3 Mindsets to a Happier Life Now and in Your Third Act

DEAR ADVISORS, 

Are you happy right now? If you want to be happy, learn to think like an old person! Older people report greater levels of happiness than young people. A recent study showed the average level of happiness is higher at age 90 than it is for those in their 20’s. Younger people seek out new experiences that may or may not make them happy. Don’t wait to get your next client, or hit a big revenue goal to feel happy. The secret is to be happy in the moment. We’ve outlined 3 mindsets that are crucial to finding happiness, and improving your quality of life.

• Your expectations about old age directly affect how you fare in your later years, with effects starting as early as middle-age.

  Studies show that those with more positive views of old age are 44% more likely to recover from a disability than those with negative age stereotypes. People with positive views of old age have lower blood pressure, less stress, better physical balance, healthier habits, and seek out regular medical care. They also lived an average of 7.5 years longer!

  In mid-life, it is helpful to remember your mistakes so you learn from them and don’t make them again. You have to worry about making money, building a career, and growing knowledge. As you get older, you don’t need to hang on to the older, painful memories that you needed to guide your decisions when you were young. One element of wisdom is how to use memory loss as an advantage. When you can’t control your body, you can control the memories you have, and focus more on the good times. 

• We need to separate the problems of aging from the aging itself.

  When the elderly experience more health issues and spend more time in the hospital, they are treated as a helpless patient instead of a person who still should and wants to enjoy life. Even as our faculties decline, we still retain great influence over the quality of our lives. Instead of focusing on your loss, focus on how to choose happiness today.

  We become what our environment encourages us to be. If we can recognize the negative triggers in our environment, then we can fight it. You must learn to be self-aware and find ways to access a new perspective on your life outside yourself. This may be done through conversations with your family, a counselor, or a friend.

• We need to change our mindset to see older people as an asset, with a richness of wisdom and experience.

  A gerontology study in the United States found that Americans are more likely to have friends of another race than friends that are more than 10 years apart in age. In a recent survey, people over 60 said that fewer than ¼ of the people with whom they discussed important matters were under the age of 36. If relatives were excluded, that dropped to 6%.

  The same technology that made it possible for people to live well into old age also devalues their knowledge of the world. The elderly often inhabit a world of their own. As an elderly person, seeking out relationships with the younger crowd is a great way to distract yourself from your daily routine and share your wisdom with the next generation. As a younger person, seeking out relationships with your elders helps you learn from their experience and see how much you have to be thankful for today.

Even if you don’t adopt those 3 life-changing mindsets, you’re still likely to become happier with age! This is because of the Positivity Effect. A survey was conducted with the same participants every 5 & 10 years over their lifetime. Participants were asked how strongly they feel each of these emotions: happiness, joy, contentment, excitement, pride, accomplishment, interest, amusement, anger, sadness, fear, disgust, guilt, embarrassment, shame, anxiety, irritation, frustration, and boredom. 

Results show that older people reported higher ratings of positive emotions, as well as a mixture of emotions. They feel some negative emotions but don’t let that keep them from being happy. They set moderate expectations and are more resilient when things don’t go as hoped. They learn not to dwell on negative experiences and to make the most of what they have. 

If you found this topic interesting, you’ll want to check out these resources: 

• The inspiration for this post came from a wonderful book titled Happiness is a Choice You Make: Lessons from a Year Living Among the Oldest Old, by John Leland 

• Last week’s blog (Part 1 of 2) where we discuss 3 Ways Financial Planning for Clients Over Age 80 Improves Their Quality of Life

• If you’re a member of the Financial Planning Association, you can access the digital edition of July’s Journal of Financial Planning cover story, titled Making the Transition from Financial Planning to Longevity Planning

Warm regards,

Brooklyn

P.S.

At Ellevate Advisors, we believe that advisors deserve to retire too. What does that look like for you, your family, and your business? Let’s figure it out together! Click here to schedule an initial phone call with our team today.