What Is Wealth? Its Not Just Money. Health And Happiness Count, Too
Many people think that wealth is just money. This identification will include your investment account and bank account. You work hard to save and invest wisely to increase your net worth so that you can retire with great savings. It is important.
But wealth is more important than money.
The question "What is wealth?" "How can I use my money to be happier?"
This brings us to the relationship between money and happiness.
If you agree that wealth is more than money, then let's look at other factors that influence our wealth and happiness.
good health
The popular saying goes: “Health is wealth” because as we get older, it becomes more important than ever to maintain good health. I used to tell my financial planner clients (before I retire from client service at the end of 2021) that they should focus on their health after retirement.
Exercising and eating a healthy diet are very important. I've recommended clients spend the money to hire a personal trainer, join a gym or travel club, or take tennis lessons. If you hate going to a health club, buy home gym equipment and watch tons of (free) workout videos on YouTube. Ask your neighbor if he'd like to go for a walk with you on Saturday morning.
strong relationship
Another important component of wealth is good relationships with friends and family. The results of the 85-year study, known as the Harvard Study of Adult Development, are summarized in a 2023 book, The Good Life. The study began in 1938 during the Great Depression and followed the participants from their teens to the end of their lives. It now includes three generations and over 1,300 descendants of the original 724 members. What was originally intended as a study of human health and what makes people thrive has evolved into a major study of happiness.
The study leaders summed up the vast amount of data collected in one simple statement: "Good relationships make us happier, healthier, and help us live longer."
Strong relationships with friends and family are especially important as we get older. The extra effort is worth spending more time with family members. Take your grandkids on a special trip or plan a family reunion and (if you can afford it) pay for all travel expenses. This is a great way to spend money to increase your happiness. See your friends often. Invite your neighbors to dinner. Travel to meet friends you haven't seen in years.
expertise
Research shows that experiences bring us more happiness than buying more "stuff". Too much possessions often lead to a mess in the house and more stress. The pressure we feel to buy, buy, and buy also leads to credit card debt, car loans, and financial insecurity.
Instead, we remember long-term experiences, such as vacations, vacations, and summer gatherings with friends in the yard. Neuroscience research also shows that waiting can make us happier by releasing endorphins in our brains. Thus, planning experiences in advance and paying for them in advance can make us happier. Of course, since the pandemic has forced us to cancel so many travel plans over the past three years, we've had to make sure the savings come back.
Exhilarating lifestyle, freedom and time
In his book The Psychology of Money, author Morgan Howell says, “The highest form of wealth is the ability to wake up every morning and say, ‘I can do whatever I want today. With money, you can retire whenever you want, take vacations, help your kids financially, and spend time doing whatever you want. Basically, money gives us freedom regarding our time and lifestyle. These are valuable benefits.
Determination
Researchers have found that goals are an important component of happiness. Having a job that brings us satisfaction can give us purpose. Helping those less fortunate, whether they are volunteers or donors to charity, can bring personal satisfaction. Lifelong learning and learning about history, climate change, or geology can be beneficial. Hobbies such as gardening, playing an instrument, reading hard, knitting, or preparing for a future career can be a goal.
Exploring our creativity, making decisions to streamline our home, or making intentional changes to strengthen our relationship are all worth it.
Money and wealth
Money is important and it is important that we have enough of it to support the lifestyle we choose. Knowing that we will never run out of money before we die is the goal of most retirees.
However, there are many other variables that affect our wealth.
A recent study by Matthew Killingsworth and Daniel Kahneman found that higher incomes (up to $500,000 a year) can make us happier. This is contrary to a 2010 study (Kahneman and Deaton), which found that annual income over $75,000 does not make us happier. However, in a recent study, researchers found that about 20% of the 33,000 participants were financially secure...but unhappy. The fact that 20% are unhappy reinforces the idea that having money does not guarantee happiness. The author comes to the conclusion that money is only one of many factors that determine happiness. If you want to increase your happiness, focus on other pieces of the pie.
Donna Skiles Saigon, CFP, MBA, author of The Joy of Financial Security and her soon-to-be-released book Wise Choices After 50. She owned an Albuquerque-based financial planning firm for over 20 years before retiring. Receives emails from readers at donna @donnaskeelscygan. com. Previous columns are available at donnaskeelscygan.com/insights/.
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