A happy life

The key components of a happy life will vary from person to person, but often when we think about what makes us happy, our minds are filled with family memories, experiences of travel, laughter, love and personal achievements.

But happiness isn’t always just about enjoying the good things in life, it’s also about finding your purpose. Forward thinking financial planning can help you to discover yours, establish goals and equip you with the tools needed to achieve them.

In this blog, we discuss the ways in which you can utilise your financial plan to experience a meaningful and happy life and consider what that really means for you.

Happy to help you

We’ve all heard of serotonin, dopamine and endorphins – the chemicals in our brain that can cause us to feel happiness. Certain factors like exercise and socialisation can influence these chemicals, and according to a study by Science Direct, acts of kindness can too. They suggest ‘as social animals, humans possess a range of psychological mechanisms that motivate them to help others, and that they derive satisfaction from doing so’.[1] Perhaps, it is in the caring of others where our purpose may be found and this can play a huge part in your financial plan.

As financial planners, we see clients experience all of life’s emotions.  When faced with financial concerns and harsh challenges such as redundancy, divorce or grief, it is our job to act as a supportive coach. A good planner will help you to connect with your future self to help build up financial resilience and put some realistic objectives in place to help you achieve financial freedom. This will then allow you to focus on the positives and deal with any other challenges in your path. And to circle back to Science Direct’s point about helping others, helping you on your financial journey makes us feel happy too!

Fundamental steps towards happiness

In order to create the life we desire for ourselves, it’s important to figure out what really makes us happy in order to know what our next steps should be. Some people like to look at positive life stages to help plan for what they can achieve in the years to come. This may include ticking a few things off your bucket list, like taking a career break, travelling, retiring early, giving loved ones financial gifts and spending more time with family.

Part of your life purpose may be dedicated to helping others, in which case you may want to consider incorporating philanthropy into your financial plan. Volunteering your time and putting your finances into something you know will make a real difference to your wider community, and the planet may be something you wish to plan for financially.

Understanding your values and visualising the life you wish to live can be extremely important for staying on track with your financial goals. It also helps your planner to model and shape an appropriate plan for your happiness, whether that’s travel based, family orientated, philanthropic or all of the above.

A legacy of happiness

Financially supporting loved ones as part of our legacy can be a common ‘happiness motivator’ for many. It can be rewarding to contribute to your children and grandchildren’s financial future, ensuring they too can lead a life of financial freedom. Even those who do not have children of their own, often have relatives, friends or a cause to contribute to when they pass away and may find peace in knowing they have done something good and will be remembered for it.

In order to achieve this, it’s important to have a firm understanding of what happens to your money and pensions when you die. It’s vital to have an estate plan in place for this eventuality so that your money goes to the right people at the right time.

It can be a huge relief to know that your beneficiaries, children and grandchildren can work with the same trusted financial planner on the wealth transfer after your death. Having a planner work with your family across multi-generations can help to provide stability and continuity of your plan when the time comes, for the next generation to step up and continue their own pursuit of happiness.

Making happiness a part of your financial plan

A financial planner can support you throughout your life stages, taking care of the technicalities so you can focus on what really makes you happy. If you are looking to create your financial plan, we can provide our breadth of services that encompass everything you may need to get you to where you want to be.

Feel free to contact our team of professionals, of course, we’d be happy to help you.

[1] Science Direct – Happy to help? A systematic review and meta-analysis of the effects of performing acts of kindness on the well-being of the actor – 2018
The information contained within this document is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
The opinions stated in this document are those of the author and do not necessarily represent the view of Progeny and should not be relied upon to make a financial decision.
The Financial Conduct Authority does not regulate will writing and some forms of estate planning.

This article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.

Past performance is not indicative of future results and the value of investments can fall as well as rise. No representation is made that the stated results will be replicated.

Anna Jones

Anna Jones

Chartered Financial Planner

Anna joined the company that later became Progeny in 2014, following a career in financial services spanning more than 20 years.

Learn more about Anna Jones