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Does money give peace of mind?

Money can't buy you happiness, but it can eliminate worries and allow you to feel your happiness more clearly. Invest in your future and destroy your worries and stresses, and you'll find that money can buy you the peace of mind that brings you closer to the happiness in your life.

casetext.com - 3 Ways Your Money Can Buy You Peace of Mind - Casetext

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They say money can’t buy happiness, and that’s true - to a point. What money can buy is a sense of security and peace of mind. Money won’t give you a happy marriage, but it will help you ensure that the spouse you love never has to worry about where the next meal is coming from. Money can’t make you love your job, but it can help you worry less about losing the one you do love. If you understand the best ways to use your money to reinforce your existing happiness, you’ll find that while money can’t buy you happiness, it can help you protect it. You just have to spend it wisely. Here’s how.

Protect the people you love

Money won’t give you a loving husband or wife or a great family. But it will help you protect those people and ensure that they’re always taken care of. You ensure that by investing in (what else?) insurance. That means health insurance, so that you never have to choose between your financial security and the care that one of your loved ones desperately needs (or the care that you desperately need - imagine worrying that your continued survival will hurt your family!). It means homeowner’s or renter’s insurance, too, so that your home and the things within it can be repaired or replaced in the event of a disaster. While nobody likes to see their possessions stolen or their carpets ruined, a good insurance policy can at least replace those losses and prevent the financial blow from compounding the personal tragedy. You’ll also want to invest in life insurance, which is perhaps the single most important way in which you can protect your family from things that could happen to you. If you have a family, you don’t live in a bubble - you’re not the only one affected if you suddenly fall ill or get in an accident. A life insurance policy will cover things like funeral costs and loss of income in the event of your death, meaning you can relax knowing that your family will be taken care of in every way possible during a difficult time. Speak to a life insurance broker like OurLifeCovered to learn about your options.

Invest in your future

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If you’re building wealth, you no doubt have plenty of investments. That’s good! And if the stocks that you’ve chosen are doing well, that’s fantastic. Good for you! You should absolutely keep investing because it’s the most effective way to build wealth. But you may find yourself worrying that your stocks can also go down. Here is another place that money can buy you peace of mind. The key to peace of mind in investing is diversity. That means more than one type of stock in more than one type of industry, of course. But it also means having more than just stocks. Invest in ETFs or Mutual Funds, which carry multiple stocks within a different type of security - they’re diversity contained within one purchase. Invest in bonds, which can be less volatile than stocks (especially in the short term). Invest in precious metals like gold, which are less connected to the stock market than other investments and can sometimes hold their value (or even rise in value) during dark times in the stock market. Invest in commodities, real estate, or even your favorite collectible. Look for a broad range of safe investment types. Trust advisers and other experts to help you spread your money out. If you invest wisely, you can buy upside (in the form of growth stocks) while also buying peace of mind (in the form of safe fall back investments).

Worry less day to day

Money is great for these grand methods of securing your future. Insurance and smart investment can keep you from worrying about your distant future. But what about your immediate future?

Picture this. You have to make it to the airport for a flight. To save money, you drive yourself and park in a distant long-term lot with lower rates. You’re already running late! You didn’t pay for TSA Pre-Check, so security is next. You make it to your gate in time, but you didn’t pay for priority boarding, and you chose an airline where seats are on a first-come, first serve basis. You’re last in line. Enjoy the middle seat! You spend money to relax: vacations, dinners, drinks, and so on. And you need to relax, the way you live! But what if you instead spent your money to avoid stressors in the first place? What if you paid for little luxurious like closer airport parking or, better yet, a car service to the airport? What if you paid for TSA Pre-Check or priority seating? Maybe it wouldn’t even cost you more in the long run because you wouldn’t need to treat yourself to a fancy meal and a stiff drink when you got to your destination.

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Consider using your money on a day-to-day basis in the same way that you use it on a long-term basis: to buy relaxation and peace of mind. Find the stressors in your life and target expenditures that eliminate them. Would noise-canceling headphones remove the need for you to race for the train’s quiet car every day? Would a tour guide make your next vacation more relaxing?

Money can’t buy you happiness, but it can eliminate worries and allow you to feel your happiness more clearly. Invest in your future and destroy your worries and stresses, and you’ll find that money can buy you the peace of mind that brings you closer to the happiness in your life.

casetext.com - 3 Ways Your Money Can Buy You Peace of Mind - Casetext

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