How much money do we need to live happily?

In reality, how much money you make is not as important as how you make it and what you do with it.

» Build these 7 habits and you will always be happy

The idea that money can’t buy happiness has been disproved by scientists, at least on some grounds. Experts say happiness can increase with wealth, but the link is strongest when your income reaches at least $75,000 a year.

“The lower a person’s income relative to the baseline, the more unhappy he or she is. But once you earn more than $75,000, the research doesn’t show how happy you are,” concluded Princeton University economist Angus Deaton and psychologist Daniel Kahneman in a 2010 Times article.

However, a recent study conducted by scientist Norman Vanamee from the Town & Country organization shows that money can absolutely buy happiness at a high level.

According to Vanamee, the more money you make, the more you can pursue your personal passions — like philanthropy, art, or travel — and it won't stop you from helping your friends or spending most of your time on leisure activities.

For her study, Vanamee created a model family: a wealthy couple with two teenage children living in New York. They have vacation homes in the Caribbean and the Hamptons, send their children to private schools, own an expensive apartment on Fifth Avenue, give generously to charity, and have a collection of expensive art. The couple also has a team of butlers, chauffeurs, and chefs serving in their household.

So how much money do they need to afford such a “royal” lifestyle? Vanamee’s answer is $100 million.

In this story, Vanamee interviewed two financial experts: Wendy Sarasohn, a real estate broker at Brown Harris Stevens, who owns many valuable properties in Manhattan, and Richard Kirshenbaum, an editor at the New York Observer and author of the book “Isn't That Rich? Life Among the 1%”.

However, experts still debate how much money actually brings happiness.

“In reality, it's not how much money you make that's important, but how you make it and what you do with it.”

Rachel Sherman, a sociology professor at the New School and author of “Uneasy Street: The Anxieties of Affluence,” agrees. “What my research shows is that we need to know exactly how much money we have and how much happiness it brings. How much money do you need to buy the things you want and feel secure?”

In some ways, money can help reduce financial anxiety and increase life satisfaction. And there’s no denying that money is a measure of happiness. When you have money, you have the freedom to do what you want without being tied down by time or responsibility. However, everyone has a different standard of happiness. And the question you need to ask yourself at the end of each day is: Is money helping you a lot?

That is also how the “Oracle of Omaha” – billionaire Warren Buffett always maintains his life. Although he owns a fortune of 87.4 billion USD (according to Forbes) and is the 3rd richest person in the world, he always lives simply and is satisfied with what he has.

“I’m really happy. And you know, if I had $100,000 a year, I’d be just as happy,” Buffett told PBS Newshour.

Of course, $100,000 is nearly double the median household income in the United States, but it pales in comparison to Buffett's vast fortune.

“I could buy basically anything. I could buy a 400-foot yacht. I could live the lifestyle that very few people have, with 10 houses and everything. But I choose to live in the little house I bought in 1958. And if I could spend $100 million on a house that would make me happier, I would. But for me, the three-bedroom house in Omaha is the happiest place in the world. I have all the memories there, my family, everything,” the “legendary investor” shared.

According to Cafebiz