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2.1.2.

F1

MoneyinYourLife
AdvancedLevel
Whataretwothingsthatmakeyou
happy?

Ifyouweretocreatealistofthingsthatmakeyouhappy
whatwouldthatlistinclude?Examplesonyourlistmight
includepar cipa nginasport,shoppingwithfriends,
watchingamovie,goingonatrip,readingabook,or
spending mewithfamilymembers.

1.
2.

Ahappypersonhashighwellbeing.Highwellbeingcomesfromfeelinggoodaboutoneslife.Individualswhohavehigh
wellbeing:

Areposi vetheyfeelgra tude,joy,love,enthusiasmandsa sfac on


Lovewhattheydotheyac velyengageinac vi essuchasworkandplay
Areinhealthyrela onshipstheirrela onshipsarelovinganddependable
Findmeaninginlifetheirac vi esandrela onshipsareimportanttothemselves,othersando eninvolvegiving
Feelachievementtheyfeelsuccessfulintheirac vi esandrela onships

T W

Wellbeingcanbecategorizedintofivedomains(areasoflife).The
thingsthatmakeushappyaddtoourwellbeinginoneormoreofthese
domains.Althoughthespecificthingsthatmakeushappydieracross
individuals,thewaythathappinessaddstowellbeingissimilarforall.
Thefivedomainsare:
Physicalwellbeing:Takingcareofyourbodyea ngwell,
exercising,ge nganadequateamountofsleepandreceiving
regularmedicalcare.
Intellectualwellbeing:Gainingandusingknowledgelearningto
solveproblemsandchallengesinschool,yourjob/careerand
ac vi esinwhichyouareinvolved(suchasextracurricular
ac vi es),andinyourpersonallife.
Socialwellbeing:Havinganetworkoffriendsandfamily
havingloving,suppor ve,anddependablerela onshipswith
family,friendsandmembershipinacommunitythatgives
youasenseofbelonging.

WellBeingDomains
Physical

Financial

Intellectual

Emo onal

Social

Emo onalwellbeing:Howyoufeelfeelingasenseofworthandpurposeinyourlife.Therewillalwaysbeupsand
downsinlife.However,developingstrategiesforcopingwithnega velifeexperiencestomaintainahealthy
outlookhelpstocreateposi veemo onalwellbeing.
Financialwellbeing:Yourfinancialoutlookfinancialwellbeingismanagingmoneyinwaysthatbuildasenseof
understanding,competenceandcontrol.
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2.1.2.F1

Imaginehowyourwellbeingwouldbeaectedifyoudidnthavemoney.Financialwellbeingaectsoverallwellbeing.
Therefore,itisimportanttohavehighfinancialwellbeing.
How can you create a sense of high financial wellbeing for yourself? Havingmoneydoesma er.However,happiness
levelsrisefastestasapersonmovesfrombeinglowincometomiddleincome.A erthatapersonshappinessincreases
withmoremoney,butatamuchslowerrate.Forexample,apersonearning$80,000peryearmaybehappierthanthe
personearning$40,000peryear,butthepersonwhoearnsmoreisnotdoublyhappy.A erapersonearnsenough
moneytopayforlivingnecessi es,itisnotsomuchtheamountofmoney,butwhatthepersonchoosestodowiththe
moneythatincreaseswellbeing.Managingmoneywelliscri caltoincreasingapersonsfinancialwellbeing.
Inaddi ontomanagingmoneywell,anindividualmustunderstandtheirfeelingsaboutmoneytoachievehighwell
beinginthefinancialdomain.Thinkbacktothefactorsthatcontributetooverallwellbeing:aposi veoutlook,loving
whatyoudo,asenseofaccomplishment,involvementinhealthyrela onshipsandfindingmeaninginlife.Lets
considerhowthesefactorscontributetohighfinancialwellbeing:
Do you feel posi ve about your financial situa on

Do you feel posi ve about having enough money to cover

compared to others around you?

basic needs?

Feelingaswelloasyouperceivethepeoplearound

Apersonwhocanmeetbasicneedssuchasfoodand

you(classmates,friends,family)canimpactyour

shelterwithoutstrugglingwilllikelyhavehigherwell

financialwellbeing.

being.
Do you have posi ve feelings about the way you manage
your money?

Are you in healthy rela onships with posi ve


communica on about money?

Whatevertheamountofmoneyyouhavetomanage,a
sensethatyouaremanagingitwiselycontributestoyour
happinesslevel.Financialcapabilityinvolvesboth

Communica onregardingmoneycontributes

knowledgeaboutmoneyandtheabilitytouseitto

significantlytowellbeingespeciallywhenmonetary
resourcesareshared.

accomplishlifegoals.Yoursenseofyourfinancial
capabilitycanaectyourwellbeing.Educa ngyourself
aboutfinancialconceptsisaposi vesteptowards
crea nghighwellbeing.

Whodoyousharemoneywith?Howcanyou
posi velycommunicateaboutmoneywiththat
person?

Whataretwofinancialtopicsyouwouldliketo
learnmoreabout?
1.
2.

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2.1.2.F1

Do you feel successful about your present and future


financial posi on?
Considerhowyourcurrentmoneymanagement
prac cesmakeyoufeel.Areyoumakingdecisionsthat
maximizeyourwellbeingbothtodayandinthefuture?
Ifyourchoicestodayareposi velyimpac ngyour
presentandfuturefinancialposi on,thenyouaremost
likelyachievingfinancialwellbeing.

Do you find enjoyment and meaning in life by


par cipa ng in ac vi es you enjoy?
Wellbeingisenhancedwhenindividualsarehappyasa
resultofhavingthe meandmonetaryresourcesto
dedicatetoac vi estheyenjoy.

Whatcanyoudotodaytocreateahighsenseoffinancialwellbeingforyourself?

What do you want your finances to look like in the future?Yourfinancialgoalsarespecificobjec vesthatare
accomplishedthroughfinancialplanning.Financialplanninginvolvesmanagingmoneycon nuouslythroughlifeinorder
toreachyourfinancialgoals.
Why is it important to prac ce financial planning throughout your life? Ifyourecognizethatfinancialchoicestodayhave
aneectonyourfuturethenyoumaybelesslikelytomakepoorfinancialchoices.Forexample,ifyoumakechoicesthat
resultindebt,alackofadequateinsuranceorinsucientsavings,thenyourabilitytodothingssuchasrentan
apartment,buyahouse,payforunexpectedexpensesandevengetajobcanbeimpacted.Financialplanninghelpsyou
prepareforthosefutureevents.

So, what does successful financial planning look like? Howshouldyouplanforyourfuture?Everyonewillhaveadierent


financialplan.Thisplandependsonfactorsuniquetothatperson.Yourfinancialplanwillcon nuallychangeasyourlife
changes.Asuccessfulplanbeginswithanunderstandingofwhatmakesyouhappy.Se ngfinancialgoalsandfinancial
planningisanongoingprocessthatshouldbeconsideredandevaluatedthroughoutyouren relife.

Letfinancialplanninghelpyoucreatehighfinancialwellbeing!
Nameafuturegoalforwhichfinancialplanningcanhelpyouprepare.

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