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Does Money equal Happiness?

According to a recent survey, 92% of people surveyed say nothing makes them happier or more confident than having their financial house in order. But, does money equal happiness?

This is an ongoing conversation. Does money make you happy or at least happier? What about possessions or friends? Or is it good health? Well, remember, money is just one of the major aspects to happiness. But, there’s one universal truth that most agree on: financial struggles reduce happiness.

Our experience tells us that most people don’t have one of the most important factors in their financial life – a budget. With nearly 80% of Americans living paycheck to paycheck, the need to change from this lifestyle to a monthly budgeted lifestyle is a shock to the household system and feared by many. Learning to budget, sticking to your budget while also leaving a little room for fun in your budget—we believe are the single most important parts of financial sustainability.

But there’s more… A household budget is just the start. Here are some surprising stats:

  • 63% of Americans are confused about 401k retirement plans.
  • 85% of American adults age 18+ sometimes feel stressed out about money and 30% feel stressed out about money constantly.

If you’re beginning to get how your money knowledge or lack thereof impacts your household well-being, consider whether you are confident, confused or just ignoring your financial situation. If you’ve never considered working with a financial professional, maybe it’s because you need more information as to what a good financial advisor can do.

We’ve created a list of things a financial professional can and should help you with to move you towards a happier, more confident and stable financial life and, for some, possibly even improve your sleep.

A good financial advisor can

  • establish and prioritize your goals
  • help you to implement an ‘automated’ savings strategy
  • help you to implement an ‘automated’ investing strategy (A special note on automation…automating your savings and investing is one of the biggest impacts to your financial success!)
  • organize your cash flow for effectiveness and efficiency

They can also

Help you to see both the small and big picture of your financial life by assisting you with:

  • planning for big expenses
  • planning for everyday budgeting
  • planning & establishing tax management strategies
  • estate planning
  • educate you along the way so that you have increased knowledge about your financial situation and confidence

Questions about this or other financial concerns? Please send us an email: info@lenityfinancial.com

Sources:

Security Benefits Center – why choose a fiduciary vs. broker, Northwestern Mutual News Release – July 22, 2019, CNBC – March 7, 2019 by Kathleen Eklins, Varo – March 6, 2018 article -varomoney.com, Seeking Alpha – Rida Morwa, August 25, 2019 –How to be happily retired., Lenity Financial, Inc.

 

 

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