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Ep 64: A Primer on Financial Wellbeing

• Mike Krause, Helena Fowler & Jamie Watson • Episode 64

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Can money buy happiness? đź’°đź’¸

That’s been a hot topic of debate and research for … oh, forever, it seems. Prevailing research says that if you’re generally happy, your happiness may increase with higher income; however if you’re generally unhappy, then it may rise to a point and plateau—further, if you’re wealthy and unhappy, no amount of additional money will make you any happier (Wharton did a nice job of summarizing the research). 

This week, Mike, Helena and Jamie talk Financial wellbeing. We look at money, happiness, and  the intersection with overall life satisfaction. We also dig into how financial resources shape our ability to engage in meaningful relationships, in our communities and beyond.

In the Episode:
🎧 Money and mood; more money doesn’t mean less anxiety or less depression
🎧 Financial stability is critical but wealth is likely not when considering positive wellbeing and happiness 
🎧 Financial wellbeing as defined through the lens of the ability live life the way you want and to give back or give charitably 
🎧 The myth of wealth equating happiness; why do we equate the perception of someone’s happiness based on the accumulation of things? Could the inverse be true … the more you accumulate, the more you’re seeking but not finding happiness beyond the dopamine hit? 
🎧 Happiness is not limited to individuals with wealth; happiness as an emotion that can be found in at all socioeconomic levels
🎧 We say “happiness” but do we really mean stability or status or influence or power or confidence or access or approval or acceptance or popularity or nostalgia or peace of mind, etc? 
🎧 Interconnected feedback loop and the role finances play (financial wellbeing) with other aspects of wellbeing, like social, community, career, physical and spiritual 
🎧 Foundational needs that need to be met to achieve any of the six aspects of wellbeing … which of the foundational needs is not being met? 
🎧 The role of scarcity mindset 
🎧 Mike reflects on his Peace Corps experiences of communities with less financial resources and the interplay of other aspects of wellbeing

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