CNBC staffer Mark Fahey reports on how income can affect a persons emotional well-being and their evaluation of their own life.

There's a recent study from an economist at Case Western University who believes a persons stress can depend on the amount of money they are making. However, there are people who make over $75,000 a year and are still unhappy.

Each dollar makes a big difference in reducing negative emotions for people in the 20th income percentile, but those returns fall off by the 80th income percentile and disappear at around $200,000, according to the study.

"We know from the results that changes in family income are important drivers of people's emotional lives," said David Clingingsmith, the author of the paper and an associate professor of economics at the Weatherhead School of Management. 

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