Posts Tagged Financial Wellbeing

Total Wellbeing: February 2017

 

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February 2017: Financial Wellbeing and Internet Safety

Get Involved!

8-ux-pitfalls-to-avoid-in-mobile-app-designWelcome to the February issue of TotalWellbeing! If you have been following TotalWellbeing you know that every month we focus on one of the 8 Dimensions of Wellbeing. This month we will review how internet safety can affect your financial wellbeing. These two topics intersect and influence each other on many levels and it is important to occasionally review where they may conflict and what you can do to protect yourself. For a closer look at this month’s topic and helpful resources please check out The Path and The Connection below.

Speaking of internet safety, did you know last Saturday was National Data Privacy Day? If you have been keeping an eye on MINESblog you may have seen our own ideas around data security and the importance of being diligent with your information written by MINES’ own security officer and CIO, Ryan Lucas.

As always, for more information please check out the links to the left or hit the share button to send us a message, and to be notified when we post more resources and articles make sure to subscribe to MINESblog. See you next month!

To your total wellbeing,

The MINES Team

The Path: How Internet Safety Influences Your Financial Wellbeing

Whether you do all your shopping online, are a nominal internet user, or are a parent, internet safety is important. Not only is it important to take note of when you give out your personal information, it is important to take time to reflect how you spend your money online. With less and less people balancing a checkbook, it has become much easier to lose track of where your money is going and to catch mistakes when they happen. Whether you allow things to be paid automatically online or you allow websites that save your credit card information, it has become easier to spend more money without realizing it. You also need to be careful about what websites you allow to have your information so that your information isn’t stolen, which can severely impact your financial wellbeing. If you are a parent, you need to be aware of how your child is spending their time online and how much information they are sharing. A teenager may not think it is a big deal to share that your family is leaving town but if the wrong person finds out, you may be robbed while you are gone.

There is good news! By using websites and Wifi networks that are secured, it is possible to have stronger and safer financial wellbeing. By having quick access to your financial statements, being able to autopay or receive instant reminders to pay your bills, you can feel more confident in your financial status and reduce stress when it comes to trying to keep track of your financial wellbeing. If you are confident in your internet safety and do everything you can to protect yourself, the financial freedom the internet provides you is exhilarating and freeing.

 Check out these resources to help you hone your internet safety skills.

Tips for you:

Did you know the “S” in the URL stands for secure? Next time you are online, look at the URL (web address) to see if the site you are visiting is secured before you put your personal information in. You will know the URL is secured if the URL starts with “https://”. If the site you are visiting just says “http://” it is not a secured site and you should be careful about giving any personal information on there.

The Connection: Get Involved

Wellbeing does not simply start and stop at the individual. Our community is connected to each of our own individual wellbeing in a huge way. When we are well we can better function within our community.  We can help our fellow humans thrive, and in turn, when our community is prospering, it helps each of us reach our goals as individuals. So why not help our community so we can all thrive together? Each month we will strive to bring you resources that can help you enhance the wellbeing of those around you or get involved with important causes.

Community Wellbeing Resources:

This month, think about helping out a third world entrepreneur start their business by providing capital for their business even if it is a small amount. Just remember to be careful anytime you give your financial information out over the internet. Check out this website and look for ways you can help in your community https://www.lendwithcare.org/.

Don’t forget that PersonalAdvantage, your online benefit through MINES, has tons of great resources for all the dimensions of wellbeing that we discuss here, along with some articles and assistance for Retirement Planning. If you haven’t checked it out yet, or want to see what resources they have for this month’s topic check out the link below. You’ll need your company login, so make sure to get that from your employer or email us and we’ll be happy to provide that to you.

Check Out PersonalAdvantage Here!

 If you or a member of your household needs assistance or guidance on any of these wellbeing topics, please call MINES & Associates, your EAP, today for free, confidential, 24/7 assistance at 800.873.7138.
 mines_logo_blue MINES does not warrant the materials (Audio, Video, Text, Applications, or any other form of media or links) included in this communication have any connection to MINES & Associates, nor does MINES seek to endorse any entity by including these materials in this communication.  MINES accepts no liability for the consequences of any actions taken on the basis of the information provided herein, nor any additional content that may be made available through any third-party site. We found them helpful, and hope you do too!
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Psychological Aspects of Financial Wellbeing

There are countless resources online that give advice on how to budget, how to get out of debt, how to save, how to invest, and so many more topics on money and finances. The interesting question, then, is why is money still such a difficult issue for people?  Why don’t we all feel financially confident and successful, all the time?

At first glance, money and wellbeing (one’s state of overall health, across all components of life) may not seem to go together. However, there are numerous psychological components associated with people and their financial wellbeing. The broad categories include brain chemistry, the behavioral economics of loss aversion, family views of money and what it means, and personal beliefs regarding money, its meaning and how to manage it. There are also many others that will not be addressed in this blog.

The neurochemical elements related to money have to do with brain changes related to spending money versus saving money. It is well documented that when people act on urges for immediate gratification (i.e., I need those shoes NOW!), they activate specific chemical “pleasure centers” in the brain, which can cause them to have stronger, more frequent urges to repeat the gratifying behavior.  Some people have a more difficult time delaying gratification than others.  This experience alone accounts for significant differences in people who are able to save: they are able to study instead of play, achieve higher levels in education and subsequently higher levels of income, which can be tied to money wellbeing later in life. People who routinely act on spending impulses often run up debt, have cash flow problems and subsequent stress related to these situations. Other neurochemistry-related conditions that negatively affect financial wellbeing include addiction (to food, drugs, alcohol, sex, gambling, etc.), which often includes diverting money to support those immediate gratification demands of addiction with corresponding money problems.

The area of behavioral economics includes a significant body of research related to factors of influence and people’s decisions about money and subsequent financial wellbeing. For example, most people would rather not lose money than take the risk of getting more money. This was played out again in the last recession, when people pulled their money out of a market that was dropping in prices, bonds paid virtually nothing. Yet people who had cash and were risk-aversive did not reinvest ended up missing out on 70-200% returns in stocks over the next few years. Those who thought bonds were safe ended up losing money against inflation, even as low as it was during that time. This clearly had an impact on financial wellbeing.

Family views about money are passed on in the form of modeling, messages and social influence. For example, a family that views money as a typically scarce resource that should be shared equally will expect family members who do succeed in attaining higher levels of financial wellbeing to subsidize them. This can create family stress if the individual who has the money disagrees with the others’ beliefs about it. There is case after case of lottery winners suddenly being contacted by family members they had not heard from in a while asking for money. There are also a number of lottery winners who went bankrupt. Some of the reasons for this can be traced to family views about money, a feeling or belief that they did not deserve it, not knowing how to manage it, and an inability to tolerate the social isolation of being in a different economic stratum than their extended family, among other elements.

Individual beliefs about money play an important role in financial wellbeing. How people think about money plays out in their everyday decisions. If one cannot see their “future self” clearly, they may have difficulty saving or participating in their employer’s 401K. Those who do have a clear view of their future self generally find it easier to save and invest systematically. Some people have “all or none” beliefs about money. If they have it, they spend all of it.  If they were going to save, and spent it instead, then they say they will start tomorrow. Unfortunately, tomorrow never comes because they repeat the same sequence the next time. This is in contrast to people who view money with more complexity, who are able to allocate money to budget categories, and value the practice of paying themselves first (saving) versus spending.

What can you do to build your awareness of the psychological aspects of financial wellbeing, and make them work in your favor?

  1. Spend time becoming aware of your thoughts and beliefs about money. Where did you learn them? How do they serve you? How do they positively or negatively impact your financial wellbeing?
  2. If your neurochemistry is part of your financial wellbeing in a negative way (addictions, impulse control) consider seeking professional help.
  3. Identify your family patterns related to money. How do they enhance or detract from your financial wellbeing? How do you feel about what you learned or did not learn from your family related to money?
  4. Become aware of external factors related to behavioral economics that lead to risk-aversive versus “irrationally exuberant” decisions.

To Your Wellbeing,

Mines, R.A., Stone, W.C., DeKeyser, H.E.

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Total Wellbeing: January 2014

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January 2014: Occupational and Financial Wellbeing

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Happy New Year!

Welcome to the January issue of TotalWellbeing! This month we want to help you kick off the New Year the right way. Plus, what better time than now to introduce what’s new for this year?

Our theme for 2014, TotalWellbeing, has been designed to help bridge the gap between your potential, and actual, wellbeing.  By keeping employees informed, we will supply the knowledge necessary to support healthy lifestyles in order to be well in both body and mind.  With this idea of the mind-body relationship at the forefront, our topics will focus on the 8 dimensions of wellness: Physical, Occupational, Intellectual, Environmental, Financial, Social, Spiritual, and Emotional Wellness. Each month we will explore how different aspects of wellness are connected to each other and more importantly how they apply to you so you can achieve balance and promote your own Total Wellbeing.

These will also be posted on our blog each month.  So, if one of the topics appeals to you or you have interest in joining a conversation with others about the topics in each monthly communication, feel free to comment or rate these on our blog!  We look forward to hearing from you!

To your total wellbeing,

The MINES Team

The Connection: Occupational & Financial Wellbeing

If you’re getting this email, it’s because you have a job since we send these out through your employer.  How are you approaching your work?  If you’re working there, hopefully you enjoy your job or career, but how does that job or career help you achieve your own financial goals?  What is the next step for you with your current employer?  What professional goals should you set to be a better or more effective employee?  What would it mean to take that next step in your career?

Occupational Wellbeing

Financial Wellbeing

Creating Job Satisfaction

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Financial Wellbeing Tips

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Job satisfaction doesn’t just come from how much you make or how exciting your job is. The mindset in which you approach your job and your day to day attitude can make the difference between loving your job and dreading it. Learn how to get the most out of your job and enhance your job satisfaction.To read the full article, click here. Whether you have short term or long term goals, these simple tips from MyKitto.com will teach you new ways to protect your financial investments and help you worry less and save more.To read the full article, click here.
 mines_logo_blue MINES does not warrant the materials (Audio, Video, Text, Applications, or any other form of media or links) included in this communication have any connection to MINES & Associates, nor does MINES seek to endorse any entity by including these materials in this communication.  MINES accepts no liability for the consequences of any actions taken on the basis of the information provided herein, nor any additional content that may be made available through any third-party site. We found them helpful, and hope you do too!

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