How would you define happiness on your journey to being rich and wealthy?
In our quest for financial freedom and prosperity, many of us ponder a fundamental question: How do we define happiness on our journey to becoming rich and wealthy? This inquiry isn't just about acquiring material wealth but about understanding how this wealth impacts our overall well-being, relationships, and sense of fulfilment. As a financial planner and mentor, I have seen many individuals and families navigate this complex journey, and one truth remains clear: wealth without happiness is an empty pursuit.
Happiness, like wealth, is multifaceted. It is not merely an emotion that arises from fleeting moments of pleasure or success; it is a state of being that influences every aspect of our lives. This article will explore the intricate relationship between happiness, money, and the principles of richness. We will examine how financial freedom can contribute to our happiness and how our definitions of happiness can shape our financial decisions. Together, we will delve into how wealth, when approached with the right mindset, can lead to a life of true richness—a life where happiness is not just a byproduct but the ultimate goal.
Defining Happiness
What is happiness? Is it an emotion, a fleeting feeling, or something deeper? The word "happiness" originates from the Icelandic word happ, meaning luck or chance. However, can we leave something so vital to our existence to chance?
To define happiness, we must first understand what it means to us individually. Is it the pleasure we derive from our daily activities, the sense of accomplishment after achieving a goal, or the contentment that comes from living a life aligned with our values? For many, happiness is mistakenly equated with pleasure, but pleasure is just one part of the equation. Pleasure is temporary and can be influenced by external factors, while happiness is enduring and is shaped by our internal state.
Happiness is not the absence of pain or sadness, nor is it the constant experience of bliss. It is the balance between the highs and lows, the resilience to weather life’s storms, and the ability to find meaning and joy in both the journey and the destination. It is the sum of our experiences, emotions, relationships, and values.
Tal Ben-Shahar, a renowned positive psychology expert, suggests that happiness should be considered the ultimate currency—the measure by which we gauge the success of our lives. According to him, material wealth and happiness are often mistakenly conflated, leading many to pursue financial success at the expense of their emotional well-being. This raises a crucial question: When you build riches, where do you decide what makes you happy?
Happiness and Financial Freedom
Financial freedom is often seen as the gateway to happiness. The idea is that by achieving financial independence, we can free ourselves from the stress and constraints of financial insecurity, allowing us to live a life of joy and fulfilment. Nevertheless, is financial freedom the key to happiness, or is it simply a tool that can help us achieve it?
There is no doubt that money plays a significant role in our lives. It allows us to meet our basic needs, provides us with opportunities, and gives us a sense of security. However, beyond a certain point, the relationship between money and happiness becomes more complex. Research shows that once our basic needs are met, additional wealth has diminishing returns on our happiness.
The key lies in how we use our money and the mindset with which we approach wealth. Financial freedom gives us the power to make choices that align with our values and contribute to our well-being. It allows us to invest in experiences that bring us joy, to support causes we believe in, and to build relationships that enrich our lives.
However, if our pursuit of financial freedom is driven solely by a desire for more wealth, we risk falling into the trap of materialism. We may find ourselves constantly chasing the next milestone, promotion, or investment opportunity, only to realize that happiness continues to elude us. In this context, wealth becomes a means to an end rather than an end in itself.
Money Relationships: The Balance Between Present and Future
One critical aspect of achieving happiness on the journey to wealth is finding the right balance between the present and the future. This balance is essential in money relationships—how we relate to money as individuals and within our relationships.
Money relationships are not just about financial transactions; they are about our emotional and psychological connections with money. Our upbringing, experiences, and values shape these connections. For some, money represents security; for others, it represents freedom, power, or even love.
To build a healthy relationship with money, we need to understand these underlying beliefs and how they influence our financial decisions. We must ask ourselves: Are we using money to enhance our happiness or let it control us?
A healthy money relationship requires us to balance our present needs and desires with our goals for the future. It means making decisions that provide us with immediate satisfaction and contribute to our long-term well-being. This balance is crucial because, as Tal Ben-Shahar points out, happiness is the balance between our present and future lives.
Nurturing worthwhile relationships—whether with our partners, family, friends or even with money itself—can significantly enhance our happiness. When we use money to invest in these relationships, whether by spending quality time with loved ones, supporting each other's dreams, or creating shared experiences, we create a rich life in wealth and happiness.
Rituals for Happiness and Wealth
In their book The Power of Full Engagement, Jim Loehr and Tony Schwartz emphasize the importance of rituals in achieving lasting change. They suggest that instead of relying solely on willpower or self-discipline, we should build rituals that align with our values.
Rituals are powerful because they create structure and consistency in our lives. They help us prioritize what truly matters and ensure we make time for the activities that bring us joy and fulfilment. Whether taking a walk every day, meditating each morning, or spending time with loved ones, these rituals become the foundation of our happiness.
When it comes to wealth, rituals can be just as impactful. Financial rituals—such as regularly reviewing our budget, setting aside time for financial planning, or celebrating small financial wins—can help us stay on track with our financial goals while also reminding us of the connection between wealth and happiness.
One ritual that I have found particularly effective with my clients is the practice of gratitude. Each night, before going to sleep, they write down five things they are grateful for—things that made them happy that day. This simple exercise helps them focus on the positive aspects of their lives and reinforces the idea that happiness is not about the accumulation of wealth but about appreciating the richness of life as it is.
The Pursuit of Meaningful Goals
Happiness is often linked to the pursuit of meaningful goals. These goals are about achieving financial success and finding purpose and fulfilment in what we do. According to psychologist Abraham Maslow, "The most beautiful fate, the most wonderful good fortune that can happen to any human being, is to be paid for doing that which he passionately loves to do."
Setting meaningful goals requires us to look beyond the immediate rewards and consider the long-term impact of our actions. It involves aligning our goals with our values and ensuring they contribute to our well-being. This is where the concept of "self-concordant goals" comes into play—goals that are pleasurable and intrinsically meaningful.
When we pursue goals that resonate with our values and passions, we experience a sense of purpose that goes beyond the pursuit of wealth. This purpose becomes a source of motivation and energy, driving us to achieve financial success and personal fulfilment.
Education and Lifelong Learning
The most successful people are lifelong learners; they constantly ask questions and explore the world around them. Regardless of where you are in life, whether you are thriving or going through a rough patch, creating an education program for yourself is essential.
Lifelong learning is not just about acquiring new skills or knowledge but about staying curious and open to new experiences. It is about continually growing and evolving, both personally and professionally.
Lifelong learning can take many forms in the context of wealth and happiness. It might involve learning about new investment strategies, exploring different financial planning approaches, or reading books that inspire and challenge you. The key is to stay engaged and proactive in your pursuit of knowledge and growth.
One of the most valuable lessons I have learned from my journey is that education continues after formal schooling. The world is constantly changing, and the most successful people are those who are willing to adapt and evolve. By committing to lifelong learning, you enhance your financial success and enrich your life in ways beyond money.
The Role of Time Affluence
Time affluence, the feeling that one has sufficient time to pursue personally meaningful activities is a consistent predictor of well-being. In contrast, time poverty—the feeling of being constantly stressed, rushed, and overworked—can significantly diminish our happiness.
In our fast-paced world, time often feels like a scarce resource. We are constantly juggling multiple responsibilities, and finding time for the activities that truly matter to us can be challenging. However, time affluence is not about having more hours in the day; it's about prioritizing how we spend our time.
To achieve time affluence, we must be intentional about allocating our time. This might involve setting boundaries at work, saying no to commitments that do not align with our values, or simply carving out time each day for activities that bring us joy.
Time affluence is closely linked to financial freedom. When we have control over our finances, we have more flexibility in how we spend our time. We are not forced to work long hours or take on additional jobs to make ends meet. Instead, we can choose to spend our time in ways.
Conclusion
Defining happiness on your journey to wealth is not just about accumulating material wealth but about creating a life rich in experiences, relationships, and personal fulfilment. You can achieve a wealthy and profoundly satisfying life by understanding the relationship between happiness and wealth, setting meaningful goals, practising gratitude, and prioritizing lifelong learning. Remember, the ultimate currency is happiness, and it is within your power to achieve it, regardless of your financial status.
About the Author
Taresh Bhatia is a CERTIFIED FINANCIAL PLANNER and a Coach at the Richness Academy. With years of experience in guiding individuals and families toward financial freedom, Taresh specializes in helping clients achieve a rich and fulfilling life by aligning their financial decisions with their personal values and long-term goals. As the author of the Amazon best-seller
Disclaimer
The information provided in this article is for educational and informational purposes only and should not be construed as financial, legal, or investment advice. While every effort has been made to ensure the accuracy of the information, the author and publisher assume no responsibility for errors, inaccuracies, omissions, or any other inconsistencies. Readers are advised to consult with a qualified financial advisor or legal professional before making any financial decisions.
