Money Can’t be the Means to Happiness
We've all heard the saying, "Money can't buy you happiness." And yet, if you've had a big bill come due, or you'd like to take some friends out for a nice dinner, having enough money to do these things can sure give you a good feeling—one you might mistake for happiness.
Perhaps the proverb should be reworded to say, "Money can't buy you ultimate happiness." Or "Money is not guaranteed to buy happiness."
Dr. Jordan Grumet, a hospice physician who's written extensively about finding ultimate purpose in life, has seen that financial success alone doesn't make people happy in the long-term.1 Writing in Psychology Today, Grumet says that today's popular money gurus fall into two main camps, neither of which accurately represents the true role of money in a purpose-filled life.
"The first type of financial guru focuses on building wealth," he writes. "Their message is straightforward: Make lots of money, spend less than you earn, and invest prudently—then life will be good." "The second type of guru takes the opposite approach," says Grumet. "Their core message? Money is meant to be enjoyed, so spend it on experiences, passions, and things that bring you joy."
At first glance, both these camps are dispensing solid financial advice. It's good to save and invest. And it's good to use your money to bring you and your family joy. But Dr. Grumet points out a subtle error in both: Money (whether saved or spent) cannot be counted on to deliver ultimate fulfillment. You can be in the top 1% and still be lonely and miserable. So, if money isn't the answer, what is?
Focus on doing, says Grumet. "Do the things that align with your values. Engage in activities that bring you purpose. Cultivate relationships that matter." The good news is that none of these truly meaningful things requires a certain net worth or a perfectly optimized spending plan.
Money is not only beneficial, but also necessary for living. But it should never be mistaken for the end goal itself. Your wealth cannot define you as an individual. And no amount of spending can complete you as a person. In other words, there's no "magic number" in your savings and investment accounts that can guarantee your happiness.
This is why it can be so beneficial to work with one of our trusted advisors. We can help you create a plan based on your unique situation that enables you to do the things that matter most.
- http://go.pardot.com/e/91522/and-why-you-should-ignore-both/96tsc3/2882468441/h/R7PnxBzdz5QigGu1r7U-h66FQS7EJ5Se0o3R9SyGgA4
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