Local financial professional discusses the link between wealth and happiness

MILWAUKEE (CBS 58) -- Linking happiness with income level has always been a subject of debate.

Tony Drake, a financial professional from Drake and Associates, joined us on Wednesday, May 31 to contribute his expertise to the conversation, tackling the question: "Is money the secret to happiness?"

Drake shared that studies indicate higher income individuals are generally happier, as financial stability ensures basic needs are met and allows the pursuit of exciting opportunities.

However, the reverse also holds true, as limited income often leads to stress, particularly when basic needs become hard to meet. This strain can undermine what Drake calls "purchase happiness," leaving individuals feeling regret after purchases, regardless of cost.

Drake advised avoiding lifestyle inflation and hasty purchases. As incomes rise, he urged restraint against proportional spending increases, suggesting the extra funds be used for savings or paying off debts.