Chart your plan for Happiness today
Happyness Factory is a Goal Based Planning platform. We aim to spread financial literacy and help people make sound financial decisions.
11 Dec, 2017
We’ve always heard that people who are happy have a different perspective on life than those who aren’t. These people tend to be more optimistic, solution focused, and evaluate situations in terms of profits made. More importantly, those who are considered as being happy people, have a set of habits that are often in contrast to what other people in the society follow.
Happiness, for different people, means different things. Since no two people have the exact same priorities or goals in life, their sources of happiness differ. So, how come money so often becomes peoples’ primary link to happiness? Well, that is because while money may not be able to buy everything in life, it can certainly make our lives easier. With so many of our comforts and likes dependent on money, it’s safe to say that to a large extent, our “happiness” is in our own hands. A person can be reasonably happy if he/she earns enough money to live a life of minimum debts and obtain certain affordable luxuries.
When you consider your life, and think about what makes you happy as a person, family, health, children’s futures and such come to mind. But, in the quest for happiness and thus, (financial) happiness, it is the blind pursuit of wealth that dictates all our actions. Financial happiness doesn’t merely mean having enough money to pay the bills. The best way to get to the goal of being financially happy is by putting money towards goals you consider to be important, setting priorities as per these goals and managing risk and investor behaviour aptly.
A new financial happiness index created by University of Bristol’s Personal Finance Research Centre and the investment company Momentum, has revealed how people in UK are happy, courtesy of their financial situation. According to Ferdi Van Heerden, the Chief Executive of Momentum, the index revealed that the people who took consistent and practical steps to set their finances in order, ranked higher on the happiness index. He elaborates that Those who start with a financial plan, will be happier.
By having a ‘plan’ for happiness, Van Heerden means a plan which focuses on both short and long term financial goals. A firm grip on monthly cash flow management is undeniably important in this regard. This helps people determine the money they will need every month, and more importantly, the amount they need to set aside for emergencies. Simultaneously, there is a need to ensure that have enough to achieve their ‘high aspirations’, says Van Heerden.
Having a plan for happiness means reworking the life we live today. Formulating this plan involves a shift in the way we think about money. There is an optimization of one’s income to fit in with newer priorities. This plan demands a shift from the blind pursuit of increasing money to giving purpose to the money earned and saved. It’s obvious that there are bound to be obstacles on this road to happiness, but the key is to find the resolve and strength to overcome them. Once these steps are complete, you will have a solid plan and Happiness will flow through this plan.
Individuals have certain ideas on how they want to lead their lives; there is no one-fits-all formula. The one fact that everyone can agree on, is that we have only one life to live and have to make the most out of it. As such, we have to make it meaningful and give a purpose to it, that purpose being happiness.
If you would like to know more about how to get started on the path to becoming financially happy, read about the ‘5 Big Money Questions You Should be Asking Yourself’.