

The Four Cornerstones of Financial Wellbeing, with Chris Budd
Apr 10, 2024
Chris Budd, a financial planning legend and author of 'The Four Cornerstones of Financial Wellbeing,' dives into the crucial link between financial health and mental well-being. He discusses how redefining financial well-being can lead to personal fulfillment, stressing the importance of internal self-worth. Budd also tackles the psychological hedonic treadmill, advocating for introspection over consumerism. He highlights transformative financial conversations and the behavioral shifts needed to cultivate true happiness and a fulfilling life.
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Self-Determination Theory
- Self-determination theory explains what motivates us.
- We need competence, autonomy, and relatedness to be motivated.
Why We're Bad With Money
- We're bad with money because we lack competence, autonomy, and relatedness in financial matters.
- We don't see the point in saving for our future selves, who feel like strangers.
The Yacht Analogy
- Chris Budd shares an example of how the same financial plan (buying a yacht) can lead to different outcomes.
- It depends on the underlying motivations and whether it brings genuine happiness.