Happiness and Your Financial Life

By Dean Barber

June 13, 2019

I want to walk you through the importance of building a personal financial plan. But before I get to that, I want to talk to you about some interesting statistics on happiness.

Putting off Happiness

What day of the week do you think most people die of a heart attack? It’s Monday. Most people die of a heart attack on Monday more than any other day of the week. Do you know what time of day it is? Between 8:00AM and 9:00AM. Why is that? It’s the day people get up and go to a job they don’t like and stress out.

The sad reality is that we spend the majority of our life at work. We grow up, we go to school, and most of us start working at about the age of 18, some of us at the age of 16. We work our way through college, we’re working immediately out of college, and the average person will work until they’re 66 or 67 years old. And many are always thinking, “You know what? This next thing that I do in my life is what’s going to make me happy.” Or, “Once I get married and have kids, I’ll be happy.” Or “Once I get to that retirement date, then I’ll be happy.” But what happens? We get tricked into thinking that we have to keep doing what we’re doing.

Most people are trapped in their jobs or they’re tricked into thinking that they have to stay in their job. How do you take control? How do you create a balance where life comes before work, where you work to live as opposed to living to work? I think it’s really crucial.

Happiness and Success

There’s a Harvard educated author that did a study, his name is Shawn Achor. And Shawn Achor says that 75% of the success of a person in their life and at their job is based on happiness. It’s not based on how smart a person is. It’s not based on how talented a person is. But it’s based on how happy they are. Because as your happiness rises, your creativity and productivity rise and you make more money. And guess what? You live longer! Yeah, that’s right, you have a better overall outlook on life, and it lets you live longer!

So, the reason why I do what I do, the reason why the advisors at Modern Wealth Management do what they do – is because we truly want you to live your one best financial life. The question is, what’s holding you back? Most people that are still working today, they don’t have clarity. And what I mean by that is they have no clarity as to exactly how much money they need to save to get to where they want to be, and they don’t know exactly where it should go. They don’t even know if they are already there. Most people don’t know where to start when building a personal financial plan.

Building a Personal Financial Plan

Building a personal financial should provide three things, it should provide clarity, in where you stand today, and exactly what you need to do in order to accomplish your objectives and goals. Once you have the clarity of knowing exactly what needs to be done, all of a sudden, that can deliver confidence in where you are overall! Now, this clarity and confidence, apply to all of you. They apply to those of you that are still working today and trying to get to retirement, but they also apply to retirees.

Get Clarity, Confidence, and Control

So, when I talk about building a personal financial plan, it’s not just a retirement analysis. It’s not just a plan that says how do you get to retirement. This is a personal financial plan that allows you to truly live your one best financial life. When you have clarity that allows you to have confidence in where you are overall – that ultimately puts you in control and gives you the happiness that Shawn Achor, the Harvard professor says is what is the key to success in life.

It raises your creativity, you make more money, you’re happier, and you live longer. I want to encourage you to explore what are the components of building a personal financial plan. What should it look like? We can help. See where you’re at so you can get the clarity, confidence, and ultimately be in control. Give us a call at 913-393-1000 or schedule a complimentary consultation below and we will be in contact to start the conversation with you.

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The views expressed represent the opinion of Modern Wealth Management an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.