Money matters? The economy? Even many of those who, by every global standard, are wealthy, still often feel they don’t have enough. Or, if they do, they are concerned with how to keep their wealth, spend it, and invest it. Where is financial security to be found if not in making and wisely investing money? My colleague, Wendy Margolese, writing for the April 8, 2016 edition of Niagra-MetrolandMedia, suggests an inspiring way of thinking about financial security. Here’s Wendy:
The growing disparity of people’s incomes is a hot topic around the globe, highlighted recently by the disclosure of billions of dollars hidden in offshore, tax-free accounts by the very wealthy.
A new poll shows two-thirds of Canadians are concerned about their financial security. Regardless of how we strive to improve our finances, markets fluctuate, businesses can swing between profit and loss, and personal planning and budgeting can hit unexpected snags. Many of us, myself included, have experienced frustration with the vagaries of economics impacting our financial security and peace of mind.
Interestingly, according to a US- and Canada-based consumer survey, no matter how much we earn, we don’t feel satisfied with our financial security. The conclusion to this survey was that “it is human nature to want more. . . .wealth is a state of mind.” University of Southern California economist Richard Easterlin concurs that no matter how much we earn, wealth seems out of reach. He says, “We adapt to our improved circumstances [higher income, luxury living standard] and seek more money.”
If the feeling of having or not having enough is a state of mind, independent of how much money we have or don’t have, then it stands to reason that a change in our thinking can improve our sense of financial security….