Tax season is upon us, and we at Bona Fide are preparing to stay busy for the rest of the year, helping our clients succeed in all aspects of their lives. This newsletter will provide you with some context surrounding tax-loss harvesting, and what that means when investing. But first, a word from our sponsor…
Can money buy happiness? We’ve all heard the question. And as we begin working towards our financial goals for the new year, keep in mind it’s not always about the bigger home or better vacation. Harvard Business School reports that money can buy happiness, or at least a life with less stress. The first thing that comes to mind when asked this question is usually the luxuries that money can buy, but it’s more about focusing on the calm and control, and freedom from stress, according to professor Jon Jachimowicz. He says, “The idea that money can reduce stress in everyday life and make people happier impacts not only the poor, but also more affluent Americans living at the edge of their means in a bumpy economy.”
The pursuit of happiness is in our constitution, you hear it in songs, and it’s a prominent goal for most Americans. The Money Guy Show discusses how to be purposeful on your journey. Happiness is often presented and measured in consumption, but is this really the key to obtaining happiness? What do you expect out of money? Happiness and money are not necessarily correlated, but they do intersect. Take a listen to hear more about defining happiness and how money plays a role in a variety of forms.
If you watch this TED Talks by Daniel Sachau, a professor who studies life satisfaction at Minnesota State University-Mankato, he would put it simply- no, money can’t buy happiness. He says, “while the absence of money, poverty, makes people miserable, once their basic needs are met, additional money does not translate into higher levels of satisfaction.” He discusses how our expectations around money impact our satisfaction.