Rich or Happy? Compare Money, Time and Everyday Choices
Updated September 21, 2026 · By AllAboutWorld · Research and household planning
You do not need to choose between being rich and being happy. Income studies describe patterns across people; they cannot tell you whether a particular raise, longer commute or meal delivery order will improve your life. Start with a smaller question: what would this choice change in your actual budget and week?
What the income studies actually tell us
The much-repeated $75,000 figure came from a 2010 US study using 2008â2009 data. It separated daily emotional experience from overall life evaluation. It is not a current salary target or a worldwide cost-of-living threshold. Read Kahneman and Deatonâs 2010 paper.
In 2023, Killingsworth, Kahneman and Mellers reanalysed smartphone reports from employed US adults. Average emotional well-being rose with the logarithm of household income. A flattening pattern appeared among the least happy group, rather than across everyone. This is an association in the studied data, not proof that giving any individual more income will produce the same change. The least happy group is not a clinical diagnosis, and the analysis does not establish that money cannot help someone with depression. Read the 2023 analysis.
A later methodological letter directly challenges causal interpretations of those findings. Avoid using either a supposed happiness ceiling or âmore is always betterâ as a rule for your own choices. Read Rohrer and Wenzâs critique.
When spending might save useful time
A 2017 paper combined surveys with an experiment involving 60 working adults in Vancouver. Participants received money for a time-saving purchase and, on a different weekend, a material purchase. They reported better end-of-day mood after the time-saving purchase. This limited experiment does not show that every convenience purchase pays off, that borrowing to buy convenience is beneficial, or that the effect lasts indefinitely. Read Buying time promotes happiness.
For an everyday choice, write down the time you would actually free up and what you would use it for. Ordering dinner may remove cooking, but still involve choosing, collecting and cleaning up. Batch cooking may take longer today while producing several later meals. Compare the same number of meals over the same period.
Check the constraint before the convenience
Start with bills, income and planned expenses, using an existing budget if you have one. Consumer.gov offers a free budget guide and worksheet. A time-saving purchase belongs inside that budget; a study is not a reason to ignore a bill due this week.
Some constraints do not reduce to a price: a dietary requirement, a caregiving commitment, transport access or an evening you want to keep free. Write these as conditions before comparing options. There is no universal exchange rate between an hour and happiness.
Turn the big question into two real options
Choose one decision you can describe: cooking four dinners versus buying four ready meals, or keeping a current routine versus trying one scheduled convenience purchase. Keep the comparison period and currency the same. An unknown cost is not zero; get the missing quote or mark the decision as incomplete.
Two-choice comparison sheet
Copy this table into your notes or print it. The blanks are for your figures; no personal budget is sent through a form.
| Check | Option A: ______ | Option B: ______ |
|---|---|---|
| All-in cost for the period | ________ | ________ |
| Active minutes: planning, travel, preparation, cleanup | ________ | ________ |
| Waiting time or fixed schedule constraints | ________ | ________ |
| What I would do with any time saved | ________ | ________ |
| Non-negotiable needs and unknowns | ________ | ________ |
| Affordable trial and review date | ________ | ________ |
Decision: __________. Missing information: __________. After trying it, record the actual cost and usable time saved before repeating it.
Example: is a dinner shortcut worth its extra cost?
Illustrative figures, not measured prices or a recommendation: four home-cooked portions cost $20 and take 80 active minutes in total. Four ready meals cost $36 and take 20 active minutes, including collection and cleanup. If all portions are eaten, the ready meals cost $16 more and save 60 active minutes: $16 per hour saved.
Change one assumption: if collection takes another 45 active minutes, the saving falls to 15 minutes, or $64 per hour saved. If no time is saved, do not divide by zero or call it a time-saving purchase. Enjoyment, accessibility or a difficult day may still matter; write those reasons separately.
Do not count delivery waiting time as active work unless it prevents you doing something else. Record both where relevant. If some cooked food will go uneaten, compare cost per portion actually eaten, then add your own time comparison. For a batch plan, use the meal-prep portions and storage sheet.
Review the choice instead of setting a happiness target
Before a trial, write one observable aim, such as âkeep Tuesday evening freeâ or âspend less on meals I actually eat.â Afterwards, check whether it happened. A pleasant first attempt does not establish a lasting benefit; a bad delivery does not settle every future dinner decision.
Leave room for relationships and commitments
A money-and-minutes table cannot choose your priorities. Include time with someone you care about, rest or an activity you value as a real constraint. Do not assign a research-backed happiness score to these entries; this worksheet does not measure one.
A workable answer can use both options
You might cook on a less busy day and reserve one convenient meal for a difficult evening. Compare that mixed routine with both extremes using actual portions, costs and time. You do not have to label yourself a âmoney personâ or a âhappiness person.â
Use the Balance Game as a conversation prompt
The Balance Game: would you rather? offers forced choices for discussion. Its results reflect participating visitors, not a representative survey. They do not reveal what most people choose or diagnose your values. Ask a friend which real-life detail would change their answer.
Common questions
Is $75,000 the amount I need to be happy?
No. It is a historical US research figure, not a personal income target. Your household, location and costs differ, and the studies use different measures of well-being.
Should I take a higher-paying job even if it leaves less time?
The studies cannot decide that. Compare actual take-home pay, additional expenses, hours and commitments. Check unknown terms before deciding; this dinner worksheet is not a complete employment or financial plan.
Does a time-saving purchase guarantee greater happiness?
No. Try an affordable, specific change and check what it actually saves. The result may depend on what you do with the time and whether the purchase creates other burdens.