Branches Financial Wellness:

Where Money Grows on Trees

There’s more to building wealth than accumulating money. If your self-esteem hinges on your net worth or you’re not grateful for what you already have, you’ll never feel wealthy — no matter your financial position. Or, maybe your fiscal health is plagued by imbalances. You might be great at saving your pennies, but can’t stop buying things on credit you don’t really need. True financial wellness puts your balance sheet in balance with your values, while achieving balance across all aspects of your financial life.

Money itself, as is often said, doesn’t buy happiness — but achieving true financial wellness can. It requires moving beyond a “more is better” approach to money. According to Branches Productivity, like all the branches of the tree that represent your life, the health of your personal finance branches depends on their connection to deep roots and a strong trunk.

 

The roots represent the core values you hold around the meaning of money. The trunk comprises the tools, systems and behaviors that support financial health — the more you have, the stronger the trunk. And each part of your financial life can be conceptualized as a branch on a tree — things like earning, saving, investing, credit, debt and legacy. All branches must be healthy for the tree to thrive. And the interconnectivity of roots, trunk and branches is key to the tree’s growth.

Roots

You probably know someone who always picks up the check every time you go to dinner. Do they do this because it makes them happy, because they want to impress their peers — or maybe they just feel obligated and can’t say no? The same money behavior can represent a healthy or unhealthy expression of one’s values.

 

The personal calculus of spending and saving move beyond basic math equations. They’re deeply rooted in your personality and personal history, and they form the basis of your attitudes and behaviors around money. You could hire the best financial adviser in the world, but if the advice they give you runs counter to your root values, you’ll always be fighting yourself when it comes to financial decision making.

 

Some areas that can influence our feelings, beliefs and behavior around money include:

• Generational Experiences. Boomers, Gen X, Millennials and Zoomers can have disparate points of view around money and wealth. Those who lived through significant historical financial crises such as the Great Depression or Great Recession may find their attitudes about money shaped by them. What generational and cultural experiences have affected you when it comes to your attitudes about money?
• Familial and Cultural Expectations. Were you raised in a family where old toys had to be donated before new ones were received for birthdays or holidays? Was money used to show love — or withheld and weaponized as punishment? What was your family’s relationship with money and how did it impact you?
• Personal History. Have you had traumatic experiences around money — lost a job, declared bankruptcy or been evicted? Or even just made a financial decision you deeply regretted? Odds are you will do a lot to avoid the chance of having a similar experience again. And those lingering fears can impact you significantly moving forward.

Understanding your money roots is foundational to achieving financial wellness. Also, recognizing that your roots may be markedly different than those of your spouse, partner, parents or friends can help you navigate disagreements, while guiding you toward setting meaningful and rewarding financial goals.

Trunk

Maybe your values have always been around saving, saving, saving, but you lack the tools and habits to save effectively? Do you make and follow a budget, track your spending or pay yourself first each month? Having an effective financial toolkit can create a support structure to help you meet your goals and be more resilient in the face of financial challenges. Your financial toolkit could include things like:

• Developing Financial Literacy. Understanding what factors impact your credit or the advantages of biweekly loan payments and dollar cost averaging can help you make more effective and informed decisions when it comes to money.
• Establishing Healthy Money Habits. Saving spare change in a coin jar, contributing to your 401(k) plan, clipping grocery coupons, or brown bagging your lunch are examples of the types of financial habits that could help you achieve long-term financial success.
• Leveraging Digital Tools and Services. From online bill paying to budgeting and investment apps, taking advantage of digital solutions can help you track progress, measure results and build confidence in your ability to manage money effectively.
• Seeking Expert Advice. A financial advisor, tax accountant, insurance consultant, CPA or estate planner are all professionals who can help guide your financial wellness journey.

Branches

If you’re great at investing but can’t manage your debt, your overall financial health will suffer. The same applies if you’re a good earner but don’t have an emergency fund or haven’t set aside enough for a secure retirement. They key, as always, is balance across all important areas of your financial life:

 

Earning: Generating sufficient income from a job, social security or investments.

Budgeting. The ability to live within your means.

Debt. From student loans to credit cards, avoiding excessive and imprudent debt.

Saving. Establishing an emergency fund and saving for important purchases like a home or college.

Investing. Understanding and managing stocks, mutual funds, bonds and other investment vehicles.

Retirement Planning. Setting aside enough to live comfortably once you stop working.

Credit. Maintaining good credit and access to loans should you need them.

Taxes. Understanding and planning to minimize and meet all tax obligations.

Insurance. Protecting your assets from various risks.

Legacy. Contributing to causes and charities that align with your values as well as generational giving.

 

Holistic Financial Health

Wealth looks different for everyone. For some, it’s about freedom from debt or the ability to provide for one’s family. For others it’s about taking a job that’s rewarding, regardless of the pay rate. Happiness results when action aligns with values. And financial wellness comes from keeping all the important elements of your financial life in balance, and developing the tools and resources necessary to achieve your goals.

 

Roots, trunk and branches are interdependent and all must work together to support a healthy tree. Branches Productivity offers a flexible framework to set and achieve financial goals that can lead to true wealth — and riches beyond any target net worth.

 

Take a moment to check in on your financial well-being. Does your relationship with money cause you stress? Do your financial decisions align with your core values? Do you have resources and systems in place to support sound financial decisions? And are you tending to all of the important areas of your financial life?

 

Branches can help you achieve financial health and greater peace of mind, whatever your current situation. It will help you ask the important questions, build a personal finance toolkit and help you become more mindful of the interconnectivity of your financial health with other facets of your personal well-being.

 

Get started on the path to financial wellness today.