Happy is the New Rich
Happiness is a subjective phenomenon; travelling might make someone happy while curling up with a book may be what someone else enjoys, going to a concert might make one ecstatic or enjoying a football match with friends may be what thrills another.
In our 12 years of helping more than 500 families with their financial planning, one thing is strikingly common. Most families just want to know “Am I doing ok?” We have validated the same with countless other families and advisors that we have met over the years. However the conversation that everyone including financial institutions, banks, experts and even the media have with them is “Large Cap , Mid Cap, Returns, Benchmark, Active , Passive , Index and so on”. This is like giving someone a crash course on medical science and expecting them to become doctors. At the same time there is a lot of noise around Do-It-Yourself. However, the best doctors today know that most problems are diagnosed by reading people, looking at the reaction to the problems and understanding them behaviourally. The same is true in the field of financial planning.
The value lies in understanding a person or family’s goals, their current situation and sees what needs to be done to help them to attain those goals. Thus, it is important to speak a different language, that of “Happiness, Purpose of Life, Goals and the Behaviour” which is required for investment success. I believe that there are moments in our lives when our financial situation overlaps with the emotions that we are experiencing. For example, even a child knows to Buy Low and Sell High whereas world over people Buy High and Sell Low (including so called sophisticated investors). Thus to achieve investment success, it is very important to understand what makes you happy and work on things that truly make you happy. This is not just a feel good philosophy but a rock solid strategy which organizations around the world have started adopting. More than half of the Fortune 100 companies in 50 countries have initiated work on happiness research. It is high time that the financial services world starts to adopt happiness as a strategy and business model.
Our own experience on working with our clients has led us to strongly believe that the model works; it helps clients to stick to their goals and find their version of happiness. We have thus captured the essence of financial planning and what makes a person happy as the bedrock of our financial planning process in HappynessFactory.in (HF)
So, we follow a goal based approach and the process which always begins with the ‘Why’. No investment can be made without the “Why” being clear.
Happiness is a subjective phenomenon; travelling might make someone happy while curling up with a book may be what someone else enjoys, going to a concert might make one ecstatic or enjoying a football match with friends may be what thrills another. In short, no two people will have the same explanation for what happiness means to them. Team HF first look to figure out what happiness means to each individual and then they make it their personal mission to help the individual achieve that goal of being happy. Thus, by expounding on the idea of Happy Rich they wish to take a step towards reforming the way the world thinks about money.
By working with clients to devise happiness goals that are specific to the person; be it education, marriage, a holiday, health, etc. The key is to stick through the tough times and it is only when you focus on your goals can you take prudent decisions (like not selling when the whole world screams SELL, the world is crumbling). HF helps you stay on track and achieve your financial goals. With each happiness goal being worked towards individually and systematically, you can stop worrying about money and start enjoying the happy moments in your life, helping you achieve your version of happiness!
We aim to build a HappyRich world by helping people make purposeful financial decisions and believe that that being happy and being rich do not have to be two mutually exclusive concepts; they can co-exist and people can actually be HappyRich!
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house
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