(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)
What's your Personal Financial Happiness Quotient?
Numerous studies have equated money with positive impact on our lives. A couple of years ago, researchers found people who dipped their fingers in hot water after counting stacks of cash actually reported feeling less pain than people who dipped their fingers after counting stacks of blank paper. Conversely, the fear of not having enough money seems to be strongly associated with certain negative health consequences.
Money gives you more opportunities and greater freedom; it represents protection against cold and hunger; it allows you to create a comfortable life for your children; literally money makes your mouth water.
That's the conclusion of a study performed by David Gal, an assistant professor of marketing at Northwestern University's Kellogg School of Management. Gal had undergraduate participants look at various pictures while holding cotton dental rolls in their mouths. When he collected the rolls later and weighed them to see how much saliva they'd absorbed, he found that the students who looked at pictures of money had drooled the most.
Money can get you happiness in two forms
Tangibles and intangibles.
Tangibles are all those things which are bought to enjoy your life like the expensive gadgets, sedan, home, jewelry, other luxuries etc.,
Intangibles -
Money is not felt this way, right?! It's not there in our backyard tree to be touched and felt every day. Intangibles are your insurance cover, savings, investments etc., Remember, money gets you both tangibles and intangibles in life. But we are more excited with tangibles as we see, touch and feel them every day. But there are many intangibles money get you which are not touched or felt or seen every day. But they are the ones which give you the FINANCIAL FREEDOM AND FINANCIAL SECURITY...
The ideal mix of tangibles and intangibles determine your personal financial happiness quotient...
Many a time we are more excited about tangibles which money get you. But on the other hand intangibles give you the life long financial freedom and security. After all, our earning capacity has a limited shelf life, but we need to live longer and longer with whatever wealth we have created during our prime earning years.
Here are some of the intangibles money get you for your financial freedom:
Creation of long term wealth:
Retirement fund:
Children's future:
Remember, our earning shelf life is shrinking by the day.. What we save and invest in the first 25 years of life determines how we live the rest of our life post retirement. The age old adage says, "What we sow is what we reap"...
Have a balanced approach towards tangibles and intangibles to earn higher personal financial happiness quotient.
(The author is the Founder and CEO of Money Avenues, a Wealth Management firm based in Chennai. Feedback can be sent to mailfpc@ yahoo.com)
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