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By: CJ McGillivrayPublished On: May 21, 2021
Money and happiness have a complex, fraught relationship. Whether someone has an excess or shortage of expendable cash, their financial standing can have a concrete impact on their daily life and emotional wellbeing. Without falling prey to cultural myths around money and happiness, increased financial security can help increase happiness and improve lives. Read on to learn how you can have a positive impact as a certified financial planner and help your clients to live more confident and joyful lives.
First, what does it mean to live a good life? This is an ancient philosophical question that has boggled minds for thousands of years. Beyond moral conundrums and value theory, everyone has their own unique definition of a good life. For many people, having their basic needs met is a precursor to living a good life. Financial freedom can empower your future clients to live the lives they want, without fear of economic insecurity or unpredictability.
For anyone who has ever struggled with bill payments or finding their next meal, economic disparity is a pretty powerful roadblock on the path to happiness. Debt can also be emotionally painful and draining for people to deal with in their daily lives. Even if someone has recovered financially from hard times or a challenging situation, they will not automatically have the tools and supports needed to effectively manage their finances and stay afloat. Having basic physiological needs met is crucial, but where should they go from there? How can financial stability help to maintain personal safety, comfort and wellness?
Money cannot buy happiness, but it can definitively increase comfort and improve lives by buying people more free time. A recent article in the Wall Street Journal breaks down how individuals can improve their overall happiness and wellbeing by spending money on saving time. Authors Ashley Whillans and Michael Norton present the compelling argument that “people feel happier when they pay to save time than when they buy something nice for themselves.” The logic is pretty sound when you analyze it. Time is fixed and we can only ever have so many hours in the day. But our finances are in constant flux. In modern society, we are perpetually making money or spending it on our basic needs and discretionary purchases. If a person is lucky enough to have excess funds but a shortage of time, then paying for “services like house cleaning and grocery delivery can help boost people’s mood.” In essence, money may not buy happiness directly, but money can enable people to make choices that support their overall happiness and wellbeing.
Through continuing education, financial professionals can develop the knowledge, skills, experience and moral understanding to support individuals and families with their financial stability and wellness goals. Certified Financial Planner courses provide you with all of the resources and insight that you need to have a positive impact. Investing in your continuing education is the first step towards attaining your CFP® designation with FP Canada. The courses are also mandatory education if you are working towards your QAFP™ designation.
When you become a certified financial planner, you gain the necessary insight to examine an entire financial picture. You will be able to confidently build a financial plan that matches the personal values and needs of your client. With the help of conscientious and informed financial planning, you can guide people to plan their futures and make sure that their investments and spending plans line up with their values and dreams.
The information contained in this post is considered true and accurate as of the publication date. However, the accuracy of this information may be impacted by changes in circumstances that occur after the time of publication. Ashton College assumes no liability for any error or omissions in the information contained in this post or any other post in our blog.