Stacked Intent

How about we dive into the fascinating world of money and joy?

Becca Stackhouse-Morson Season 6 Episode 7

Welcome to the episode all about money! And I am going to dig into does money buy us happiness and what research says about this! Though I would love to hear what you have to say you can send me a dm or email at stackedintent@outlook.com 

 

Objectives:

  • Our initial goal is to delve into what research truly reveals about the relationship between money and happiness.
  • The second goal aims to improve happiness by acting as a tool in your personal life.

 

Stacked Intent Financial Personality Quiz

Money Date Template

Call to action: Today, I challenge you to explore how money impacts your happiness. This involves setting goals, nurturing healthy relationships, and ensuring wise financial management.

Thank you for tuning into Stacked Intent to be authentically YOU! Be sure to leave a review and follow us on instagram.

Let’s Chat about what Research Says about Money Buying Happiness

 

Introduction: Welcome to the episode all about money! And I am going to dig into does money buy us happiness and what research says about this! Though I would love to hear what you have to say you can send me a dm or email at stackedintent@outlook.com 

 

Objectives:

Our initial goal is to delve into what research truly reveals about the relationship between money and happiness.

The second goal aims to improve happiness by acting as a tool in your personal life.

 

Stacked Intent Financial Personality Quiz 

 

Topic 1: Can money buy happiness? 

  • As we start this conversation on happiness in money, we find that psychological fit has more effect on individuals’ happiness than someone’s level of income.  


  • This is a timeless question that has intrigued people for ages and research, there are mixed answers. There are some studies out there to say a certain level of income can help increase a level of happiness. Though it has been said that certain levels don’t matter. 


  • There has been connection between the “right way” of spending money and happiness. Though this does go back to our individuality of what the right type of spending looks like. 


  • In a study led by Jon M. Jachimowicz from Harvard Business School, released in January 2022, 522 participants with incomes ranging from less than $10,000 to over $150,000 tracked their daily events and emotional responses for 30 days. The findings revealed that while people across all income levels experienced similar stressful events, those with higher incomes felt less emotional intensity in response.


  • Jachimowicz explains, "It's not that rich people don't have problems, but having money allows you to fix problems and resolve them more quickly." Essentially, higher income enhances a sense of control over life, which can reduce distress and increase overall life satisfaction.


  • Similarly, Matthew Killingsworth, a happiness researcher, emphasizes that money provides a sense of autonomy and freedom. He states, "Money provides people with the autonomy and freedom to live the life they want." It's not just about luxury; having more money enables people to pursue their desires without excessive financial constraints.


  • Both studies underscore a critical point: while money alone may not buy happiness, it can alleviate stress and empower individuals to make choices that align with their aspirations. This sense of control and autonomy significantly contributes to overall happiness. For those who are financially affluent but unhappy, simply acquiring more money may not solve everything. However, for the majority, higher income tends to correlate with greater happiness to varying degrees.


  • Some research does say that if you spend money on your well-being over material goods that lead to better in the overall happiness. This will depend on what you value though, because if you are spending money on others and that doesn’t align with your values then that will not lead to money and happiness for you. 


  • There is a need to understand an individual level not at a group level, because we each have individualism that contributes to our funds and happiness in money. This is why I have found it important to understand where your values with money and this will help when you have partner relationships. 

Topic 2: The potential for enhancing happiness 

Money can serve as a potential tool for enhancing happiness by reducing stress and providing greater control over life decisions. To improve your life, consider implementing these strategies:

 

Set Clear Goals: Define what you want to achieve in your career, health, and personal growth, and develop actionable steps to reach those goals.

Surround Yourself with Positivity: Build a support network of family, friends, and mentors who encourage and inspire you. Their positive influence can help you stay motivated and overcome challenges.

Prioritize Self-Care: Take time for yourself to relax and recharge. Whether it's through meditation, exercise, reading, or hobbies, self-care is essential for maintaining balance and well-being.

Embrace Lifelong Learning: Continuously seek opportunities to expand your knowledge and skills. Attend workshops, take online courses, or read books on subjects that interest you. Lifelong learning keeps your mind sharp and opens new doors for personal and professional growth.

Stay Adaptable: Life is full of unexpected changes. Embrace flexibility and be open to adjusting your plans as needed. Adaptability will help you navigate obstacles and seize new opportunities with ease.

Celebrate Your Progress: Acknowledge and celebrate your achievements, no matter how small they may seem. Recognizing your progress boosts your confidence and motivates you to keep moving forward.

Give Back: Contribute to your community and help others along the way. Volunteering or mentoring can provide a sense of purpose and fulfillment, enriching your own journey as you make a positive impact on others.

 

Prioritize Self-Care: Dedicate time to activities that enhance your physical, emotional, and mental well-being, such as exercise, meditation, and hobbies.

Surround Yourself with Positive Influences: Seek out relationships and environments that uplift and inspire you. Engage with friends, family, and communities that encourage growth and positivity.

Set Realistic Goals: Break down your aspirations into manageable steps. Celebrate your progress along the way, no matter how small, and use setbacks as learning opportunities.

Practice Gratitude: Take time each day to reflect on the things you are grateful for. Keeping a gratitude journal can help shift your focus to the positive aspects of your life.

Stay Curious and Keep Learning: Embrace a mindset of lifelong learning. Read books, take courses, or explore new interests to keep your mind active and engaged.

Maintain Balance: Strive for a healthy work-life balance. Ensure that you allocate time for relaxation and fun, as well as for responsibilities and commitments.

By incorporating these habits into your daily routine, you can create a more fulfilling and balanced life, where self-care and personal growth are at the forefront.

 

Build Healthy Relationships: Surround yourself with supportive, positive people and cultivate meaningful connections with family and friends.

Engage in open and honest communication, and always be willing to listen and understand the perspectives of others. Show appreciation and gratitude for the people in your life and make time for shared activities that strengthen your bonds. Remember, healthy relationships are built on trust, respect, and mutual support. By investing in these connections, you create a nurturing environment that enriches both your life and the lives of those around you.

 

Manage Finances Wisely: Create a budget, save for emergencies, and invest in your future. Financial stability reduces stress and offers more freedom.

Start by tracking your income and expenses meticulously to understand where your money is going. Use budgeting apps or simple spreadsheets to categorize your spending and identify areas where you can cut back. Aim to save at least 20% of your income, directing a portion of this into an emergency fund that covers 3-6 months of living expenses.

Beyond saving, consider investing in diversified assets such as stocks, bonds, or mutual funds to grow your wealth over time. Consult with a financial advisor to create a personalized investment strategy that aligns with your goals and risk tolerance. Additionally, stay informed about financial literacy through books, podcasts, and workshops to enhance your knowledge and make informed decisions. Stacked Intent has a financial rediscovery course that will be launching soon. You should be sure you have joined our newsletter to be the first to know. 

Remember, financial health is a journey, not a destination. Regularly review and adjust your budget and investments to adapt to life changes and economic shifts. By taking these proactive steps, you pave the way for a secure and prosperous future. Remember to have a monthly coffee date with your finances. And you can grab a template here to help! 

 

By focusing on these areas, you can cultivate a balanced, fulfilling, and happier life. Remember, true happiness is derived from a combination of factors, not just financial wealth. Be intentional in your approach to finances and redefine what genuine wealth means to you.

Call to action: Today, I challenge you to explore how money impacts your happiness. This involves setting goals, nurturing healthy relationships, and ensuring wise financial management.

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