The answer lies in our evolutionary past. Our ancestors may have enjoyed occasions when food was in abundance, but periods without enough to eat were potentially fatal. These primal forces still have a powerful influence on our decisions today.
Economists have identified loss aversion as a major factor in financial decision-making, in that most people would rather avoid losing money than acquire more. The psychological impact of losing is thought to be twice as powerful as the pleasure of gaining.
Many people think of wealth as the value of their savings, investments and assets. However, the ability to keep earning an income is equally important.
Ensuring that you have adequate financial protection for you, your family and any dependants is an important element of financial planning. As a healthy working person with a good income, you may feel reasonably confident that you are able to provide for your family. However, your finances could be more precarious than you think.
Mindful wealth! What a fascinating concept and phrase.
We believe establishing the right “mindset” and “habits” are crucial to kids, families and their futures.
Did you know adult money habits are formed by age 7 – University of Cambridge
Important concepts that underpin many money skills, such as: waiting whilst saving to afford something they want; understanding the concept of ‘future’; dealing with delayed gratification; avoiding impulsive, irreversible decisions. Basic approaches and skills can be modelled, discussed and demonstrated by parents with young children, such as the basic benefits and tools of sharing, saving, and purchasing that will instil efficient habits and practices.
A key point here is that situations need to be constructed so that the childexperiencesthe processor idearather than just being told about it.
What exactly does that mean ‘The happiness dividend’? Curios then you may enjoy reading ‘Mindful Money’.
The book offers a thoughtful reassessment of how money is just a tool, not the destination.
Is it possible to be a conscientious member of society and grow wealth? The author, a Buddhist and a financial planner, says yes and explains how money drives many of our decisions. We all worry about earning it, spending it, and saving it — regardless of our income level or spiritual perspective. Yet few of us understand money’s true nature. The book explores your deepest beliefs, covers topics to save, invest, pay off debt, and fund your retirement and dreams by building a lifetime income stream. With a foreword by Pulitzer Prize–winner Alice Walker, Mindful Money does all this while emphasising that money is a tool you can use to support your lifestyle, reach your goals, and earn the “happiness dividend” everyone deserves.
At what age do you realise the significance of having a good credit score is it in your 20’s, 30’s or not until your 40’s and 50’s. Late payments, credit card debt, not on the electoral role, court judgments are just a few factors that will contribute to your credit score. It might not feel relevant in your 20’s or until you decided you would like to apply for a credit card or its time to get on the property ladder. Below are some useful links to check your current credit rating, each company have their own methods of issuing a credit score the correction of a simple spelling error on your address could improve your overall score so if you have never checked it give it a go.