The Happiness Factor of Money

Financial freedom is sexy! ... Money brings happiness! ... Wealth brings freedom! ...

Let's take a closer look at these sentences and question old and new beliefs surrounding the topic of money and financial freedom. 5 Questions / 5 Answers

What is the influence of personal wealth on our character?

If you want an honest opinion, ... not at all. I believe that money cannot change one's character. At best, it amplifies existing character traits. It is scientifically proven that financially free people are less likely to engage in criminal activities, are more involved in the community and volunteer work, thus making a positive contribution to society. Money does not inherently bring happiness, but rather a sense of calm. With money, the lightness of being unfolds; therefore, there is nothing wrong with being rich.

Does money bring happiness?

Money does not bring complete happiness. However, no one can deny that it opens up spaces in thinking and actions, contributing to a life of freedom and empowerment. Owning money should bring joy. However, it should never be the sole source of positive feelings in life. Furthermore, consumption does not bring happiness, but a well-dosed strategy for preserving and increasing wealth.

What personality traits are needed to be financially successful? Can this be defined?

Even if I disappoint you now, there is no single formula. Financial freedom is a product of many characteristics. A strong will is a good start. If you also have an advisor by your side who is already where you want to be, then you are on the right path. Aspiring millionaires need to have a strengths-based perspective to embark joyfully on the long journey of this very special career.

Why do you think wealth or the topic of "money" is still somewhat taboo in Germany?

We simply don't talk about it enough. I have asked more than 1,000 people in Germany the same question: Would you like to be a millionaire? The answers are clear, 99 percent of respondents answered yes and their faces lit up. 1 percent are already millionaires and financially free. We live in a wealthy country with a poor population. This does not have to be the case. Talking more about money, finances, and prosperity is a good start.

How can we benefit from conversations about money?

The German Federal Bank sheds light on this every year. We Germans have no idea about finances. The return on investment of private households minus inflation is negative, we are saving ourselves poor. We should start teaching our children about money and economics already in school. In Germany, we talk too much about distribution and justice and too little about value creation and participation in it. Most people hesitate when asked about their account balance or investment values. However, such conversations could broaden horizons, share experiences, and avoid mistakes. Be open to such discussions and learn to benefit from them!