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RE: Money Has a Very High Diminishing Marginal Return on Happiness
Your philosophy of life is probably important too. If the money 'owns' you, more money equals more stress. People like Warren Buffet that lives modestly can handle a lot of millions. If I was extremely rich, I guess I would have lived almost the same as I do today. I am above the 70k, but that is just an average salary in Norway.
On this same note, many people who have built tremendous wealth have done so by living frugally. This is best evidenced in Thomas Stanley's The Millionaire Next Door, which is a book I'd encourage anyone interested in the topic of this post to read.
I saw something online recently that said, "Rich people stay rich by living like they're broke, and broke people stay broke by living like they're rich." There's a lot of truth to that, and once you can figure out that money can't solve all of your problems, it can make your life less stressful.
This is true, I've noticed that many rich people enjoy the process of creating wealth far more than the spending of that wealth.