Jean Chatszky actually reported on this a few years ago citing that there is very little corralation between hapiness and money after the first $50,000. I just finished the book Happier, by Tal Ben Shahar. ( http:///?option=com_content&task=view&id=38&Itemid=52 ) He is a professor with the most popular class at Harvard, that deals with happiness. He states that nearly 50% of the students there deal with depression. The book is a great read with some very applicable execises. I dealt with depression and anxiety for nearly two years, and I had no real reasons for being in the state of mind I was in, and have finally overcome it. I am finally beginning to enjoy the life God has blessed me with.
Researchers appeared surprised that the practice of buying time-saving activities to increase happiness isn’t more widespread. “Despite the potential benefits of buying time, many respondents allocated no discretionary income to buying time, even when they could afford it: just under half of the 818 millionaires that we surveyed spent no money outsourcing disliked tasks,” the researchers said, adding: “Even when we broadened our definition in our preregistered survey study, half of our respondents still reported not using any money on “purchases that save time.”
Then, on the other weekend, the participants got another $40 to spend on a material purchase. They could choose anything they wanted within that budget. "One person bought polo shirts," Dunn says. "Another participant bought wine that she described as fancy."
After each weekend purchase, the researchers called the participants and asked how they were feeling. The participants reported how much "positive emotion" they'd been experiencing and how much "negative emotion," Dunn explains.
When the study participants spent money on time-saving services, they reported more positive emotion.
"Buying yourself out of [tasks] like mowing the lawn or cleaning the bathroom — these were pretty small, mundane expenditures, and yet we see them making a difference in people's happiness," Dunn says.