A Gallop poll revealed these bullet points by asking the question,
"How would you define financial well-being?"
- Basic needs met
- Not worried
- Money to spend on others
- Money to spend on experiences
It turns out that most people are not dreaming of endless money, but would be happy to have a little more than is necessary to get by.
- Financial Well-Being
- Security, safety
- Basic needs (food, sleep, shelter, self-preservation, etc.)
- Physicality, physical identity and aspects of self
- Support and foundation for living our lives
The point of having enough money for my basic needs and even enough for others is a very satisfying and uplifting feeling to me. My financial well-being is based on whether I’m able to enjoy life with what I have.
I think another bullet point would be to “feel free.” I have a job mowing lawns, and when I get 20 bucks for doing it I “feel free” thinking I can go wherever I want and do whatever I please. Sure, 20 bucks isn’t a lot for some people, but to me it makes a difference.
I do agree that these bullet points are a good way to define “financial well-being” because I would feel satisfied and grateful if I had enough money to buy that laptop I’m saving up for. If I had enough money I wouldn’t feel as worried because money can solve some of my struggles. I would feel very secure because as long as I have enough money, I can be confident that I can pay my bills on time or having enough to pay for insurance without worrying if I have enough money. My basic needs would be met if I had money to buy food, shelter, water, clothing, etc.. Having money to spend on others and experiences would also define “financial well-being” because I’m not only taking care of myself but others, too.
Financial well being can also be a mindset. I have met folks who are financially in 6 figures, yet worried about how they will pay next month’s bills.I have also met folks who have almost nothing, yet they are not worried, knowing that as the birds go out daily, they find food daily. And they are generous, sharing what little they have, but no worrying about tomorrow. We always tend to think, if I only had an extra 500 a month , I could relax, but the “needs” expand, and we are still in a feeling of insecurity.
Maybe if we have an abundance thinking, make ourselves know that we have enough for today, we could relax and have less stress and things work out.