Financial Wellbeing

Really? Does such a thing exist?
Yes, financial wellbeing is a crucial element of your overall wellbeing. It is a state where a person is able to meet their current and ongoing financial obligations, feel secure in their financial future and can make choices that allow them to enjoy life.

The Consumer Financial Protection Bureau, has created a 100 point scale to score one’s financial wellbeing. The data shows that, average score for 2/3 people is less than 60. That is alarming. Shockingly, it had nothing to do with income. Contrary to popular belief high income earners had low financial wellbeing score and vice versa. Looks like as a human race we worry about money a lot. This indicates that money robs our happiness in many ways.

Michael Norton says, “if money cannot buy happiness then you are not spending it right”. Looks like we are not spending it right. Worse we are spending it wrong and allowing it to rob away our happiness. This is a serious situation that we all have to pay attention.

Have you ever wondered about your Financial Wellbeing? Check it out here: https://files.consumerfinance.gov/f/documents/bcfp_fin-well-being_full-scorecard.pdf

We will discuss more. 🥂to $ wellbeing!