I think it's a well-established fact that going from poor to middle class makes a huge difference, from middle to top makes difference too, but not as big.

5 years ago I was a carpenter in New York making some 30k a year, I was miserable. I wanted a different job, but not only because of a better paycheck, but also a kind of work I'd do, the way I'd spend my days.

Now I'm a web developer and having that background really puts things into perspective. That perspective makes me pretty darn happy. My point is this:

It's an equation with multiple variables, where 'money' is only one of 'em. For me it's

M + T + Q = H

M = Money

T = Amount of time you spend to get it

Q = quality of that time. Sure you can make big buck but do something you're absolutely horrified by, something that makes you miserable... Or you make a pretty modest paycheck, but enjoy every minute of it.

Of course, there is more to it, but it conveys the idea: Money affects how you feel, but there is more to that.