3 Easy Steps to Financial Wellbeing

Recently, a syndicate of 55 women from my hometown in Perth won a combined $80m in the national lottery, equating to roughly $1.5m each. Naturally, the reaction is to assume that their problems are over – after all, how can you have problems when you have that much money?

Unfortunately, based on my experience, their windfall has probably introduced a whole new set of problems into their lives. Not simply because of the money, because it is quite straightforward to put together and implement a financial plan for that sum.

There are a range of firms who can do this for you, from wealth managers and banks to investment advisers and so forth – all of them are happy to take your money and invest it, attempting to get you the best return. I had a conversation recently with my doctor who told me about his experience meeting with a private banker. Roughly ten minutes into it, he realized that they were mostly interested in what they could sell him, rather than what his attitudes were towards financial prosperity.

The real issue is how to best use that money to achieve personal financial wellbeing. Money, in the absence of the context of your personal goals, priorities and values, won’t bring much gratification. It’s quite likely to simply slips through your fingers.

Finding your financial wellbeing starts with exploring and understanding the person you are, not just the money you have. Working out what your best life looks like and what money you need to have to achieve this.

We believe that your financial assets – including your ability to earn an income – should serve to help you live the life you dream of. Your values and goals should determine a unique strategy for how you use your money.

So, how do you increase your financial wellbeing? Here are three simple steps you can take today!


Step 1: Discover your starting point

You can’t improve what you can’t measure. So, start by measuring where you are right now with our Financial Wellbeing Scorecard. It is a quick and free tool that will give you insight into what financial wellbeing is and provide you with a score that can form your starting point.

Step 2: Make money your friend

Research shows that the more you understand money, the more chance you have in improving your financial wellbeing. So, don’t stick your head in the sand. Nobody cares more about your financial wellbeing than you. You don’t have to read the Wall Street Journal, but you do have to make an effort.

The next time a money topic comes up, take 10 minutes to research, understand what it means and what the implications are – Google has made this easy. You don’t need to be intimidated either, it’s your financial wellbeing and you have the right to understand it.

Step 3: Improve other areas of personal wellbeing

Financial Wellbeing is a part of your overall personal wellbeing. Personal wellbeing also includes physical, psychological and social wellbeing. The good news is that these are all connected and improving one area will lead you to improve others.

So, if making money your friend isn’t getting you excited, focus on other areas to improve. Over time, you won’t help but notice the desire to improve financial wellbeing as well – for example, you can try a thought experiment.

Think of making a large purchase, say a car or even a house. What emotions does this bring up? What thoughts? Even these insights are valuable in achieving the goal of financial wellbeing.
Remember that the benefits of increased financial wellbeing are many, not least of which is that you will have less financial concern, and less financial concerns means more energy to spend pursuing the life you dream of.

Kenwell serves as a combination of a trusted adviser, professional friend and financial bodyguard, helping you plan and focus on goals, values and purposes to empower you to make, and implement, informed decisions for you and your family.

Our services combine to bring you Financial Life Planning, using the framework of the Kenwell GAME Plan.

Start your journey with Kenwell today and book a meeting here.