If Money Could Buy Happiness...

Last week's Powerball drawing had millions of people daydreaming about what it would be like to become overnight millionaires.

And while a select few found out, it turns out that millions might not be the ticket to happiness.

Of course, you always hear people saying money can't buy happiness. But if it could, what would the price tag be?

One study says all it takes is a generous income of $161,000.

A study last year put this number much lower at $75,000, determining that the increase in happiness after that level is negligible.

But Skandia International's Wealth Sentiment Monitor surveyed 13 countries, asking residents what level of income would keep them happy, and it came up with $161,000 as the average “happiness income.”

The Skandia International study didn't survey the United States, but it received a range of answers from other nations.

In Hong Kong, for example, the “happiness income” was $197,702. In Mexico, it was $185,169.

Dubai was the highest at $276,150, and Germans required the least at $85,781.

Still, many of the surveyed nations fell somewhere in the middle, and $161,000 might be a fairly accurate claim.

The survey responders were also asked to determine how much total wealth was required for them to feel “wealthy,” and residents of Singapore required the most at $2.91 million. Dubai and Hong Kong ranked high as well.

The results are affected by the standards of living in the country and the wealth distribution. Nations with a larger split between the classes will have higher requirements – a major reason Dubai was so high and Germany was so low.

But another key may be acquiring that wealth gradually. All those wishing to win the Powerball jackpot should take heed of the consequences of such a massive amount of wealth.

A number of past lottery winners have shared stories of failure or bankruptcy. Jack Whitaker, a Powerball jackpot winner in 2002, even experienced two deaths in the family due to drug addictions that he attributed to the winnings.

From ABC News:

“Since I won the lottery, I think there is no control for greed,” he told ABC News' “20/20”. “I think if you have something, there's always someone else that wants it. I wish I'd torn that ticket up.”

It's stories like these that have attributed to the popular phrase, “money can't buy happiness.” But it's also a lack of planning that leads to this sort of curse.

Of course, there's no real way to measure happiness, which means something different to everyone. But money can buy a certain level of comfort, and this – along with a wise financial plan – can be a guide to living well.