No amount of money tips will boost some people’s financial well-being.
For them the underlying cause has to be treated.
The three keys
Over the years I have observed there seems to be three major contributors to great financial well-being.
- Personal mastery
- Vocational clarity
- Relationship strength
How aware you are of alternate views, approaches and possibilities.
Plus how good you are at implementing that which you already know would improve your well-being.
Being engaged in “work” that fulfills you rather than drains you.
Have you noticed that people who like, even love, their jobs tend to get more opportunities and pay?
Your relationships with your life partner and your offspring are arguably the most important relationships. Being on (close to) the same page as your life partner is critical to your financial well-being.
It also helps you be positive financial role models for your children.
The key cause of money problems
Underlying many money problems is a gap in one or more of the above.
Compounding the problem is that when our well-being is down our human nature is to console ourselves impulsively buying shiny stuff that provides a rush of short term pleasure much like a sugar hit.
When financial advice is not enough
If after investing in financial planning advice you still don’t seem to be making enough progress in resolving financial problems then an investment in either of these three areas is money well spent.
- Personal development including 1-on-1 life coaching to accelerate your journey.
- Career coaching to help you become clear on your vocation as well as the career in which you decide to earn your primary income (Ideally the same, but sometimes not possible). Then continuing professional development.
- Relationship coaching
In fact I’d go so far as to say cut spending on everything else to ensure you have the money to make such an investment. It’ll boost your overall well-being as well as your financial well-being.