How Happiness Boosts Financial Success
We all want to achieve our dreams and live a successful life. Whether those dreams mean becoming wealthy or simply having the financial cushion to retire feeling secure, it’s no surprise that money is a huge part of the success equation. But, a critical factor that’s often overlooked in the quest for success is happiness. When money and happiness become linked, individuals stand to reap positive rewards in both aspects of their lives. Let’s take a closer look at what it means when happiness and financial success intersect.
What is Happiness?
In simplest terms, happiness is a feeling of contentment or joy that can range from fleeting moments of glee to long-lasting states of hearty satisfaction. Often, it’s associated with overwhelming emotions of being satisfied and having peace of mind without stress or worry. The concept of happiness has been studied from a religious and philosophical standpoint for centuries, but researchers now believe it’s a vital factor in achieving certain types of success — including financial.
Link Between Financial Success and Happiness
Numerous studies have been conducted on the relationship between happiness and wealth, and the results of this research typically prove that financially successful people are also more likely to lead more fulfilling and happier lives. When considered in the scope of success, happiness is the emotional reward that keeps individuals on the path to financial independence. The emotional benefits of having a strong financial standing make a person feel stable, secure and in-control.
In a survey conducted by the University of Leeds, researchers concluded that having increased discretionary income and newfound financial freedom often made participants more satisfied. This newfound satisfaction improved their overall perspective of wealth and led to an increase in positive feelings.
The report suggested that finding the financial stability needed to do things they enjoy leads to a sense of confidence and ultimately, happiness. This effect breeds continued success, encouraging extra effort when it comes to making financial decisions, such as investments or budgeting.
Tips to Increase Financial Success Through Happiness
Success and financial independence will look different for everyone, but the path to either can almost be guaranteed with a few key tips for keeping a positive and happier mindset.
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Prioritize Your Values: Identify what and who are important to you and make sure your money is contributing toward those goals first. When you cherish the things that matter most to you, you’re more likely to stay motivated.
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Set Achievable Goals: Focus on one or two goals, break them down into smaller achievements, pinpoint what you can do today, map out a timeline for completing them and make sure to stay on track.
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Develop Positive Money Mindset: Questions like, “Can I afford this?” or “How much of my income should I save?” should be replaced with statements like, “I will find the best deal and make the purchase,” or “I am budgeting one-third of my income to save.”
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Find Inspiration to Take Action: Money isn’t just functional. It has the potential to help us reach our goals and enjoy life. Find inspirational quotes or advice, read success stories and engage with like-minded people for guidance.
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Smile and Stay Optimistic: Staying positive is the only way to make progress. No matter the roadblocks you face, stay positive and maintain the goal of financial freedom and stability.
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Appreciate the Things You Have: When you have a better understanding of the things that make you happy, you’ll be able to consciously shift your mindset and realize what you have rather than focus on what you are lacking.
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Invest in Positive Experiences: We often wait to enjoy life until our financial goals are reached. However, it’s possible to save money while still investing in experiences and activities that bring us joy. This small investment can often add invaluable and lasting happiness.
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Help Others: Volunteering and donating unneeded items to those in need is an easy way to use accumulated wealth for good. The satisfaction from assisting others brings a different kind of happiness.
We all want to achieve financial independence in order to lead successful and happy lives. Achieving this success lies in the intersection of financial success and happiness. Happiness can be defined as a feeling of contentment or joy and studies show that when money and happiness are linked, individuals stand to profit from both mentally and financially. There are several tips to increase financial success through happiness such as prioritizing your values, setting achievable goals, developing a positive money mindset, finding inspiration, smiling and staying optimistic, appreciating the things you have, investing in positive experiences and helping others. Happiness and financial success go hand in hand and these tips can help make the most of your road to success.
