Understanding Financial Well Being: It's Way More Than a Number

Understanding Financial Wellbeing: Key Components and Why It Matters

Welcome to the Money Strong Podcast, where Dr. Bryan Foltice helps listeners build confidence and control over their finances. 

In this episode, Dr. Foltice explores the true meaning of financial wellbeing, breaking down its components such as security, confidence, and control. 

He discusses the importance of not fixating on a specific financial 'magic number' and delves into the concept of financial wellbeing as defined by the Consumer Financial Protection Bureau (CFPB), including living with a margin between income and expenses, the capacity to absorb financial shocks, and progress towards financial goals. 

Additionally, Dr. Foltice examines the impact of financial wellbeing on various life aspects like mental health, physical fitness, life fulfillment, relationships, and having fun. Stay tuned to understand your money motivations in the next episode.

00:00 Introduction to the Money Strong Podcast
00:42 Defining Financial Wellbeing
02:36 Components of Financial Wellbeing
04:50 Steps to Achieve Financial Wellbeing
08:03 The Impact of Financial Wellbeing on Life
08:25 The Six Fs of Life and Finance
15:42 Conclusion and Next Steps