What if there was a totally different way to look at growth and prosperity? I recently heard, for the second time, about donut economics. It makes economics sound more fun, right?!
It’s a concept created by Kate Raworth, “a renegade economist focused on exploring the economic mindset needed to address the 21st century’s social and ecological challenges, and the creator of the Doughnut of social and planetary boundaries.” I love that’s she’s a “renegade economist!” You don’t tend to think of economists as being bad-ass. Kate Raworth is.
An easy way to explain what she’s proposing is in this short video (please take 2 minutes to watch this)
She also did a TED talk if you want more.
What is the doughnut? Well, it’s not just the fancy way to spell that not-so-healthy treat. Here’s how Kate Raworth explains it:
“Humanity’s 21st century challenge is to meet the needs of all within the means of the planet. In other words, to ensure that no one falls short on life’s essentials (from food and housing to healthcare and political voice), while ensuring that collectively we do not overshoot our pressure on Earth’s life-supporting systems, on which we fundamentally depend – such as a stable climate, fertile soils, and a protective ozone layer. The Doughnut of social and planetary boundaries is a playfully serious approach to framing that challenge, and it acts as a compass for human progress this century.”
Cities like Amsterdam are embracing the ideas of doughnut economics and working toward creating a well-being economy.
This is a concept that can be applied to our personal and business financial goals as well. What if you had a well-being filter over your own financial and business goals? Really looking at how growing your wealth not only impacts you and your family, but also your community and the environment? It might have you asking questions like – are you working to the detriment of your health and relationships? Are you spending money on things you truly value? Are you accumulating money out of fear, or are you also contributing to causes that speak to you?
There are many needs out there now. You may need to shore up your financial house. And, maybe in the process you can make sure others in your community and around the world are taken care of as well.
Every good wish,
P.S. Hey, if you’re in financial services and want to learn how to grow in this new reality we’re all in there’s more here.
P.P.S. When you’re ready and the time is right, let me know if you want to have a conversation about how to listen to and understand your own thoughts and beliefs when it comes to money. Email me at ellen@ellenrogin.com and put “money thoughts” in the subject line.
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