Ah, the age-old question: can money buy happiness? The answer is nuanced. Research by Nobel laureates Daniel Kahneman and Angus Deaton found that money does improve happiness—but only up to a certain point. In their famous 2010 study, they determined that once annual income surpasses $75,000, additional wealth has little impact on day-to-day happiness. So, while money can ease stress and provide comfort, it is not the golden ticket to joy.

That said, investing in experiences rather than material goods yields greater and longer-lasting happiness. A vacation or concert creates memories and strengthens relationships, whereas that shiny new gadget loses its novelty within weeks.