How to Shape a Life of Money and Meaning

wealth

Happiness & Wealth

How does money figure into a happy life? Behavioral finance expert Brian Portnoy delivers an inspired answer based on the idea that wealth, truly defined, is funded contentment. It is the ability to underwrite a meaningful life.

His latest work, The Geometry of Wealth , bridges the philosophical and practical gap in managing money in our lives.

 

“Money does buy more happiness when spent wisely, especially when directed toward experiences, others, and time.” -Brian Portnoy

 

Millions are Not Ready for Retirement

You point out that millions of Americans have not saved a dime for retirement. Why is this? Will this eventually cause a crisis or is this typical and then people catch up?

The lack of retirement preparedness stems from a combination of opportunity and mindset. In the context of real wages for many Americans having not risen in more than a generation, many are barely able to make ends meet, let alone build a nest egg. Beyond that, financial illiteracy is a major problem. As a society we don’t take seriously the need to understand the many facets of saving, spending, and investing. Further, humans are generally wired with biases that undermine smart money decisions. This mix of factors is at the root of the looming retirement crisis in America. Far too many have saved far too little, and there are no obvious solutions that don’t involve quite painful decisions.

 

“Nothing is enough for the man to whom enough is too little.” -Epictetus

 

The Importance of Purpose

Your model is in three parts: purpose to priorities to tactics. Part one is purpose, which is not a typical starting point in many financial books. Talk about the importance of purpose in this context.

Let’s step back and ask, “What are we all trying to accomplish here?” I think an answer that mostly everyone would get behind is that we want to be happy; we want to lead a good life. Okay, fine, but how do you do that? It’s obviously a massive question, with countless angles from philosophy and religion and other domains. Money, for better or worse, is an inescapable part of the discussion. There are certain unavoidable practicalities of what we can afford and how those help to underwrite the lives we want to lead. By putting purpose first, by being thoughtful – not just once, but over time – about where we find joy, then we are much better able to have our financial decisions support that quest. This is the opposite of what many unfortunately do, which is let the desire for and experience with money determine what we do in life.

 

“True wealth is the ability to underwrite a meaningful life.” -Brian Portnoy

 

How is fulfillment and happiness related to financial well-being? Talk about the intersection of money and happiness.

The Powerful Implications of Positive, Contagious Emotions

This is a guest post by my friend, author and speaker, Shawn Murphy. Shawn is the CEO & Founder of the leadership blog, Switch & Shift. I’m excited that his book, The Optimistic Workplace is now available.

Be Positive

As a leader, you have the greatest influence on those whom you lead. A good day for you can lift the spirits of your team. Research shows that your positive emotions are contagious. Certainly the opposite is true. Yet, there is greater significance when you spread positive, contagious emotions. That is the focus of this article.

 

“Your presence has a powerful influence on your team.” -Shawn Murphy

 

Distinguished psychology professor Barbara Fredrickson has devoted much of her research to positive, contagious emotions. She defines them as emotions such as joy, love, or inspiration. When these or other positive emotions are present, they expand our thinking and actions to complementary effects. Positive emotions drive related behaviors that inspire others to mimic them when observed. For example, if you are feeling inspired in a brainstorming meeting and you show it, it will likely rub-off on others who will model similar behaviors. Thus the emotion becomes contagious.

 

“Positive anything is better than negative nothing.” –Elbert Hubbard

 

Benefits of Positive, Contagious Emotions

Positive, contagious emotions benefit your team and help drive towards desired organizational outcomes. These emotions help shape the work climate to be optimistic. Individuals thrive because of these two influences on performance.

Higher Team Performance

Simply put, positive emotions make you feel good. And when you feel good you perform at higher levels. It’s easier for you to reach peak performance. When you regularly experience positive emotions, you continually grow toward optimal functioning. A team influenced by positive, contagious emotions performs at higher levels.

Positive SeOptimistic Workplacelf-Identity

When you feel good about yourself and your contributions, you are more likely to experience higher levels of creativity and resiliency. What Fredrickson has learned from her research is that positive emotions have an encouraging influence on a person’s identity and well-being.

Stronger Relationships

Relationships are stronger and healthier where positive, contagious emotions are prevalent. Employees are seen as key partners in the success of the team and ultimately in the organization. Employees want to know that they are valued and not just some number built into the company’s balance sheet.

 

“A team influenced by positive, contagious emotions performs at higher levels.” -Shawn Murphy

 

Implications of Positive, Contagious Emotions

As a leader, you personally benefit by demonstrating actions that evoke positive emotions. The implications listed below have significant influence on your own satisfaction as a leader. The implications also help shape the climate so that workplace optimism can emerge.

Inspire People to Overcome Challenges