A common misconception is that it’s only really those on lower incomes who worry about money. But people right across the wealth spectrum have money worries. According to the Aegon Financial Wellbeing Index, roughly 40% of people in middle and higher income brackets have them. And simply earning more doesn’t necessarily remove those worries.
While 55% of average earners worry about money, that only falls to 33% among top earners.
This shows that financial wellbeing is not simply about your level of income. While earning more can certainly make a difference, there is much more that goes into feeling comfortable about your financial health.
Here are five things you can do to boost your sense of financial wellbeing.
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WHAT DO YOU REALLY WANT FROM LIFE?
What is truly important to me? How do I want to spend whatever time I have left? Strangely enough, these are questions that many of us just don’t get round to asking.
Encouraging people to think and, crucially, talk about these issues was the main reason that Robin Powell and Jonathan Hollow wrote their award-winning new book How to Fund the Life You Want.
In it they explain the key points of a good financial plan. They give you a downloadable workbook that will help you to set up a basic plan. And then they help you to choose a good financial adviser to review that plan and make sure it’s on track.
The book is published by Bloomsbury and is specifically written for a UK audience.
It’s available to buy on Amazon, on Bookshop.org, and in all good bookshops. There’s an eBook and an audio book version as well.
© The Evidence-Based Investor MMXXIV
