Earnings

The amount of money that you can make varies from career to career.

A 2013 report by the Economic Policy Institute estimates the income level necessary for families (with two parents and two children) to secure an adequate but modest living standard at between $48k and $94k depending on geographic location, not counting savings.

A 2010 study published in the Proceedings of the National Academy of Sciences found that emotional well-being increases with household income up to $75k/year but no further, and that life satisfaction increases with household income up to well beyond $120k/year.

Some things that extra money can be useful for are:

• Geographic flexibility — You can use additional money to live in areas with higher cost of living.
• Raising children — You can use additional money to pay the financial costs of raising children.
• Donating to charity — You can use additional money to donate to charity.
• Luxury spending — You can use additional money to buy luxury goods and experiences.
• Liquidity — You can use additional money to cover unexpected expenses (such as medical bills), or to retire early.
• Social influence — You can use additional money for social influence – for example, by making ear-marked donations to community organizations that you're a part of.

Geographic flexibility

Economic stronger people's preference is to live in a given location, the more it costs