The Link Between Money and Happiness
According to a Princeton University study conducted by renowned psychologist Daniel Kahneman, self-reported levels of wellbeing increased with a salary up to $75,000 a year, but after that, increasing amounts of money had no further effect on happiness.
This begs two questions, what does actually cultivate happiness and how can one cultivate a healthier relationship with money?
For Chris Girbes-Pierce (a certified financial planner and partner at AdvicePeriod), money triggered some of his most traumatic moments as a child – which formulated his relationship to money, and later inspired him greatly.
After supporting thousands of people in managing their finances and transforming their relationships to money, Chris believes that while money is an important tool (and our relationship to it can evolve over time), the key to happiness and fulfillment is our relationship with our friends and family.
As for assessing our individual relationships to money (which often drives our professional motives and spending behavior), here are a couple questions to reflect on so you can consider re-framing your own relationship to it:
•What do you remember the most from your childhood in regards to money, and how is that shaping your relationship to money today?
•How would the future you — who has already reached your financial dream — act, think and feel around money?
For a deeper dive on money, tune into Episode 197 of Are You Being Real. Chris and I examine some of the most harrowing experiences around money from his childhood, different roadblocks and sacrifices he encountered on the road to financial abundance, why we should be more intentional with our spending, whether or not you should create long-term financial goals, and other simple, practical tips you can implement into your financial strategy.
Wishing you an abundant, happy, and grateful week!
PS: I know Thanksgiving Day has passed, but I couldn’t let this week go by without expressing my gratitude for all of you. Your feedback, engagement, and love is what keeps me going on this mission to better the world through ‘being real.’ May your holidays bring you the inspiration, love, and joy you seek!