HONOLULU (KHON2) — How much money can buy you happiness in Hawaii? Well, that question might be hard to answer.
Jasmyn Keala Nakata, co-founder of Milestone Wealth Management said the answer to this question really depends on who you are asking.
“I think that the answer to this question will really depend on who you ask and what financial circumstances that individual is when you ask him/her,” said Nakata. “I believe that a single parent supporting his/her children working 3 jobs to keep a roof over their heads, the lights on and food on the table might not be too happy because they might be feeling a bit overwhelmed at the moment you ask.”
Nakata said in another circumstance you may talk to a CEO of a company with a base salary way beyond what they may need to survive. However, the CEO could always be stressed due to a lack of sales and company revenue declining.
Nakata said no matter what your financial income looks like, it is always a good idea to look at the money coming in, make a budget and stick to it.
“I think that happiness isn’t dependent on whether we have money or not,” said Nakata. “I think that it will always depend on who you ask and what their mindset towards money might be at the moment.”
Nakata said money itself doesn’t necessarily increase happiness–but having enough of it can help someone feel happy and content because of the peace of mind and reduction of stress associated when you know you have enough money to survive your entire lifetime.
Hawaii is an expensive state to live in, and some reports show it is the most expensive state to live in, meaning being smart with your money needs to be taken seriously.
Since Hawaii has just about everything to do, five-star hotels and restaurants, excursions, shopping and more, it is important to come up with a list of wants and needs.
“How one might be able to increase their happiness with money is by knowing the opportunities that having enough money can give you–for example if you have enough money, you can often take memorable vacations with your loved ones,” said Nakata. “You can buy gifts for those you really care about, and you can give to those in need, and these are all experiences of helping us feel connected and fulfilled that having enough money can give us.”
Getting out of credit card debt could also be a tool used to gain financial happiness. Something Nakata said they could also help assist with.
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For more information on coming up with a financial plan head to Milestone Wealth Management’s website.