There’s a saying that money can’t buy happiness.
However, according to research, financial security is one of three areas that can provide you with happiness.
A study done by Deakin University revealed that good personal relationships, financial security and a sense of purpose in life are the three key pillars for a happy life. When you have all three elements present in your life, you should be happy regardless of your age, income or health status.
It’s interesting to note that it’s financial security, more than money alone that provides the key to happiness, and people on low incomes can still protect themselves financially. Having a sound financial plan can take away many of your worries, and there is a sense of calm and organisation that comes from creating stability for your loved ones. Knowing our loved ones are content, healthy and safe (physically and financially) is a major part of being happy.
How can you create financial stability for you and your family?
If you’re not sure if your family could financially survive a major life event, here are some things to consider:
• Life insurance. In the event of a tragedy, your loved ones suffer emotionally, but it can be the financial burden that causes the most grief. Life insurance can relieve financial distress so your family have one less thing to worry about.
• A superannuation plan. Super is complex and a lot of things can go wrong. It’s important to have the right plan for your circumstances so you know you can live happily and comfortably once you retire.
• Investments. The right investments that are low risk, smart and give you a good return can provide you with financial stability through a regular income.
• Good tax advice. With the right strategies in place you can optimise your earning potential and your tax position, leaving you with more money in your pocket.
• Asset insurance. There’s a lot to be said for the peace of mind that comes from having insurance. Whether it’s income protection insurance, home insurance or death or total and permanent disability insurance, insurance gives you financial security.
When your financial pillar is strong, you can be happy knowing that when life throws the unexpected at you, your finances are one thing you don’t have to worry about.
If you’d like to improve your financial security, talk to us by calling (02) 9997 7007.