Happiness is an elusive construct. Many philosophers and psychologists have proposed their viewpoints regarding happiness. Theories of happiness are usually classified into two types: hedonic and eudaimonic. Hedonic theories focus on pleasure and gratification as a source of happiness whereas eudaimonic theories focus on well-being with an emphasis on values and meaning in life. There is often a debate as to which of these theories explains happiness in a better way in all its complexities. The presentation aims at proposing a new model of happiness developed by the researcher. The model is developed through empirical evidence gathered by means of questionnaires (N=250) as well as through structured interviews of participants (n=43) on the variables of research. According to this new model, happiness can be defined in terms of four important components: emotional intelligence, satisfaction with life, meaning in life and hope. Together these four important components can uniquely predict happiness. This model aims to bring together the existing models of happiness as well as provides a link to the components missing in earlier models to arrive at a comprehensive model of happiness.