The 4th Element: Financial Wellbeing (LESSON 26)
Today’s lesson is a continuation of Gallup’s research on wellbeing, based on the book, Wellbeing at Work: How to Build Resilient and Thriving Teams. By studying the human behavior and wellbeing of more than 98% of the world’s population and conducting over 100 million interviews, Gallup uncovered the five common elements that people need to THRIVE IN THEIR LIVES:
Physical: You have energy to get things done
Social: You have meaningful relationships in your life
Community: You like where you live
Financial: You manage your money well
Career: You like what you do every day
Today’s lesson is a discussion of the fourth element: FINANCIAL WELLBEING, in the context of our relationship with alcohol. A few of the talking points from the lesson:
Financial wellbeing has to do with our perception of our financial security.
The perception that you have enough money to do the things you want to do has THREE TIMES the impact as your income on your overall wellbeing.
Financial wellbeing is about how you behave once your basic needs are met.
Find ways to meet your basic needs first, then find ways to spend on other people. Spending on other people has been shown to be as nearly as important on your HAPPINESS as your own income is.
Scroll down for the journal prompts and best practices from the video.
JOURNAL PROMPTS:
What are your financial goals? Do you have a long-term financial goal for retirement?
Evaluate your alcohol spending and how it might be impacting your financial goals.
What additional tools, skills or resources might you need to achieve your financial goals?
What financial habits might you need to modify to enhance your individual financial wellbeing?
What can you do today that will have a positive influence on your long-term financial goals?
Brainstorm new habits / hobbies that are cost-effective and promote saving money.
ACTION PLANNING / BEST PRACTICES:
Buy experiences because experiences last and material purchases fade.
Spend on others instead of solely on possessions for yourself.
Establish default systems (automated payments and savings) that reduce daily worries about money.
If you’d like to share your thoughts with the group, drop some notes in the comments below!
P.S. I’m sharing my own “evaluation” of my alcohol spending here. I started using an app called Sunnyside to track my drinking patterns, well before I “quit drinking for good.” Not sure how the algorithm works, but it must be extrapolating my ‘drinking days’ data to today. I’ve kept up with it for several years now and it’s amazing what some data will do to keep you on track!
I encourage you to start your own tracking system!
