Parents who are older and who have older children tend to be happier given that they are relatively more mature and financially stable.
Stevenson and Wolfers also find, a clear role for absolute income and a more limited role for relative income comparisons in determining happiness.
They also feel less stress, are more fun to be around, are more optimistic, and enjoy their lives more than people who are unhappy.
Being prepared for the worst case scenario can at least make things a whole lot less chaotic.
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