Are the best things in your life FREE?

It's said that money can't buy happiness and that the best things in life are free. From a philosophical perspective, it's true. Sunsets, beaches, smiles from a baby, a call from a friend, that melody that makes you tap your toes ... some of life's biggest rewards are not things that are bought and sold.

In more practical terms, some of the things that make us happy do involve dollars and cents. A simple exercise can help you determine if your $$$ investments are in alignment with those things that bring you smiles.

First, make a list of all the things that make you happy: traveling, spending time with friends, concerts, sleeping late, watching a play or movie, etc etc. Think back to the last few weeks and off the top of your head make a list of how you've spent your money: gas, food, excursions, bills, any and all drains to your pocketbook that come to mind.

Refer back to your first list, your happiness list. Put $$ signs next to the things on this list that cost money. Now look over your expense list and determine if any of the things you've spent money on, also make you happy. Do the first and second lists have commonalities?

This quick exercise is meant to help you reflect on your asset allocation strategy, and see how often you are turning your dollars into smiles.