Money makes the world go round. It answereth food, clothes, vacations and, some would argue, love and happiness. Most conversations these days seem to be about how gas is now so expensive, how the exchange rate is going through the roof and how fresh graduates cannot survive on a N100K a month stipend in Lagos. The presumption appears to be that if we had more money, things would certainly be better. Is this true?  

Yes, to a point. We could all use more money. However, it is not enough. This is because having more money does not mean that you suddenly know how to make it work for you, that you can say goodbye to financial stresses, demonstrate positive financial behaviours, or that you will actually be satisfied with your financial situation.  

Why are these four things important? Because they have been shown by researchers to determine your level of financial well-being. Financial well-being is a state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.  

Based on this definition, you can make more money and still not achieve financial well-being. For example, if your obligations are increasing at a faster rate than your income or if you still cannot afford the experiences/choices that will bring moments of joy to your life. Money is not enough. Intentionality is required.  

Physical and mental wellbeing are well-known concepts. You probably have a workout regimen (that you ignore on those tough Monday mornings), plan to start a new diet this year, and you probably look forward to a quiet weekend-in after a mentally and emotionally taxing week. You can take similarly intentional steps to achieve financial well-being. And our team at Vested is here to guide you all the way. Go well.  

Dera.