Dr. Jeff Taekman, an integrative physician and professor emeritus at Duke University, explores the vital connection between financial wellness and overall health, emphasizing that wellness is multifaceted, including physical, emotional, social, and financial dimensions.
In this episode, he shares a personal anecdote to highlight how financial stress can impact relationships and well-being. Dr. Taekman defines financial wellness as a state of financial security and confidence, and not merely a number on a spreadsheet. He delves into the psychological and physiological impacts of financial stress, citing various studies that link financial insecurity to cognitive reduction, chronic stress, and deteriorating health. The episode further elaborates on how financial wellness intersects and influences other dimensions of wellness.
Dr. Taekman concludes with practical tips for improving financial wellness through aligned spending and mindfulness, reinforcing that true financial wellness is the alignment of one’s resources, goals, and values. He ends with a challenge for viewers to assess their financial wellness and make money serve what truly matters in their lives.
00:00 OPEN
00:40 OPENING SCENE – THE GROCERY LIST MOMENT
03:02 DEFINING FINANCIAL WELLNESS
04:02 THE SCIENCE OF FINANCIAL STRESS
05:26 THE HIDDEN EMOTIONS OF MONEY
06:36 HOW IT INTERCONNECTS
08:04 THE PARADOX OF MORE
09:04 MONEY AS ENERGY FLOW
09:45 MICRODOSES FOR FINANCIAL WELLNESS
11:12 REFLECTION – REDEFINING “ENOUGH”
11:54 CLOSING
12:34 OUTRO
References
* Dew J, Dakin J. Financial disagreements and marital conflict tactics. Fam Relat. 2011;60(5):644–656.
* American Psychological Association. Stress in America 2022: Concerned for the Future, Beset by Inflation. Washington, DC: APA; 2022.
* Steptoe A, Brydon L, Kunz-Ebrecht S. Changes in financial strain over three years, ambulatory blood pressure, and cortisol responses to waking in middle-aged men and women. Psychosom Med. 2005;67(2):281-287.
* Mani A, Mullainathan S, Shafir E, Zhao J. Poverty impedes cognitive function. Science. 2013;341(6149):976-980.
* Newcomb S. Loaded: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind. Hoboken, NJ: John Wiley & Sons; 2016.
* Gallup. State of the Global Workplace 2021 Report. Washington, DC: Gallup; 2021.
* Kahneman D, Deaton A. High income improves evaluation of life but not emotional well-being. Proc Natl Acad Sci U S A. 2010;107(38):16489-16493.
* Killingsworth MA. Experienced well-being rises with income, even above $75,000 per year. Proc Natl Acad Sci U S A. 2021;118(4):e2016976118.
* Dunn EW, Gilbert DT, Wilson TD. If money doesn’t make you happy, then you probably aren’t spending it right. J Consum Psychol. 2011;21(2):115-125.
* University of British Columbia Sauder School of Business. Self-Control and Delayed Spending Decisions. Vancouver, BC: UBC; 2020.
* National Endowment for Financial Education. Financial Wellness Defined. Denver, CO: NEFE; 2023.
* World Health Organization. Social Determinants of Health: Stress and Inequality. Geneva: WHO; 2022.
Links
Overview of the Nine Dimensions (article | podcast)
Comprehensive Nine-Dimension Wellness Assessment
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