Well-meaning friends and family members are full of advice and support when we are pursuing that ambitious goal or that risky next step. Some might ask, “what’s the worst that can happen?”. While seemingly supportive and encouraging, research has shown that the appropriate retort is, “what’s the best that can happen?”
Financial planning should be about focusing on the values YOU want to live by today, tomorrow and into the future then under-writing the costs of making them come true.
Financial planning should be about focusing on the values YOU want to live by today, tomorrow and into the future then under-writing the costs of making them come true.
What if we changed our world view and acknowledged that money does buy happiness? When interpreted correctly, this statement can be life changing.
I have been a student of behavioural finance since I graduated from university. In the early years, the focus was on how behaviour would affect your investment decisions.
So much of the investment industry is focused on the “how” – how to get enhanced returns, how to build a portfolio, how to save tax, or how to capture the “next big thing”.
My early meetings with clients revolve around determining what they want to accomplish with their money. Most have come to terms with the fact that “a comfortable retirement” doesn’t provide enough information for their planner.
We have been told that money doesn’t buy happiness since time immemorial. And yet, we still pursue wealth with longing and determination; sacrificing sleep, health, relationships and time.
Unlike most recessions, the pandemic has targeted industries dominated by women. In a world where a gender-based wage gap still exists, the statistics presented in this article also foreshadow a leaner retirement for women.
A few years ago, there was a campaign to improve adolescent mental health called “Dear 16-yer old me”. You may recall that this campaign revolved around the reassurance we could give our hormone-crazed, moody selves that life would be more manageable one day.
