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Does money bring happiness? This question has been a topic of debate for many years. Now, at least in the United States, its residents will have a guideline on how much money is needed to be happy in each state, thanks to a study from Purdue University in Indiana.
The document states that income can influence emotional well-being and life satisfaction, although other key factors also play a significant role, such as having the resources to meet basic needs like healthcare.
According to the study, in Florida, it is necessary to earn just over $106,000 a year to be happy.
Specifically, the minimum wage should be $106,050, although it is possible to achieve well-being at $60,600. The Sunshine State is now in fairly good shape, despite the high unemployment it faced during the pandemic. Currently, the unemployment rate is at 2.8%.
Pardue concluded that the ideal income for achieving life satisfaction in the United States is $105,000. He also identified how much is needed to be happy at different stages of life.
Starting from the figure of $105,000 and also analyzing the cost of living index in each region along with the unemployment rates, the finance website GOBankingRates ranked the states—from least to most—based on the amount of money their residents need to be happy.
First on the list is West Virginia, where a minimum salary of $89,460 is required. Its unemployment rate stands at 3.8%, and the cost of living index is 14.8% lower than the national average.
Next is Mississippi, which requires $91,035 to be happy and about $52,020 a year to achieve emotional well-being.
In third place is Oklahoma, with a necessary minimum salary for happiness of $91,140. The cost of living is 13.2% lower than the national average, and the unemployment rate stands at 3%. Emotional well-being can be achieved with $52,080.
The study from Purdue University concluded that, on a global level, an income of $95,000 is necessary to achieve a good "evaluation of life," whereas emotional well-being can be attained with significantly less, ranging from $60,000 to $75,000.
However, GOBankingRates warns that happiness is subjective, as the cost of living comfortably and expectations for well-being vary from person to person, and consequently, so do economic needs
In 2025, workers in Florida will see an increase in the minimum wage, in accordance with the schedule of phased increases approved in 2020 following the vote in favor of Amendment 2, which aims to reach $15 per hour for all employees by 2026.
The change will take effect on September 30, raising the minimum wage to $14 per hour and $10.98 for tipped employees.
This increase plan began in 2021 and has continued annually. On September 30 of this year, the minimum wage in Florida rose from $12 to $13 per hour, and from $8.98 to $9.89 for tipped workers.
Despite these increases, many residents in the Sunshine State complain that their salaries barely cover the basics.
Bárbara, a Cuban living in Cape Coral, claims that her salary is insufficient to cover all her expenses, despite working 38 hours a week.
"I never have money, and I don't even go out or attend parties," she commented on her TikTok account, questioning how it's possible that others who work fewer hours than she does are constantly going out and buying things she can't afford.
In June, a hilarious conversation between two Cubans living in Kentucky went viral on TikTok as they discussed the advantages and disadvantages of living outside Florida.
"If you came from there to here [Kentucky], the first thing you noticed was the quality of housing. The second thing was the staggering salary compared to what you had there," stated Ariam Hernández.
"The food will be cheaper there, but they don't pay you enough to buy it. There, you get paid just enough to cover rent, or what they call rent; it can't really be considered rent. People take a small space, put in an air conditioner, add some Amazon curtains, and that's it—they rent it out for $5,000," he stated.
Frequently Asked Questions About Financial Happiness in Florida and the United States
How much money do you need to be happy in Florida according to the study by Purdue University?
In Florida, it is necessary to earn just over $106,000 annually to be happy, according to a study by Purdue University. However, it is possible to achieve emotional well-being with an income of $60,600 per year. These amounts take into account factors such as the cost of living and basic needs, including healthcare.
How does Florida compare to other states in terms of the amount of money needed to be happy?
According to the study, West Virginia requires a minimum salary of $89,460 to be happy, followed by Mississippi with $91,035, and Oklahoma with $91,140. These states have a lower cost of living compared to Florida, which affects the amount needed to achieve financial happiness.
Why is Florida considered one of the best states to live in 2024?
Florida has been ranked as the second-best state to live in due to its low unemployment rate of 2.9%, strong income growth, and a wealth of job opportunities. The state also offers a variety of entertainment options and a solid safety infrastructure, factors that contribute to its high livability rating.
What is the impact of the high cost of living in Florida on perceptions of happiness and quality of life?
The high cost of living in Florida significantly impacts the perception of happiness and quality of life, particularly in areas near Miami. The soaring expenses for housing, transportation, and basic services force many residents to work extensively to meet their needs, which can negatively affect their overall well-being.
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