more.