Money can only buy happiness up to a point.

According to a new analysis by Doug Short, vice president of research at investment group Advisor Perspectives, if you live in a place like Hawaii, where the cost of living is relatively high, you need to make $122,175 per year before some extra cash doesn't really translate into more happiness.

In Mississippi, by comparison, the threshold at which more money stops making you happier is a lot lower: $65,850 per year.