Additional information
by Meir Statman (Author)
Unravel the complex relationship between finances and life well-being
In A Wealth of Well-Being: A Holistic Approach to Behavioral Finance, Professor Meir Statman, established thought leader in behavioral finance, explores how life well-being, the overarching aim of individuals in the third generation of behavioral finance, is underpinned by financial well-being, and how life well-being extends beyond financial well-being to family, friendship, religion, health, work, and education.
Combining recent scientific findings by scholars in finance, economics, law, medicine, psychology, and sociology with real-life stories at the intersection of finances and life, this book allows readers to clearly see how finances are intertwined with life well-being. In this book, readers will learn:
- How dating, marriage, widowhood, and divorce are all affected by finances and affect them
- Why the relationship between parents, grandparents, children, and friends changes as finances fluctuate
- How finances affect choices of education, such as colleges, and how these choices vary across different cultures around the world
A Wealth of Well-Being: A Holistic Approach to Behavioral Finance earns a well-deserved spot in the libraries of financial advisors, financial planners, investors, and all individuals looking to move beyond standard finance and enhance both financial well-being and life well-being.
Front Jacket
A Wealth of Well-Being: A Holistic Approach to Behavioral Finance explores how financial well-being can lead to life well-being through the third generation of behavioral finance, which broadens the lens of finance to see people as whole persons and show them in life well-being domains beyond finances, including family, friends, health, work, education, religion, and society. This book is unique in combining the scientific findings by scholars in finance, economics, law, medicine, psychology, and sociology with real-life stories that provide insights beyond adding "color" to otherwise dry scientific findings. It provides the underpinnings of the practice of financial well-being, addressing the relationship of day-to-day life to finances.
Moving on from standard finance, which describes people as "rational," the first generation of behavioral finance describes people as "irrational," the second generation of behavioral finance describes people as "normal," while the third generation of behavioral finance also describes people as "normal," but broadens its lens to see people as whole persons. It focuses on well-being as people's primary want, clarifying tradeoffs within and between each life domain.
For financial advisors, financial planners, and investors, A Wealth of Well-Being: A Holistic Approach to Behavioral Finance is an important guidebook to the third generation of behavioral finance, ensuring that finances are integrated into lifestyle to achieve both financial and life well-being.
Back Jacket
Praise for A WEALTH OF WELL-BEING
"Meir Statman is a leading proponent of using the insights of behavioral finance to help investors achieve financial security. In this delightfully written book, laden with real-life stories, he shows that these insights are even more important in helping us achieve a meaningful, purposeful life. Everyone can benefit from this wise and helpful guide to life well-being."
--Burton G. Malkiel, author of A Random Walk Down Wall Street
"Behavioral finance has never been more important and more accessible as it is now, thanks to Meir Statman's wonderful synthesis of the subject for the non-specialist. By taking on some of the biggest issues each of us face in our daily lives--friendship, health, dating, parenting, and religion--Statman makes a dry academic subject come to life and, in the process, provides life-altering advice that will make us all better off."
-- Andrew W. Lo, Harris Professor of Finance at the MIT Sloan School of Management, author of Adaptive Markets
"Meir Statman is one of the wise souls of the financial world -- because he knows that finance is about so much more than stocks and bonds, greed and fear, promotions and paychecks. Dollars are important, but not nearly as important as most finance books suggest. Instead, as Meir makes clear in A Wealth of Well-Being, financial well-being is just one of the pillars that supports life well-being. And, in the end, isn't the goal not a fatter portfolio, but a richer life?"
-- Jonathan Clements, former personal finance columnist for The Wall Street Journal and founder of HumbleDollar
"Finances and well-being are, of course, deeply intertwined. Ideally, they are complementary. But mistakes in either can do great harm to the other. All readers can appreciate the wise and thoughtful check list provided by this book."
--Charles D. Ellis, author of Winning the Loser's Game
Author Biography
MEIR STATMAN is the Glenn Klimek Professor of Finance at Santa Clara University. He attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. Meir's research has been published in the Journal of Finance and many other journals.
