Money and Life
(Financial Planning Association of Australia)
What does living well mean to you in 2020?
People around the world shared their take on living well in a 30-second video. Find out how five global citizens are planning for their best life.
Ever wondered about the right formula for living a good life? If the entries in a recent video competition are anything to go by, it’s a pretty simple recipe for success. In the lead up to the last World Financial Planning Day, the Financial Planning Standards Board ran their #PlanWell2LiveWell Video contest inviting people around the world to answer the question ‘what does living well mean to you?’
In watching clips shared by citizens from Germany to the Philippines, you’ll discover that people around the world have plenty in common when it comes to achieving happiness in the present and planning for their hopes and dreams.
“Doing what you love while spending time with the people who mean most to you.” Meg – Japan
The path to happiness
While the activities and interests people enjoy most vary, many follow the same path to happiness and life satisfaction. As Porter from the USA says in his video “the source of happiness is different for everyone, but the path is nearly universal.” Deividas from Lithuania values “being healthy and striving for new physical achievements” while Joe from the USA enjoys “living in the moment and being creative.” But all agree you need to plan for these personal goals so you can take the right steps towards achieving them.
“Being able to focus on present moments without a series of worries in the back of your head.” Porter – USA
Health, planning and freedom
So what are the right ingredients for happiness, both here and now and in your future? According to our global panel of video finalists, there are three key steps to living well
- Look after your health – Meg from Japan and Purva from India are among those who agree that making time for mental and physical health is a top priority.
“Plan your mental and physical health well.” Purva – India
- Plan for the future to achieve dreams or goals – whether it’s a new car, getting married or travelling the world, many agree with Yu-Chen from Chinese Taipei that you need a plan to live your dreams.
“I don’t have to pretend my life is perfect because I am living what I dream to be.” Yu-Chen – Chinese Taipei
- Enjoy the present more with peace of mind about the future – a plan for financial security in the future gives you the freedom to enjoy happiness here and now, without any stress about money.
“It’s important that I have enough money to feel secure but also to travel and enjoy the finer things in life.” Benjamin – USA
Plan for peace of mind
This last step is one that’s particularly important but sometimes difficult to get right. Living for the moment without compromising your future finances can be quite the balancing act. In our Live the Dream research report, the FPA found that choosing their current lifestyle is the top priority for 59% of Australians who want to live well. But when it comes to planning for the future, it’s a different story. Only 29% of Australians put their future goals first for living well.
So how can everyday Australians make an equal commitment to their present and future wellbeing? According to an ASIC report from August 2019, seeking professional advice about money can help. Australians who receive financial advice are more likely to experience a sense of security about their financial future (82% compared with 68% for all Australians) and set long-term goals and work towards achieving them (76% compared with 58%).
To get your current and future lifestyles in balance, a CFP® professional can help by combining short, medium and long-term goals in a financial plan to ensure you’re planning for your future and living well in the present.