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Has Your Attitude Towards Wealth Shifted?

In my financial planning practice, I help my clients explore their relationship with money by helping them sort through money messages they received from their parents, and from the surrounding culture. Like my clients, my own relationship with money is complex, fluctuating between pride at the security my wealth has provided for myself and my family, and disdain for the way our society equates wealth with success.

Attitudes Toward Wealth Can Shift Over Time

My attitude towards wealth has shifted over time. When I worked on Wall Street, I found myself accumulating wealth in the form of bigger and better "stuff," at the expense of deeper connections, time with family and friends, and a sense that my work had purpose. It seems that I am not alone in this experience. Studies note that more money, beyond a certain threshold, no longer improves emotional well being. Instead, as you have access to more pleasures you savor each pleasure less.

Beyond A Certain Threshold, Money No Longer Improves Emotional Well Being

Interestingly, attitudes toward wealth are among the many things the coronavirus pandemic has shifted. According to recent surveys, Covid has changed the definition of wealth for many from accumulation of financial capital to the enjoyment and appreciation of how time is spent. Success still includes earning money, NOT because more is better but because financial resources can help build and accomplish projects that add meaning to our lives and the lives of others. 

Wealth Is Increasingly Defined As How Your Time Is Spent

How has this past year given you a new appreciation for all you have? Has your mindset changed around how you spend your time, resources, and finances? Please reach out and let me know.