I love Australians and I love plain speaking Australians in particular. Jim Hennington is my good friend and he is a font of good sense. Here are his thoughts on how we can achieve well-being in later age.
So what is this “financial wellbeing” and how is it achieved? Jim says it can be summed up in a phrase
and financial well-being* is determined by a few good behaviors:
- Planning expenditure against income
- Prioritising spending on essentials
- Disciplined spending
- Living within means/not borrowing for essentials
- Keeping track of money available for spending
- Active saving
- Planning for unexpected expenses or an income fall
- Planning for retirement
- Proactively seeking information and checking features before buying a product
- Gathering information before making a financial decision
If you want to read the academic researcb behind this , it’s here.
But I’d stick with linking to Jim and following what he and his colleagues are posting on Linked and on his website Jubilacion.
Jim, Lady Lucy and Henry Tapper outside the Leatherne Bottel on a glorious late May evening.
Jim is currently living in Goring and open to invitations to lunches and dinner at the nearby Leatherne Bottel.