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July 6, 2023
Contrary to popular belief, managing your financial life is not usually all about mathematical formulas and achieving a certain dollar value at some future period of time. The goal of money is to enable you to live the life you want to live – today and into the future. You want to manage your money for happiness.
It is easy to get caught up in the nitty gritty details of investment strategies, interest rates, budgets, arbitration strategies, and getting to $X million by the time you are a certain age. However, it may be useful to always remember WHY you manage your money for financial goals: a satisfying fulfilled life and happiness.
Here are six tips for how to manage your money for happiness:
Budgeting is a word that often elicits a grimace. Very few people love budgeting. Why? People too often think of it as an exercise that imposes limits on spending.
However, budgeting – knowing how your money is spent – is a foundational of financial wellness. And, if you re frame your perspective, budgeting can actually enable you spend on what truly makes you happy.
The best budgets are the ones that prioritize spending on what you love. When budgeting, try starting with your number one priority for spending and then compromises you need to make might not feel quite so onerous.
Use the NewRetirement Planner to document your budget today and how it will evolve into your future.
There is a lot of guilt, shame, worry, and regret around money. These negative emotions are too often present in our internal dialogue. Stopping negative self-talk about money is essential for promoting a healthy and positive mindset towards your financial situation. Here are some strategies to help you address and overcome negative self-talk:
“You cannot be anything you want to be, but you can be a whole lot more of who you already are.” – Curt Liesveld
There are two approaches to self improvement, you can try to improve on your weaknesses or you can focus and expand on your strengths. Martin Seligman, the father of Positive Psychology says that for a person to be truly happy and live a meaningful life, that person must recognize their personal strengths and use these strengths for the greater good.
Conventional wisdom has always been that your weaknesses represent the biggest opportunity for improvement. The problem is that this focus can create a negative feedback loop where fear, inadequacy, and anxiety are the focus.
Whereas concentrating on your natural strengths may be a more motivating, impactful, and happier approach to self improvement.
Scientific American cites data illustrating this point: “Some researchers have tested programs called “positive interventions” that give people the chance to uncover, explore, and practice their strengths. In one such program, people take a test to identify their top five character strengths, and then are tasked with using these strengths in a new and different way every day for a week. Researchers found that people who practiced their strengths in this way were happier and less depressed six months later.”
Instead of spending time criticizing yourself, try to take an objective approach to understanding your personal journey. Performing a SWOT Analysis is a great way to retrain the way you think about yourself.
Below are 6 practices that are scientifically proven to breed happiness:
Comparing your financial situation to others can sometimes be motivating and informative. There are useful benchmarks that can orient your goals. However, comparisons can also negatively impact your happiness. It is important to remember that comparisons are:
Remember, happiness is subjective and deeply personal. It comes from within and is influenced by a range of factors beyond just financial comparisons. Embrace your own financial journey, celebrate your achievements, and focus on creating a fulfilling and balanced life that aligns with your values and goals.
They were wrong. The answer to the question does money buy happens is… yes! In fact, the research is overwhelming. And, there are actually multiple ways to spend to increase happiness. Explore 11 ways to spend money to buy happiness.
For people who want clarity about their choices today and their financial security tomorrow, NewRetirement is a financial planning platform that gives people the ability to discover, design and manage personalized paths to a secure future.
Our goal is to make high quality low cost financial guidance available to everyone. More than 200,000 people representing more than $200 Billion in wealth currently trust the system to make the most of their money and time. The platform can be co-branded or white labeled for partners. Additionally, the company provides API access to companies who wish to embed planning functionality within their own site.
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They were wrong. The answer to the question does money buy happens is… yes! In fact, the research is overwhelming. And, there are actually multiple ways to spend to increase happiness. Here are 11 ways to spend money to buy happiness. The following 11 tips are valuable whether you are 75, 65, 55 or 15!…
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