In terms of making money, you could apply the 10,000-Hour Rule to your passion, be it art, music, a skilled trade, whatever, and be good enough at it to earn your living doing what you love. You achieve happiness through your chosen vocation.
In The 4-Hour Work Week, Tim Ferriss advocates elimination and automation to liberate yourself from your work, thereby freeing up more time to do what you enjoy. Focus on tasks that produce the most benefit (eliminate ones that waste your time), build a sustainable automatic source of income, and you can boil your work week down to a few hours, leaving the rest of your time for you to enjoy as you please.
Instead of investing your time into your vocation which is your source of happiness, you minimize the time you spend on your vocation and achieve happiness from your leisure.
These are two very different approaches to very similar results. Income and happiness. I believe that following either would result in success for anyone who dedicated themselves to the process.