When Princeton University released a study showing that people needed an annual income of $75,000 per year per household and no more to be happy, I wasn't that surprised. Above that amount, more cash has no effect on "emotional well-being," or how elated, sad or stressed you feel on a day-to-day basis, according to the research.
According to the Washington Post, people have a threshold of financial security and material well-being and once they've reached it, there are diminishing returns on salaries exceeding that amount. Financial security is certainly an aspect of happiness. That is-- paying mortgage or rent, utilities, food, and then whatever is left over for savings--but beyond that, money has little bearing on our outlook and overall happiness.