For many successful entrepreneurs, wealth is measured in the most traditional medium: money. There’s enough money to support a chosen lifestyle, provide for loved ones and save for a comfortable retirement. There are even opportunities to enjoy some of life’s real pleasures.
Yet for every entrepreneur who is content with financial success, there’s another who wonders whether there isn’t more to life. In his book, Wealth and Happiness: Using Your Wealth to Create a Better Life, wealth advisor and author David Geller explores the feelings of emptiness that sometimes accompany business success.
Drawing on his experience as CEO of a prominent Atlanta wealth management firm, Geller describes people who are financially well-to-do, but find their lives unfulfilling. Geller himself struggled with such feelings following divorce. His clients often struggled with similar feelings after the death of a spouse or the loss of a business partner.
In coping with the loss of an important relationship, money is of little comfort. Incremental increases of income are not met by increased happiness. In fact, many people in that situation experience a negative correlation between increased wealth and their levels of happiness. That got Geller thinking about his clients’ situations, as well as his own. If their lives aren’t better at the end of the day, what’s the point?
A Holistic Approach
He began to research the notion of happiness, including Aristotle’s theory that “happiness is the meaning and purpose of life, the whole aim of human existence.” He learned that happiness is built on the foundation of a stable, balanced lifestyle. In particular, he identified six elements of wealth that are always present in stable, balanced lives as:
- Time
- Money
- Talents
- Body & Mind
- Wisdom
- Networks and Community
The key component is not money, but relationships (Networks and Community). The quality of a person’s most important relationships is the surest measure of happiness. When people commit to nurturing those relationships, the other elements of wealth seem to fall into place.
As a wealth advisor, Geller now believes his job includes managing a client’s mindset as well as his or her money. His findings led him to redefine the wealth management firm and put in place a system that would help clients pursue overall fulfillment and happiness. The firm’s approach is based on a model called Behavioral Wealth Management, which incorporates scientific research about decision-making and life events.
Geller also identified barriers that prevent people from using wealth to maximize their happiness. One of the most common is confusing pleasure and wealth. Activities that are pleasurable ignite your senses. True wealth, on the other hand, is about igniting your passions to make a difference in someone else’s life.
Personalization of behavioral wealth management is possible through use of tools that assess a person’s attitudes toward money and relationships. It’s a science-based approach to achieving stability in a client’s lifestyle.
If you see an inverse correlation between an increase in your wealth and your level of happiness, it may be time to rearrange priorities. Give us a call at (404) 353-2148 or send us an email, and we’ll discuss ways to restore your sense of a balanced life.