Time, Money, and Joy: Finding the Balance
by Glenn Frank
Do you want to be happier? Do you want to make better decisions? Years ago, I asked myself the same questions.
As a financial planner, my goals were always about optimizing money. But I realized my clients weren’t really asking me to try to maximize financial returns—they wanted to maximize family happiness. That insight changed everything.
True wisdom, I’ve learned, is about blending knowledge, objectivity, experience, and personal circumstances into a plan that works for you. To get there, I had to add two more variables to the equation: time and joy.
It turns out that time, money, and joy are always intertwined—and often in tension. Time and money are limited and measurable. Joy is harder to pin down, but it’s what makes life worth living. So how do you bring them together in balance?
Here’s my simple step-by-step framework.
Step 1: Know Your Numbers
Money matters because a shortage now—or later—creates misery. Start by calculating your “lifestyle cash outflow” number.
For example:
If you want to spend $10,000 per month ($120,000 a year),
and you expect Social Security to provide $40,000 annually,
that leaves an $80,000 gap.
If you expect 30 years of retirement, and you use the common “4% rule” for safe withdrawals, you’d need about $2,000,000 in savings (4% = $80,000). That’s your “Work Optional” number—the point where you can choose whether to work.
This number influences every major financial decision—portfolio risk, career moves, housing, selling a business, and even gifting. If you’re below your number, the choices become much tougher. Post retirement, cash outflows often drop from the initial “go-go years” to the eventual “slow-go years”. Unnecessary investment expenses and taxes can delay when you reach this liberating number!
Step 2: The Joy Matrix
What truly puts a smile on your face? What drains you?
Track your activities, then map them on a simple 6-square “Joy Matrix”:
A dog walk might start as a “must-do.” But if you turn it into playtime with your pup, it becomes a joy-inducing activity. On the flip side, watching the late-night news might feel like a “choice,” but if it spikes your stress and ruins your sleep, it lands in the bottom category.
Look for patterns. The drivers of joy usually involve pleasure, purpose, or pride. Relationships play a huge role, too—some lift us up, others drag us down. Even “must -do” relationships can improve with boundaries, selective avoidance, or shifting your approach.
Step 3: Happiness per Dollar (HPD) and Happiness per Hour (HPH)
Now ask: are your joyful activities affordable? And are they the best use of your time?
HPD (Happiness per Dollar): Stretch your joy budget. Link your spending to the Joy Matrix. Often, the best things in life—like time with loved ones, walks in nature, or laughter—are free. Cutting back on low-value spending might even accelerate your “Work Optional” date.
HPH (Happiness per Hour): In the busy “accumulation years,” time is scarce. Audit your schedule. Replace low-joy activities with high-joy ones. Remember: “No” is a complete sentence (Anne Lamott). Eliminate, delegate, or automate tasks that drain you.
Step 4: Pulling It All Together
Once you’ve run the numbers, reviewed your time, and tracked your sources of joy, you may hit an epiphany—a realization of clear changes you want to make. Or you may need several rounds of adjustment before things click.
If you have a partner, involve them in every step. Reconciling time, money, and joy as a team can be challenging, but the payoff for your relationship is enormous.
Small, Simple Joy Boosters
Easy HPD/HPH wins include: hugs, laughter, meditation, singing, good nutrition, progress on meaningful goals, time in nature, gratitude, trips (and planning them), socializing, dark chocolate, sleep, exercise, and even being the first one on the dance floor.
What’s Your Encore?
If you’ve reached your “Work Optional” peak, what’s next at this exciting juncture? Purpose is critical for long-term happiness and health. How do you find yours?
As Yogi Berra once said, “When you come to a fork in the road, take it.” My advice? Take the fork that balances time, money, and joy.
In the end, happiness isn’t just about wealth—it’s about how you spend your limited time and resources to create a joyful life for you and your family while leaving a generational legacy!
For more resources, visit Time, Money and Joy or email Glenn Frank.
Frank and Flanagan Wealth Advisors is a team of EverSource Wealth Advisors, LLC, a registered investment advisor.
This information is for illustrative and educational purposes only. It is general in nature and does not take your personal circumstances into consideration. It is not an offer or solicitation to buy or sell securities, may not be construed as investment advice, is not intended to be a substitute for specific individualized financial advice, and does not give investment recommendations. Clients should obtain legal and tax advice from a qualified professional or attorney.