A Wealth of Well-Being
A Holistic Approach to Behavioral Finance
1. Auflage April 2024
416 Seiten, Hardcover
Wiley & Sons Ltd
Unravel the complex relationship between finances and life well-being
In A Wealth of Well-Being: A Holistic Approach to Behavioral Finance, Professor Meir Statman, established thought leader in behavioral finance, explores how life well-being, the overarching aim of individuals in the third generation of behavioral finance, is underpinned by financial well-being, and how life well-being extends beyond financial well-being to family, friendship, religion, health, work, and education.
Combining recent scientific findings by scholars in finance, economics, law, medicine, psychology, and sociology with real-life stories at the intersection of finances and life, this book allows readers to clearly see how finances are intertwined with life well-being. In this book, readers will learn:
* How dating, marriage, widowhood, and divorce are all affected by finances and affect them
* Why the relationship between parents, grandparents, children, and friends changes as finances fluctuate
* How finances affect choices of education, such as colleges, and how these choices vary across different cultures around the world
A Wealth of Well-Being: A Holistic Approach to Behavioral Finance earns a well-deserved spot in the libraries of financial advisors, financial planners, investors, and all individuals looking to move beyond standard finance and enhance both financial well-being and life well-being.
Chapter 1: Financial, Social, Cultural, and Personal Capital 7
Chapter 2: Financial Capital 19
Chapter 3: Saving and Spending 35
Chapter 4: Investing 51
Chapter 5: Dating and Marriage 61
Chapter 6: Widowhood and Divorce 81
Chapter 7: Parents and Children 91
Chapter 8: Elderly Parents, Grandparents, Siblings, and Pets 115
Chapter 9: Friendship 135
Chapter 10: Health 153
Chapter 11: Work 169
Chapter 12: Education 197
Chapter 13: Religion 227
Chapter 14: Society 235
Chapter 15: Conclusion 263
Notes 269
About the Author 367
Author Index 369
Subject Index 381
"In gripping chapters on such subjects as parents and children, education, and even religion, Statman demonstrates both money's importance and its limitations. Financial advisors will give better and more thoughtful advice, understanding the fundamental importance of family ties and attachments to the community." -- George A. (Sandy) Mackenzie, author of The Decline of the Traditional Pension, Founding Editor, the Journal of Retirement
"Few people understand the evolving nature of financial planning better than Meir Statman. Ultimately, it's not about investing, or even about money; it's about enabling us to live authentic and fulfilling lives that reflect who we are and what we value. That's why, all over the world, financial planning is morphing into holistic life planning. Anyone wanting to succeed in this exciting new profession should read this inspirational book." -- Robin Powell, journalist, author, and Editor of The Evidence-Based Investor
Aspects of well-being are not only explained but are then tied to life circumstances, making it easy to relate personally to the many stories told, and learn from them. This is a wonderful book for ordinary people, never mind academics. -- Don Ezra, Former Co-chair, Global Consulting, Russell Investments and Author of Happiness and Life Two
I wish my parents had the opportunity to read A Wealth of Well Being; finances created stresses to other parts of their lives that were simply irreconcilable Meir's ability to take complex behavioral economic theory and distill it into practical life advice is second to none, with idea after idea to help the reader create and improve their own model for personal well-being. A Wealth of Well Being should be required reading for all financial advisors. -- Alex Potts, President Emeritus, Buckingham Strategic Advisors
"As humans, we know that wealth and its quantitative nature underlies well-being, but we also know that well-being depends on the qualitative nature of family, friends, health, education, religion, and more. As financial professionals, however, we are tempted by our knowledge of math and modeling to focus on wealth and its quantitative nature. In "A Wealth of Well-Being" Meir integrates quantitative and qualitative in a holistic approach, guiding us, even financial professionals, to reflect on our well-being and enhance it." -- Eduardo Repetto, CIO, Avantis Investors
"Yet again, Meir Statman has written a book which could well be called "revolutionary," offering a holistic approach to behavioral finance. Clients will see themselves, their joys and sorrows, in the book's many studies and life stories, and bind themselves more closely to their advisers." -- Jean Brunel, Managing Principal of Brunel Associates, author of Goals-Based Wealth Management
"Meir's book is a must read for those of us fascinated by the intersection of finance and psychology, that is behavioral finance. His amazing insights continue to enlighten wealth advisors as he helps us guide clients to life well-being, beyond financial well-being." -- H.F. "Rick" Pitcairn II, Chief Global Strategist, Pitcairn
