Well-being - Money

August 20 2014 / by Mari Ryan

What does it mean to be thriving in the well-being dimension of money?
The easiest way to relate to this is Money_Wellbeingto recall a time in your life when you weren’t thriving in this dimension. It may have been a time when you were out of work, or had more debt than income. That experience of contrast probably gave you a clear understanding of what it feels like to struggle financially.

American psychologist Abraham Maslow developed a highly regarded theory of needs. At the bottom are the basic physiological needs such as breathing, food, water, sleep, and sex. Once these needs are met, we then ascend to the next level. At the second level is safety. This level encompasses physical safety, such as not living in an area where you feel threatened, security found in family, health and financial resources. The physiological and safety needs encompass our basic needs. If these levels of needs are nMaslows_Hierarchy_of_Needsot met, it becomes difficult to ascend to the next level.

Let’s face it. Money is important. It is the currency of the world. It provides us with the basics of food, shelter and clothing. And while there may be truth to the old saying ‘money can’t buy happiness’, research shows that there is a relationship between well-being and Gross Domestic Product (GDP) per capita.[1]

Achieving and maintaining well-being in the money dimension is not just about accumulating wealth and having a lot of money. It is about managing this aspect of your life with confidence. This means understanding your current situation by taking stock of where you are, setting goals and having an action plan to reach those goals. If you are having difficulty, asking for help and getting education on how to improve your situation are important.

Managing the money dimension is important because it impacts other areas of your well-being and provides peace of mind.

[1] Rath, T. Harter, J. Wellbeing: The Five Essential Elements Gallup Press. New York, NY. 2010. P. 50

Mari Ryan

Written by Mari Ryan

Mari Ryan is the CEO/founder of AdvancingWellness and is a recognized expert in the field of workplace well-being strategy.