The rule is well established in research: The first $40,000 makes a big difference in one's level of happiness. After that, the impact is much smaller. The difference between someone making $40,000 and someone making $15,000 is far greater than the difference between $100,000 and $1 million.
Happiness is dependent on being able to meet basic needs for food, shelter and clothing. After meeting those needs you need to turn to something other than consumerism because additional money has negligible impact on how happy you are. Your level of happiness is largely dependent on your outlook.
And I believe it's true. When they say, "It's all about the journey," it really is about the journey. And if you cannot find contentment with where you are today, you will not find it where you are tomorrow.
That being said, I like spending money on the finer things. Sure, a frozen dinner is still good eatin' when your hungry, but--having learned to appreciate a well prepared salmon or filet mignon--I do have my druthers over which one I want on the plate in front of me.