Summary: In today’s Entrepreneur MBA podcast guest, Andrew Hallam speaks with Stephen Halasnik from Financing Solutions about how to spend and invest for happiness, health and wealth for business owners. They talk about how success should be measured instead of how people conceive success. They also talk about how money is not everything you should be after and the priorities you should consider for ultimate life satisfaction.
Summary
During the Covid Stage
People have started looking for different priorities when it comes to investing for their own happiness, health, and wealth because of covid. During the pandemic, we realized that happiness and life contentment hinges on our social connections with other people. One important variable that is more
influential than any other is personal relationships with others. Relationships with people are something everyone can improve on because things in life are very dependent on them.
Measuring Success
Most people measure success by how much money a person has or material objects that people buy that make it seem like that person is really successful. Success is very one-sided when you base that definition on how a person is doing with their business and their financials. You should be asking why people have the motivation to do things that make them want to be successful. Everyone likes the life satisfaction they get from doing what they want to do. Success is much more than just money and there are other success factors that measure success as a whole. If you are satisfied with everything you do in your life that is one of the factors for true success.
The balance between everything in your life such as work, family, and health is the best thing everyone should strive for instead of focusing on one thing as a business owner. For true success in life, there has to be a balance between success factors. For example, if you have a billion-dollar company but terrible relationships you cannot be satisfied which does not translate to success. It is all about life satisfaction and balance between things that keep you satisfied in life.
Money is not everything
When thinking about life satisfaction, there is a misconception that income and money go hand and hand. So if you make more money the happier you’ll be in life. According to research, this is not true, life satisfaction has a direct relationship with income to a point then decreases. The big picture is about life satisfaction at the end of the day so the more money you make does not necessarily mean you are going to be happier.
One reason why generally people who earn 200k a year and over are less satisfied than people who earn 90k a year is because they spend a lot more on material objects that do not increase life satisfaction at all. Something that can increase life satisfaction is giving money out and conceiving where money is going instead of using money to spend on material objects that do not increase life satisfaction.
What priorities should be considered?
When looking at your business, you should be setting smart goals that are achievable, measurable, and time-sensitive. The same exact things should be done to enhance life satisfaction. One priority that should be considered is experiential purchases that bring people together. Another one could be setting a specific goal for pro-social giving that helps people out. You should also be prioritizing your health which means going outside and doing extracurricular activities to stay active. Not only focusing on business but focusing on these other factors that enhance our life satisfaction is a good strategy that can do a lot for us. If you only focus on the business aspect you will find yourself not being as healthy as you need to be or not spending as much time with your family as you should.
Your number one priority should be your health because you need to have a healthy lifestyle. Not only to be living but for all the priorities that follow. For example, if your health is bad how are you going to provide for your family, or what good could you do for your business? Your health should be a priority over work as a business owner because you need to be in shape and fit to even do work. Family is your second priority because it is the most important thing next to your health.
After health and family, work should be your third priority in life for life satisfaction. Work is also very important because generally if everything is going well in work this means everything goes well in all of your other priorities. However, if work isn’t going great then this will affect all your other priorities in a negative way because you will be constantly stressed about work.
About Andrew Hallam
Andre Hallam is the author of the international bestseller, Millionaire Teacher; built a million-dollar portfolio on a school teacher’s salary by the mid-30s. Profiled on CNBC, Wall Street Journal. Writes for the Globe and Mail (Canada’s national paper) and AssetBuilder, as well as Swissquote. His new book, Balance, How to Invest and Spend for Happiness, Health and Wealth is a must-read for every business owner.
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