Conventional wisdom says you should be investing as much of your excess money as you possibly can. That may be the best path to greater wealth. But it may not be the best path to happiness.

In a previous article we looked at a broad range of research about money and happiness. Some of the main conclusions: Experiences tend to provide more lasting happiness than material goods; giving money away makes people happier than spending it on themselves; and wealthier people do tend to be happier, but only up to a certain point.

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