Alexandra Stadnyk
July 17, 2024
Money Wellness Financial literacy Lifestyle Weekly updateThe Role of Social Support in Financial Well-Being
Today, I want to delve into a topic that is often overlooked but incredibly vital to our overall well-being: the importance of social support. As a wealth advisor, I've observed how a strong support network can significantly enhance both financial and health stability.
Social support refers to the emotional, informational, and practical assistance we receive from our social networks, including family, friends, colleagues, and community members. This support can take many forms, from a comforting chat with a friend to professional advice from a mentor.
A strong social support system can contribute to your emotional well-being in many ways, including stress reduction, physical health and emotional resilience. It can also have an impact on your Financial Stability:
Advice: Trusted friends, family members, and mentors can offer valuable financial advice and share their experiences, helping you make informed decisions. Or they can direct you to something that have helped them. More importantly by talking about money you have the ability to not only demystify some aspects of financial literacy but it allows you to recognize any preconceived notions you may have about money.
Opportunities: Not to mention that a strong social network can open doors to new career opportunities, business partnerships, and financial growth.
Help in Making Financial Decisions: Having a support system can provide the emotional backing you need to make sound financial choices. Discussing financial plans with close ones can boost your confidence and provide reassurance. Not to mention that sharing your financial goals with someone can create a sense of accountability, helping you stay on track.
Building and maintaining a strong support network requires effort and intentionality. Sometimes it may just feel like there isn’t enough time in a day to maintain or create new relationships, but I have never seen a successful person approach their craft with an army of one mentality.
Don’t be afraid to expand your social network. Joining clubs, attending community events, and participating in professional organizations can help you meet new people and build valuable connections. In fact I recently listened to a podcast discussing loneliness and its surprising effects on our society as a whole: The Interview: Robert Putnam Knows Why You’re Lonely
Let’s Connect!
Your financial and health stability is about more than just numbers. I talk about going from wealth to well-being and strong, supportive relationships are a big part of your overall well-being. If you’re looking to improve your financial literacy and make wise decisions that enhance your overall well-being, let’s connect.
I’m here to help you achieve your financial goals while living well according to your values.
Feel free to reach out to me for a consultation, follow my blog for more tips on achieving financial wellness, or just send me a comment!