Love people, not money

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If money is your focus in life, I recommend reassessing your relationship with money.

Money is important, but only in an instrumental sense - to help you live in line with your values and priorities. 

And if you want to be happy and have a meaningful life, I recommend prioritising your relationships with other people.

Treat money as a means to that end.

Consider the following excerpts from a 2003 paper, with the ominous title "Zeroing in on the Dark Side of the American Dream". The paper It was written by four psychologists, including Nobel laureate Daniel Kahneman and "Dr Happiness" himself, Ed Diener. Its subtitle is: "A Closer Look at the Negative Consequences of the Goal for Financial Success"

  • "aspiring to... financial success has negative consequences for various aspects of psychological well-being."
  • "the stronger the goal for financial success, the lower the satisfaction with family life, regardless of household income".

In other words: love people, not money!

Sonnie Bailey

Sonnie is the founder and principal of Fairhaven Wealth.

Before founding Fairhaven Wealth, Sonnie worked in the legal and financial services industries for over a decade.

Sonnie first became involved with financial advice as a specialist financial services lawyer. For many years, he was an “adviser of advisers”, reviewing thousands of advice files prepared by hundreds of financial advisers, and providing feedback in relation to the quality and appropriateness of advice; industry best practice; risk management; and regulatory compliance. He has published work in industry publications and spoken at various financial advice conferences.

Sonnie has also worked with banks, investment management firms, insurers, and derivatives providers.

Sonnie has worked as a private client lawyer, focusing on succession, estate planning and trusts. He ran his own legal firm in Australia before relocating to New Zealand. He has also acted in independent trustee and company director positions.

Sonnie is passionate about helping people achieve their goals and manage the risks to which they are exposed.

He has written extensively on his blog, New Zealand Wealth and Risk, which can be found at www.wealthandrisk.nz.

Sonnie is married to his wonderful wife Chrissy, and has two young children, Ben and Anna.