Clarifying the Purpose of Your Wealth
The key to a fulfilling, purpose driven life
Let’s face it: saving and growing your money is not just about building a sufficient nest egg that gives you comfort and financial independence. It is also about the experiences, passions, duties, and goals you want to achieve and obtain in life. Clarifying the purpose of your wealth is critical for two reasons. First, it helps keep you focused and on track with saving and investing your money, even when challenges and unknowns arise. Second, it serves as that motivational kick in the pants you need to up your savings and investment strategy if you determine that the purposes for your wealth require more money than you are currently amassing.
From my perspective, the first step in clarifying the purpose of your wealth is to create an overall Wealth Mission Statement that reflects your core values. For me, that mission statement is “Facilitating the Conveyance of Honor.” Now that might sound like a mouthful to you, but for me, it is very clear what it means. The entire purpose of my wealth comes down to ensuring that I use that wealth in an honorable way, both while I am alive and after I am gone. Here are a few examples of how I convey that honor.
Okay, those are just a few examples of the purpose of my wealth, which tie into my core value of honor. Now it’s your turn. Here are a few questions to get you started:
After forty years in the financial services field, I know for certain that when it comes to your money, clarity of what its all for is paramount. It’s so important that I’ve devoted an entire chapter to this in my financial self-help guide, You Are the Boss: Take Control of Your Financial Destiny. I hope you will take these questions to heart and get to work on developing your own purpose of wealth document — something that you can refer to over and over and modify as necessary. And if you would like to go more in depth and understand exactly how to create that statement, please check out my book.