In this recent episode of the Standard Deviations podcast, Dr. Daniel Crosby explores the concepts of Financial Wellness vs Financial independence. The guest, Dr. Thomas Mathar, shares his insights into these two important aspects of personal finance and how they intersect with overall well-being. Dr. Mathar emphasizes that financial wellness goes beyond mere financial stability or independence and encompasses a holistic approach to financial health, including factors such as emotional well-being, life satisfaction, and resilience in the face of financial challenges.
Perhaps my biggest issue with the concept of ‘Financial Independence’ is that it doesn’t see the opportunity costs that come with acquiring this independence…often the consequence of a one-sided focus on financial independence is fractured family relationships, lack of purpose, lack of joy, instinctive dismissal of the introspection required to work out what bring you joy and purpose in the first place because all that matters is financial independence.
Whether you’re striving for financial independence or seeking to improve your overall financial wellness, this episode provides valuable perspectives and actionable tips that are definitely work checking out.