The scarcest asset we have is time, since each of us is apportioned a finite amount of it to live our lives. We can get more money, but not more time.

There is an optimal point to how much money it takes to make an individual happy, and that amount varies worldwide, according to research from Purdue University.

"That might be surprising as what we see on TV and what advertisers tell us we need would indicate that there is no ceiling when it comes to how much money is needed for happiness, but we now see there are some thresholds," said Andrew T. Jebb, the lead author and doctoral student in the Department of Psychological Sciences. "It's been debated at what point does money no longer change your level of well-being. We found that the ideal income point is $95,000 for life evaluation and $60,000 to $75,000 for emotional well-being. Again, this amount is for individuals and would likely be higher for families."

Emotional well-being, or feelings, is about one's day-to-day emotions, such as feeling happy, excited, or sad and angry. Life evaluation, really life satisfaction, is an overall assessment of how one is doing and is likely more influenced by higher goals and comparisons to others.

New research suggests that using money to buy more free time - such as paying for a cleaner or cook to take the daily chores off your hands - does actually improve well-being.

In contrast, spending money on possessions does little to improve happiness.

"People who hire a housecleaner or pay the kid next door to mow the lawn might feel like they're being lazy," said study lead author Dr Ashley Whillans, assistant professor at Harvard Business School who carried out the research.

"But our results suggest that buying time has similar benefits for happiness as having more money."

The researchers surveyed more than 6,000 adults in the United States, Denmark, Canada and the Netherlands.

Those who spent money on time saving purchases reported greater 23 per cent greater life satisfaction.

If you are working on something that you really care about, you don’t have to be pushed. The vision pulls you.- Steve Jobs

"There is no path to happiness: happiness is the path. You cannot travel on the path until you become the path itself." - Buddha

“A diamond is merely a lump of coal that did well under pressure.”

“Clouds come floating into my life, no longer to carry rain or usher storm, but to add color to my sunset sky.”

“Dream as if you’ll live forever, live as if you’ll die today.” – James Dean

“Everything that irritates us about others can lead us to an understanding of ourselves.” – Carl Jung

“He who lives in harmony with himself lives in harmony with the universe.” – Marcus Aurelius

“If you look to others for fulfillment, you will never be fulfilled. If your happiness depends on money, you will never be happy with yourself. Be content with what you have; rejoice in the way things are. When you realize there is nothing lacking, the world belongs to you.” – Lao Tzu

“We forge the chains we wear in life.” - Charles Dickens

People have a hard time letting go of their suffering. Out of a fear of the unknown, they prefer suffering that is familiar.” - Thich Nhat Hanh

“The battle you are going through is not fueled by the words or actions of others; it is fueled by the mind that gives it importance.” ― Shannon L. Alder

“Life is the art of living with uncertainty, without being paralyzed by fear.” - Dr. W. Dillon

"Life is so much simpler, when you stop trying to explain yourself to others and just live your own life."

"Once I gave up expecting rain in the desert, I found bliss."

“Limitations live only in our minds. But if we use our imaginations, our possibilities become limitless.” —Jamie Paolinetti

“Your worst enemy cannot harm you as much as your own unguarded thoughts.” – The Buddha

“In the midst of movement and chaos, keep stillness inside of you.” – Deepak Chopra

“Peace is the result of retraining your mind to process life as it is, rather than as you think it should be.” ~Wayne Dyer

“Meditation will not carry you to another world, but it will reveal the most profound and awesome dimensions of the world in which you already live. Calmly contemplating these dimensions and bringing them into the service of compassion and kindness is the right way to make rapid gains in meditation as well as in life.” ~Zen Master Hsing Yun

"A true friend is a mirror with the greatest clarity; a true enemy is the most challenging but devoted teacher." David Scott

"Sometimes our light goes out but is blown again into flame by an encounter with another human being. Each of us owes the deepest thanks to those who have rekindled this inner light." ~ Albert Schweitzer