CHARLOTTE, N.C. — Whether you're at the top or bottom of the income ladder, people say more money makes you happier; however, there might be a catch.
Money can buy happiness, but research shows it doesn't last.
Let's connect the dots.
Over the last few years, workers have been making more money. According to the Federal Reserve, wage growth hit a peak of 6.7% in the summer of 2022. But moving up may not come with happiness.
Some studies have shown that those who make more are indeed happier, but financial experts say that happiness is short-lived. The expiration date on the thrill of a raise only lasts about three months.
So it may not be the money making you happy. The switch from negative financial thoughts to positive ones have a bigger impact, research shows. Experts say you can prolong that happiness by trying to save that extra income instead of spending it upfront.
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