They say money can't buy happiness. Of course, they're wrong.
A substantial body of economic research says otherwise: Statistically speaking, household income is strongly related to both emotional well-being and a person's evaluation of their own quality of life.
Will getting a raise this season make you less nervous, stressed or sad? It depends on how much you're already making, according to a recent study from an economist at the Weatherhead School of Management at Case Western University.
Each dollar makes a big difference in reducing negative emotions for people in the 20th income percentile, but those returns fall off by the 80th income percentile and disappear at around $200,000, according to the study.