What Makes A Good Life?

1 October 2020

1. A Happy Life 

Researchers began by asking participants to write down a simple statement that described their vision of an ideal life. Then, participants were instructed to rank 15 terms according to how closely they applied to that ideal vision. 
 
The first five terms characterized happiness: 
 
• Stable 
• Comfortable 
• Simple 
• Happy 
• Pleasant 
 
If these words describe your life, it sounds like your basic emotional and physical needs are met. You feel good about where you are, and you most likely have the tools and long-term perspective necessary to make plans for where you want to go. 
 
And, perhaps most importantly, with this groundwork in place, you can start building out other aspects of your life that will be more rewarding. 

2. A Meaningful Life 

The next group of words were meant to correlate with the sense of meaning people wanted in their lives: 

 

·        Meaningful 

·        Fulfilling 

·        Virtuous 

·        Sense of purpose 

·        Involves devotion 

 

It's here that people who are truly intentional about their lives move past their own needs and start thinking about the bigger picture. Countless studies have drawn strong connections between doing good, happiness, and even longevity. People with the highest levels of job satisfaction are often less focused on their income level than they are on how their work makes life better for other people. 

 

Meaning can become increasingly important to us as we age out of the workforce as well. Folks who kept their noses to the grindstone, doing work they didn't necessarily love to support their families, often struggle filling their days in retirement. On the other hand, retirees who did make meaning an important part of their working lives often turn to volunteer work, part-times jobs, or mentorship as a means to perpetuate that important sense of purpose. 

3. A Psychologically Rich Life 

Not surprisingly, words under the "happy" and "meaningful" categories rated the highest among respondents. 

 

But there was a third group of words that completed the picture of a good life for most people: 

 

·        Eventful 

·        Dramatic 

·        Interesting 

·        Full of surprise 

·        Psychologically rich 

 

Why does the initial jolt of happiness after a big-ticket purchase wear off so quickly? Why do so many people change careers, move across the country, or enroll in continuing education classes? 

 

Because if our lives are so "perfect" that we aren't challenged or surprised, we get bored. We need our curiosity to be stimulated. We need problems that we can only solve by rewiring how we think. We need obstacles to overcome. We need to try new things and make mistakes. We need opportunities to learn and grow.

 

Finding the right mix of happiness, meaning, and psychological richness is an ongoing process. You might find that the emphasis you place on each shifts as you progress through various transitions, and particularly as you near retirement. Let’s discuss how our suite of Life-Centred Planning tools can help you align and realign your assets to these important goals every step of the way. 

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Spring-Cleaning Financial Clutter

4 May 2021
Is a financial check-up on your Spring-Cleaning list? Once you've tidied your lawn and emptied that out-of-control closet, let some fresh air into your home office and use these six tips to freshen up how you spend, save, and plan for the future. In our experience ensuring that clients remain confident in their financial situation now and going forward is important and setting aside some time, maybe a morning, is well worth it for peace of mind. By drawing a financial line in the sand, we can model the impact of your “what if scenarios” on current and future finances. We would advise doing this once a year in “normal” times anyway, but the events of the last year have almost certainly impacted upon your finances and may indeed have completely changed the way that you think about your future. 1. Pay yourself first. Making automatic contributions into your insurance, savings, investment, and pensions is a small budget adjustment that can go a long way towards building wealth over time. Is there extra money in your monthly cash flow that you could use to increase those investments? Do you want to save/invest more now - or enjoy a treat, break, holiday? How much extra could you contribute per year if you went from five coffee shop visits per week down to two, or started packing your lunch every day? Your life - your choice. 2. Review your monthly statements. Automating your investments and bill payments doesn't mean that you never have to check on them. Get back in the habit of reviewing your monthly bank and credit card statements. Make a list of all your recurring charges and subscriptions and consider cancelling anything you're not using enough to justify the expense. Also review the terms and conditions of your accounts and be sure you understand what fees, if any, your financial institutions might be charging you and what benefits you might be overlooking 3. Shop around. And if you don't like those fees? Of if the cost of your Satellite/Internet/Streaming TV bundles have shot up unexpectedly? Or if you never get near the data cap on your mobile phone/tablet service? There might be better deals elsewhere. Do a little comparison shopping, and don't be afraid to play some hardball if you can find ways to save a few pounds every month. 4. Check your credit report and score. You can also use a free credit score service to see where you stand with potential lenders and check for any major fluctuations in your score, which could be another indicator of fraud. Together, these reports will help limit any surprises if you're preparing for a big purchase in the coming year, such as a car or new home. Many such services also offer key services and options for loans, credit card rates etc 5. Scan and shred. Digitising your financial records can save space and simplify tax season. There are many apps and online services that can help you replace your filing cabinet with a cloud-backed folder, but snapping pictures of important documents with your cell phone is an easy way to get started. Once you've backed up your statements and receipts you can shred anything that's over three years old. Also review your hard copy filing system and make sure that your birth and marriage certificates, National Insurance cards, insurance policies, and Will are stored safely. 6. Talk to your financial planner. How have your short-term and long-term financial goals changed in the last year? Are you thinking about making a career change? Are your teenagers scouting colleges and universities? Is there a new baby on the way? Do you want to start making a bigger impact in your community through sustained giving? Is this the year you’re finally going to start your own company? Do you or your spouse have any new health care concerns? We use your answers to these kinds of questions to guide our Life-Centered Planning process. Annually, it’s a good idea to check if dust is settling on some out-of-date plans or if the path to any of your financial goals is feeling a little cluttered. Give us a call and we’ll schedule a meeting to shake off some cobwebs and put a fresh shine on the year ahead.
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