An old question about which many books are written. To a certain degree, money is certainly important for happiness. Living in poverty is definitely no fun: If you have to worry day and night how to pay for rent and  groceries,  it’s difficult to enjoy life. On the other hand, being wealthy is not equivalent to being happy – countless stories about with life struggling celebrities in the tabloid press may serve here as confirmation.

A worldwide Gallup survey shed now more light on the most important factors, which make up happiness and the role of money.

According to the Gallup World Poll (136,000 people in 132 countries participated), life satisfaction and enjoyment of life are the two main components of happiness.

Life satisfaction, defined as the feeling that life goes well, increased with rising personal and national income. Hence, money is an important factor for satisfaction. However, the other component, life enjoyment defined as positive day-to-day feelings, depended also on other factors, such as feeling connected to other people, having personal freedom and feeling respected.

Original report here

It seems that many women could really benefit from the services of a Money (Life ) coach.

The study was done by Financial Finesse, a provider of financial education programs. Read more details  .

Christiane is Life Coach and teaches Psychology at a Community College in Massachusetts. Her website is www.coach4u.net. Sign up for her newsletter.

Lenders are pulling back because they fear that more people will default on their loans. In the first half of 2008, they had to write off about $ 21 billion in bad credit card loans.

For consumers, it’s therefore most important to increase their knowledge about credit card management and how to use them more wisely. Texas public accountants offer 5 tips for consumer squeezed by credit crunch:

Tip No. 1: Check your credit limit (because it may have been lowered recently).
Tip No. 2: Call your credit card issuer and negotiate for lower rates.
Tip No. 3: Read the fine print on future offers.
Tip No. 4: Consider using year-end bonuses and holiday gift money to pay down credit card balances.
Tip No. 5: Stick to your holiday shopping list and pay for gifts with cash.

Read more details
If you would like a crash course in Credit Card 101, read the Federal Reserve information on Credit Cards. There you will get excellent information about APRs, finance charges, or grace period, to name a few tems.

The website offers support for those of us with willpower issues when it comes to achieving our personal goals:
 

stickK is a web-based company that helps you achieve your personal goals through “Commitment Contracts.” You create a contract obliging you to achieve a specific goal within a specific time-frame. By doing so, you put your reputation at stake. You may also choose to wager money to give yourself added incentive to succeed. If you do succeed, you get your money back. If you fail, the money is forfeited to charity, or to one of several causes, or to a person of your choosing.( http://www.stickk.com/faq.php)

The contracts follow the principle of setting SMART goals (read about SMART goals: http://www.coach4u.net/blog/smart-goals.html)

To increase the incentive to reach your goal by putting up money, you can choose an Anti-Charity where your money would go to if you fail. An Anti-Charity is any organization/person whose goals you strongly oppose. Let’s say, if you feel strongly for Hillary, pledge your money for Obama or McCain, whoever is your least favorite candidate, and vice versa.

If you decide to put money at stake, your credit card will be charged for the full amount when you create the contract. The site also encourages its users to name a referee who acts as overseer and the site also offers the possibility to designate supporters.

Does it work and really increase your chances of achieving your goals? The website creators, two Yale professors and a student, of course say yes:
 

The Commitment Contract concept is grounded on two well-known principles of behavioral economics: (1) people don’t always do what they claim they want to do, and (2) incentives get people to do things.(http://www.stickk.com)

A few months ago, I wrote on this blog about a British research study about the success rate for New Year’s resolutions. (http://www.coach4u.net/blog/only-12-of-new-years-resolutions-successful.html). One result of the study has been that particularly women increase their chances of achieving goals by telling others about them. So, yes, stickK.com could be the solution for some people.

And if a public commitment contract, money at stake, referee and support network still are not enough, then – I believe – it would be really time for hiring a professional life & career coach like me; don’t you think?