Everyone wants happiness in their lives. This is especially true for Americans who are promised, “Life, liberty and the pursuit of happiness.” Here’s the rub: happiness can be an elusive emotion.

Here at Carver Financial, your happiness is of the utmost importance to us. It is impossible to separate all-around life satisfaction from good financial planning and security. That is why we go beyond the finances to figure out what is truly important to you and how you can lead a balanced, sustainable, and joyful life. We’re not here to simply help you reach your financial goals, we’re here to help you reach your life goals because we believe you cannot have one without the other.

We believe there are three basic pillars of happiness. We’ve formulated these pillars using a combination of anecdotal evidence, scientific studies, and peer-reviewed research. Keep in mind, though, happiness should be a goal, not a permanent state. Much like anger, sadness, fear, excitement, happiness is an emotion that elicits a lot of energy and often passes pending external factors or how you’re feeling.

It’s perfectly natural to desire happiness in your life. Who doesn’t want to feel more joyful throughout their days?  We believe the following three focal points will help you access happiness in your life: 

Financial Autonomy

While the study of happiness is an ever-evolving field, there has been plenty of research on how money contributes to happiness. In short, the old saying, “Money can’t buy happiness” is only partially true. According to Matthew A. Killingsworth, a senior fellow at Wharton People Analytics in the Wharton School, “When you have more money, you have more choices about how to live your life…People living paycheck to paycheck who lose their job might need to take the first available job to stay afloat, even if it’s one they dislike. People with a financial cushion can wait for one that’s a better fit. Across decisions big and small, having more money gives a person more choices and a greater sense of autonomy.”

There are two reasons money, while beneficial to living a happy life, shouldn’t be the only factor in the equation. For one, studies have found that people who equated money and success tend to be less happy than those who do not relate the two. Additionally, having “more” or “enough” money means different things to different people in different parts of the country. You might be able to earn more money if you work longer hours, but then you’ll have less time to focus on relationships and hobbies, two things that also bring happiness to people’s lives. There isn’t a magic money number that unlocks happiness.

Fulfilling Relationships

Humans are social creatures, we thrive on good conversations, connectivity, feeling like we matter in other people’s lives. In an interview with U.S. News, neuroscientist and happiness researcher Dean Burnett describes why happiness is linked to relationships, “Other people are such a big part of how we experience emotions…We’re a pair-bonding species, and we seek out partners…When we find the one person who we want to settle down with, it causes all manner of reactions in the brain. We’ve evolved to encourage us to maintain a link with one person.” There is neurological evidence that the neurological chemical oxytocin helps create meaningful connections between people. Your brain is literally telling you that developing relationships equates to happiness.

These relationships don’t necessarily have to be romantic, in fact, being a part of a community made up of people who share the same types of interests and values as you have shown to bring happiness into people’s lives. Individuals who feel that they matter in the sense that their actions are making a difference in the world and their life is significant, find a lot of meaning in their existence. Social connections are an important component to feeling like your life makes a difference in the world via your impact on others.  This is just one of the reasons we host events and trips—so that you can connect with others who share common interests with you on a social level.

Healthy Lifestyle

This one is obvious, but still crucial to maintaining a happy balance in your life. Living a life full of good habits, both emotional and physical, should be seen as an investment in your future. By incorporating light exercise, healthy eating, and regular check-ups, you will increase your chances of living a long and happy life.

Health, like happiness, is tied to both money and relationships. Leading a healthy lifestyle will generally decrease money spent on medical bills and alleviate strain on your relationships. Plus, health and happiness have a symbiotic relationship; happier people have a lower risk for cardiovascular disease, lower blood pressure, better sleep, better diet, and reduced stress, making them healthier people as well.

Conversely various studies have shown that wealthier individuals don’t only live longer, they also get 8 to 9 additional healthy years after 50 than lower income individuals in the United States and in England. The findings, published in The Journals of Gerontology: Series A, sought to look at the role socioeconomic factors play in how long people live healthy lives.

When looking at the future happiness can feel like a nebulous goal. You cannot simply focus on one of these categories in your life without considering the other two. In order to bring more happiness and joy into your life, you need a balance of all three: Financial Autonomy, Fulfilling Relationships, and a Healthy Lifestyle. These are far from the only factors that can make you happier, but they’re certainly some of the most important. It’s also helpful to remember that happiness looks different from person to person; a happy life could look different for you than it does for your children and your grandchildren.

At Carver Financial, we use these pillars to build a plan that compliments what’s truly important to you. We are a team of passionate professionals who work hard on creating a community that enhances happiness and overall satisfaction with life. Part of this is offering experiences like international trips and local presentations that not only educate and inspire, but also help you meet other individuals who have the same interests or are going through the same experiences as you.

As 2021 comes to an end, a lot of people are beginning to focus on how they want their upcoming year to look like. Often this includes financial planning that considers taxes, investments, and cash needs. I believe this is also a great time to take a larger view and think about what you really want your future to be like; how to bring balance to your life through smart decisions with regard to both wealth management and the experiences you want to have. The team at Carver Financial is here to help you define your vision and then navigate to the most fulfilling life possible. This truly is at the heart and soul of Personal Vision Planning®.

I founded Carver Financial Services in 1990 to help make peoples lives’ better. We use a uniquely designed program to achieve this goal. There are plenty of financial planning, brokerage and investment firms that focus solely on the money—we are not one of them. We are here to help a select group of people lead more fulfilling lives. While other firms focus on investments and the markets, our firm is dedicated to your Personal Vision Planning®, whatever your vision may be. If you have $500,000 (or more) in investible assets, please feel free to reach out to me personally, or to our team if we can be of service.

We are more than happy to review your existing planning to provide a second opinion or help create a new Personal Vision Plan for your future. There is neither a cost nor any obligation.   You vision is our priority, and we are always here for you.

Randy Carver, CRPC®, CDFA®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Randy has more than 32 years of experience in the financial services business. Carver Financial Services, Inc. was established in 1990 and is one of the largest independent financial services offices in the country, managing $2.3 billion in assets for clients globally, as of October 2021. Randy and his team, work with individuals who are in financial transition as a result of divorce, retirement, or the sale of a business. You may reach Randy at randy.carver@raymondjames.com.

Family wealth is often thought of as tangible assets such as investments or possessions, yet sometimes the most valuable things families share are intangible. It is impossible to place a price tag on traditions, shared values, and family history. The combination of both tangible and intangible value defines the legacy of future generations and should align with your personal goals and wishes. To smoothly transition these values from one generation to the next, it’s important to begin estate planning.

Estate planning is not simply about what to do when you’re no longer alive, it’s also about what will happen if, and when, you are unable or unwilling to manage your own affairs. Having a family meeting that includes your advisors can make all the difference in your family’s future.

Setting up your children for a successful financial future will ensure intergenerational wealth continues to build beyond your legacy. It’s important to pass down healthy financial practices to your loved ones and just as crucial, if not more so, to facilitate transparent conversations so that they will be equipped to set up a plan when and if you become incapacitated.

In the event you are unable to manage your own affairs, it’s important that your Power of Attorney understands your wishes and goals. They should be familiar with your planning style and also the advisors you’ve chosen to help preserve your assets.

The family meeting should be more structured than sitting around a table and chatting. You are communicating financial information along with family values and what’s important to you. This should be a scheduled, structured event with a pre-determined agenda. Generally, individuals getting ready to have a family meeting will work with their financial advisor to develop the agenda and assist with the meeting.

5 Steps to a Successful Family Meeting

 The family meeting is a tried-and-true method to getting your beneficiaries on the same page. Family meetings are an excellent way to make sure children and loved ones do not face unnecessary obstacles and added stress when figuring out what to do with an incapacitated or deceased family member’s finances. As hard as it is to talk about, it’s even worse when beneficiaries are left with the complicated and painful task of sorting through plans, assets, and wishes of a person who can no longer advocate for their desires.

Unfortunately, many families don’t think to have these difficult conversations until tragedy strikes. Getting ahead of the unavoidable will help your loved ones be better prepared for the future while bypassing added trauma.

STEP ONE: Create A List of Talking Points

Every organized meeting has an agenda, and this one should be no different. There will be a lot to cover, and it’ll be easy to get off track as the stories and conversation flow. Having a list of topics to pass out to everyone in the meeting will help keep the conversation on track and ensure that you cover everything necessary. Raymond James has an excellent list of conversation starters including, but not limited to:

• Intentions for Your Family Wealth
• Your Healthcare Wishes
• Caregiving
• Estate and Legacy Planning

STEP TWO: Consider A Meeting Location 

Depending on the size and geographic spread of your family, finding a good location to meet might be tricky. It’s best to get together in a private location that can comfortably fit everyone involved. We are happy to provide meeting space at our office and/or set up a secure virtual meeting—whether we participate or not.

While a digital meeting might be unavoidable, we recommend you try to have family members who are able to meet in person do so. Communication is always better when it’s face to face.

STEP THREE: Keep Lines of Communication Open

This one may seem obvious, but when having difficult conversations, it can sometimes be hard to stay open-minded. These family meetings should allow for everyone to transparently share their feelings so that there are no surprises further down the line.

Maintaining an environment where everyone is comfortable speaking their mind, will benefit the planning in the long run. Letting everyone have some input will encourage a sense of accountability and keep all parties engaged during these meetings and beyond.

STEP FOUR: Assign Roles

Identifying individual strengths, and capitalizing on these strengths, will help everyone perform to the best of their abilities. A skilled communicator can be put in charge of staying in touch with the family attorney, accountant, or trustee. These roles can change from meeting to meeting to make sure everyone feels involved and to avoid family members feeling unduly burdened.

Whether these meetings are about your charitable goals, plans to distribute significant wealth, or your wishes when passing down the family business, keeping everyone involved and engaged will help keep family members connected to your wishes and each other.

STEP FIVE: Invite Your Financial Advisor

Carver Financial Services conducts dozens of these types of meetings each year. We have a lot of experience in facilitating successful and productive family meetings. It can also be comforting for your heirs to put a face with a name and for us to meet those who will eventually take over your estate. Our firm has multiple generations of advisors so we will be here whenever the time comes to help mediate a family meeting.

When we attend your meetings, you don’t have to disclose the number of assets you own, we can simply go over how your wealth is structured so that your loved ones can better put together a plan for the future.

The beautiful thing about family meetings is they can be as uniquely structured as families themselves. We are happy to work with every type of situation and have plenty of experience aiding a diverse array of families. There is neither a cost nor any obligation to do a family meeting with us.

We’d be happy to set up an informal meeting to specifically discuss your overall goals, how your accounts are structured, and help open a line of communication with your beneficiaries. We can meet in a manner or location that is most convenient to you and your loved ones. The most important thing is to get the conversation going.

Randy Carver, CRPC^®, CDFA^®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Randy has more than 32 years of experience in the financial services business. Carver Financial Services, Inc. was established in 1990 and is one of the largest independent financial services offices in the country, managing $2.2 billion in assets for clients globally, as of September 2021. Randy and his team, work with individuals who are in financial transition as a result of divorce, retirement, or the sale of a business. You may reach Randy at randy.carver@raymondjames.com.

Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.