An occasional newsletter about health, wealth, and happiness.
Welcome!
So what is Sonas and what is a sonas perspective?
Sonas, pronounced sō-,nas, is old Scottish Gaelic for happiness, prosperity, and good fortune. A sonas perspective is one that focuses on happiness first. How does one achieve this? Be happy. Be open and curious. Focus on what you can control and let go of what you cannot. Make the most of what you have. In this newsletter, we’ll delve into what this means and how we can each find a little more perspective for a happier and healthier life.
We’ll explore concepts and ideas around finances, as well as…
Happiness
Culture
Gratitude
Meditation
Relationships
Mindfulness
Experiences
Meaning
Routines & Rituals
Passion
Health & Wellbeing
Adversity
Travel
Coping
HEALTH
Health comes in many different forms. At its core, your overall health can be broken down into three pillars: physical health, emotional/psychological health, and financial health. All of these are interconnected, as one can affect the other in both subtle and not-so-subtle ways.
Physical Health
Since we’re into the new year, many people set their sights on their physical health… their fitness. Keep in mind that fitness does not mean being fit. Fitness is not a fad. Fitness is not seasonal. Fitness is forever. Once fitness has become part of your lifestyle, you realize you can’t live without it. It’s as good for your brain as it is for your body. Movement is medicine. When fitness is done right, it compliments your life.
Sometimes, that’s easier said than done given the competing interests of work, family and relationships.
So let’s cut ourselves some slack and acknowledge that health, as with life, isn't a straight road, but one with plenty of bumps and turns. And most importantly, it is never too late to get back on track!
Emotional/Psychological Health
Reseach shows that good relationships help people live longer, deal with stress better, have healthier habits, and have stronger reistance to colds. In a 2010 review of 148 studies, researchers found that social relationships improve lifespans. Here's a great article that goes into the findings.
In addition to The Sonas Perspective (an occasional newsletter about health, wealth, and happiness), I will soon begin providing useful and insightful monthly market commentary. Allow me to sum it all up for you and feel free to shut off the financial news (and reduce your stress levels)!
Let’s get started with something practical. Here is a simple five-point checklist of little things you can do now to strengthen your financial health (which leads to wealth) in 2023.
#1 Maximize Your Savings Rate
While paying so much more for essential items like food and gas this year hasn’t felt great, there is a silver lining to inflation. As the Fed has steadily increased interest rates, many banks and credit unions have, too. Visit a website like bankrate.com to compare the deposit rate you’re earning and consider high-yield savings or CD accounts.
#2 Find Out if You Have Unclaimed Assets
It takes less than five minutes to find out if you have unclaimed assets from previous employer retirement plans, inactive stock or brokerage accounts, uncashed checks and more. According to the website https://www.missingmoney.com/, one in seven people have unclaimed property and the average claim is a $2,080 value. Here in Georgia you can use https://dor.georgia.gov/unclaimed-property-program
#3 Cancel Your Unused or Underutilized Memberships and Subscriptions
It’s easier than ever to sign up for memberships or subscriptions online—and then to forget about them. Gyms, massages, streaming services, smart phone apps, software services and even things like vitamin and razor subscriptions can really add up, so take a look at what you're spending (and not using) and cancel your way to more cash!
#4 Increase Your Investment Savings
Every year, you should consider increasing your investment savings. Even a two or three percent increase can make a difference over the long run. At the very least, contribute enough to get your employer match in your retirement savings.
#5 Add to Your Kids' or Make a Gift to a 529 College Savings Plan
Not only is this a great investment in the future (come on, these kids might take care of YOU someday!), but over 30 states, including Georgia, currently offer a state income tax deduction or tax credit for 529 plan contributions. Now, there is even more incentive to do so! A little-known provision of the new SECURE Act 2.0 can let you use “stranded” 529 money towards your kid’s retirement. Sounds too good to be true? There are some caveats and limitations you need to be aware of. https://medium.com/crows-feet/make-your-kids-wealthy-retirees-with-529-money-fresh-method-dc8fa899f2c9
January 31, 2023 - Certain 1099 forms start going out.
March 15, 2023 - Taxes are due for small businesses and certain other business types (partnerships, multi-member LLCs, and S-Corporations).
April 18, 2023 - Tax Day. Last day to file your taxes unless you go on extension. Also, this is the deadline for 2022 IRA contributions, Roth contributions, and HSAs (health savings accounts). PS – First quarter estimated taxes are due as well.
June 15, 2023 - Second quarter 2023 estimated tax payment due.
September 15, 2023 - Deadline for extended partnership and S-corporation returns. Also, the third quarter 2023 estimated tax payment due.
October 16, 2023 - Deadline to file your extended 2022 tax return.
December 31, 2023 - Required minimum distributions must be taken for individuals age 73 or older by the end of 2023.
HAPPINESS
How can we become happier in 2023?
I often say that I believe happiness can be found and strengthened in our daily lives, our day-to-day habits & rituals. Think about it this way… I believe that our overall health ( which I also believe is directly linked to our overall happiness) is comprised of our emotional & psychological health, our physical health, and our financial health. I put those in order of importance for me. In what order are they for you? And while it is easy to damage or break these pillars of our health and well-being, they cannot be mended or strengthened overnight.
Rather, we should focus 2023 on achievability. This is where short-term and long-term goals differ. Saying to yourself: ‘I’d like to lose 20 lbs.,’ is far different from saying: ‘I’m going to go for a 10-minute run after work today’. Behavioral psychology tells us that people respond positively to achievement, no matter how small. It spurs them on. It motivates them. If you set short-term goals that are regularly attainable, you’ll be far more likely to stay motivated over time.
Short-term goals also minimize procrastination. They lay down a clear and defined path to success, allowing you to focus on one thing at a time. This focus will not only help you stay motivated, but it will also help your productivity and have you achieving your long-term goal quicker. Your actions will have a sense of purpose, and you’ll be less likely to get daunted or discouraged. Short-term goals provide the foundation for something greater.
My first podcast recommendation for you is How to Build a Happy Life – A New Formula for Happiness(season 3 episode 6) where Rebecca Rashid and Arthur C. Brooks sat down with Robert Waldinger, the head of the Harvard Study of Adult Development—one of the longest-running studies of human happiness on record. The data from Waldinger’s study, which began all the way back in 1938, have transformed our knowledge of human happiness. In this episode, the hosts hope to parse out the key happiness lessons at every stage of life and explore how to adjust our expectations—and our actions—accordingly.
Takeaway quote(s):
"Don't put off love. Do not postpone love. It's an iron law of happiness..."
"...people who end up not just the happiest but the healthiest are the people who have more social connections and warmer social connections. Connections of all kinds - not just intimate partners, but friends and work colleagues and casual relationships. All of that adds up to a happier and healthier life..."
*Special thanks to my good friend, Dillon Cobb, for introducing me to this book!
Do you simultaneously feel overworked and underutilized? Are you often busy but not productive? Do you feel like your time is constantly being hijacked by other people’s agendas?
If you answered yes to any of these, the way out is the Way of the Essentialist. The Way of the Essentialist isn’t about getting more done in less time. It’s about getting only the right things done. It is not a time management strategy, or a productivity technique. It is a systematic discipline for discerning what is absolutely essential, then eliminating everything that is not, so we can make the highest possible contribution towards the things that really matter.
By forcing us to apply a more selective criteria for what is Essential, the disciplined pursuit of less empowers us to reclaim control of our own choices about where to spend our precious time and energy – instead of giving others the implicit permission to choose for us.
Essentialism is not one more thing – it’s a whole new way of doing everything. A must-read for any leader, manager, or individual who wants to learn how to do less, but better, in every area of their lives, Essentialism is a movement whose time has come.
Takeaway quote(s):
“The best asset we have for making a contribution to the world is ourselves. If we underinvest in ourselves, and by that I mean our minds, our bodies, and our spirits, we damage the very tool we need to make our highest contribution.”
“Remember that if you don’t prioritise your life someone else will. But if you are determined to prioritise your own life you can. The power is yours. It is within you.”
“When we are unclear about our real purpose in life—in other words, when we don’t have a clear sense of our goals, our aspirations, and our values—we make up our own social games. We waste time and energies on trying to look good in comparison to other people. We overvalue nonessentials like a nicer car or house, or even intangibles like the number of our followers on Twitter or the way we look in our Facebook photos. As a result, we neglect activities that are truly essential, like spending time with our loved ones, or nurturing our spirit, or taking care of our health.”
"We have good reasons to fear saying no. We worry we’ll miss out on a great opportunity. We’re scared of rocking the boat, stirring things up, burning bridges. We can’t bear the thought of disappointing someone we respect and like. None of this makes us a bad person. It’s a natural part of being human. Yet as hard as it can be to say no to someone, failing to do so can cause us to miss out on something far more important.”
PARTING GIFTS
This amazing and beautiful photo is brought to you by an anonymous adventurer from the mountains of Switzerland. Safe travels!
Parting Quote
“I believe that memories are the only real treasure any human can hope to hold always.” -Gary Jennings
This Newsletter is for YOU
Please reply to this email with any suggestions, comments, recommendations, recipes for life (or food), or questions.
Help me out! I can't share photos of clients, but if you have any pictures of moments that bring you joy & happiness, please share them! I would love to share them with our community with your permission.
