Join Mike on this thought-provoking journey as you explore the timeless question: Can money buy happiness? Mike shares intriguing findings from two significant studies that have stirred the pot in the world of economics and psychology. The first, a collaboration between Daniel Kahneman and his colleague Deaton (referred to as the KD study), suggests that while happiness does increase with income, it plateaus after a certain point, around $75,000 per year. In contrast, Matthew Killingsworth's study (the MK study) argues that happiness continues to climb with income even beyond that threshold. As Mike dissects these studies, he uncovers the complexities of happiness and its relationship with our finances.
Listen in as Mike discusses the fascinating outcomes of an adversarial collaboration between the researchers of these studies, which leads to a nuanced understanding of happiness across different income levels and individual circumstances. You'll learn about the two distinct patterns identified: the 'linear log pattern', where happiness increases steadily with income, and the 'flattening pattern', where happiness levels off after reaching a certain income level. These patterns seem to affect different groups of people in various ways, and it all boils down to the metrics used to measure happiness. What do you think? Does money have the power to buy happiness, or is the truth more intricate than we assume? Tune in and join the conversation to discover where you stand on this multifaceted topic.
To Connect with Mike:
Please LIKE 👍SHARE 📲SUBSCRIBE to stay updated on all LIVE Streams on Facebook, LinkedIn, YouTube, Twitter