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Having money helps to have happiness and well-being, according to a study by The Wharton School of the University of Pennsylvania.

More generated income brings more opportunities for well-being and happiness, according to psychologist Matthew Killingsworth, author of the study.

Princeton University said Killingsworth's study seems to correct other previous research on the subject. Earning $75,000 offers the opportunity to choose items of one's desires, like shoes or even food, but earning income beyond the $75,000 does not guarantee more happiness.

Killingsworth conducted the study with more than 33,000 participants. Those earning incomes below $75,000 wanted to earn around that figure to guarantee their well-being, but those who made more felt even better.

The study concluded that having more money or higher income does buy happiness, but it is not the secret to happiness.

Unlike the $75,000 threshold for happiness, the author believes that having more on hand does allow you to be happier.

"I don't see any magic number. More is better," Killingsworth said.  

However, "I would not recommend taking a second or third job because (money) is just one of many inputs, one item in the happiness portfolio."

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