205 // Happiness + Financial Success

Feb 28, 2023

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Is there a correlation between happiness and money? We've talked about how having money does make people happy, at least up to a certain threshold. Once all of our needs are met, the happiness brought by money begins to diminish. More and more money does not necessarily bring more and more happiness, but could more happiness bring more money?

James talks about a recent study that shows that people who are happier do make more money. Positive emotions support and create the behaviors necessary for people to succeed financially. This is something that James has suspected for a long time and has seen evidence of with his clients. We explore how positive emotions and happiness can lead to more money.

Episode Highlights:

[03:38] Positive emotions actually support and create the behaviors necessary for people to succeed in their financial life. Positive emotions have a causal relationship with wealth creation.

[04:49] Most of our negative decisions about finances are rooted in negative emotion. The study says that the opposite is true. Happiness does buy money.

[05:14] People in a positive emotional state make better financial decisions.

[05:37] Financial decisions that lead to positive outcomes are rooted with positive emotion.

[06:39] We need to foster healthy positive emotionally stable lives. As a result, we'll accumulate wealth.

[07:41] This is exciting work, because it's really flipping the source of financial success on its head.

[08:20] Do the work on your relationships and how you spend your time to create meaningfulness and delight in your life. Accumulating money comes out of a happy healthy balanced life.

[10:38] James has been saying that we need to prioritize meaning, purpose, joy, and light. This study says the exact same thing. He's observed this connection between money and happiness in his client base.

[11:02] It's the happiness that makes us wealthy.

[12:27] Be aware of your mindset. Are you bringing happiness and optimism with you?

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