Man. Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived.” - Dalai Lama
When I read this quote, it becomes clear to me why our team is so passionate about serving our client families.
Yes, we build wealth plans to help clients meet their financial goals.
Yes, we build investment portfolios to grow and protect people’s money.
Yes, we meet regularly to measure the progress we are making against your goals.
Yes, we educate and communicate market trends and economic outlooks.
Yes, we make sure accounts are titled correctly and beneficiaries are up to date.
Yes, we analyze the optimal time to take social security.
Yes, yes, yes, we do all those things and more.
However, the real reason we passionately serve our client families is that we want you to live your best life, despite all the challenges and obstacles that will cross your path. We want to help you live in the present, and have confidence in the future, by preparing you for the many unexpected and stressful times that will most certainly come your way throughout your journey.
Moreover, we believe that the future of wealth management must include more than just managing money.
Merriam Webster’s definition of Wealth: “abundance of valuable possessions or resources”
We believe achieving true wealth requires you to be in abundance in all the following areas, and as wealth managers, we believe it is our responsibility to help you get there.
MONEY
Building a nest egg for the future is what every advisor will tell you is needed to build wealth. While I agree a future nest egg is important, what makes it powerful is when you can quantify how much you need based on how you plan to use it in the future. Also, what does “future” mean to you? Building monetary wealth is personal, and therefore, how much you will need is not the same as what someone else may need, and your idea of future may be different than someone else’s future timeframe.
To build wealth that meets your personal goals, you must quantify the goals for the money.
- What does the goal cost?
- When will the goal start?
- How long will the goal last
TIME
What is meant by wealth of time? It means that you have freedom and flexibility to spend time on what you value most. Some people refer to this type of wealth as “work-life balance”. When all your time is spent trying to build monetary wealth by climbing the corporate ladder or chasing the next promotion, you may miss out on “time” with your family, your friends, your parents, your children. This is time you cannot get back. Time is our most valuable asset because it is finite. We cannot get yesterday back, and tomorrow is not promised to any of us. Live in the present and celebrate every day you are able to connect with those you love.
To evaluate your time wealth barometer, ask yourself:
- How many family/friend events have you missed this year due to work obligations?
- What is your most memorable vacation?
- What is on your bucket list?
LOVE
Relationships. Connections. Community. People need people. When we work with someone considering retirement, we ask them one question: “How will you spend your day”? Those who define themselves by their work tend to struggle more with no longer working. The most successful retirements are when you feel pulled to do something besides work. When the pull of something outweighs the salary/position/status of a job, you tend to have a successful transition. Having a sense of purpose post-retirement is critical. Staying connected to family, friends, and community provides that purpose.
So, when you consider your relationship wealth barometer, ask yourself the following:
- Who are the five people you would place on your Life Board of Directors?
- Who makes you a better human?
- Who makes you laugh?
HEALTH
Health and wealth seem to work opposite each other for many people. Paraphrasing the Dalai Lama, we sacrifice our health chasing wealth when we are young, just to spend our later years spending our wealth to regain our health. This one is personal for me. I too have fallen into the category of making excuses on why I cannot workout due to time constraints or using the convenience of restaurants to take the place of a healthy home cooked meal. Committing to your own health is no less important than committing to a monthly savings plan to build your nest egg.
Health and wealth are key components to a successful life. To maximize your health wealth, ask yourself these questions:
- How many times per day do you “move” for more than 1 hour?
- How many times per week do you eat on the go?
- How do you measure your current health?
Money. Time. Love. Health. Using these core wealth components as our team’s barometer, we will continue to passionately serve our client families to help them live their best life by building an abundance of wealth throughout their life journey.