A mindset of gratitude gives people the patience to better handle financial decisions.
How you arrange your financial life is important, but so too is how you live your life. Would you rather own your own business? Travel more? Write a novel?
There is an enormous amount of focus on investment returns and stock prices, which brings many emotions into play. They should not deter you from the end game, however, which should be a central topic in financial planning.
One key question that all financial advisors should ask their clients is this: “Are you trying to make a living or a life?”
Most of us clearly want to make a life – meaning living the way you want to live.
Live the Life You Want
Ask any business owner their top reasons they run their own business and you will likely agree with all of them – control your destiny; choose the people you work with; take on the risk; reap the rewards; challenge yourself; follow your passion; get things done faster; personally connect with clients; and feel pride in something you own.
We strive to help our clients build the life that they want to live for today and in their future. Often, one’s money and values disconnect. A financial plan helps point out those discrepancies and highlight ways money can match values. Some advisors, however, take clients no further than that.
Financial planning does involve planning the finances of our lives, but perhaps more importantly, exploring the motivations behind the money. Identifying a client’s deepest values and aspirations makes it easier to talk about trimming expenses or increasing income.
We believe in taking the time to talk with our clients about goals and values, because it’s pointless for us to make financial planning recommendations if we don’t know what’s important to them and how they want to live.
Plan for What You Want
Know precisely what you want in life. A financial plan helps you map out your goals that lack a clear path.
- First comes mapping out your big goals;
- That is followed by the costs of each of these dreams and a monthly breakdown of those costs, which might be less than you think;
- You then look at expenses to see which ones correlate with your dream life.
Once your plan is developed, it is important to execute each of the steps and see it through to the end.
At Biondo Investment Advisors, we work through this process with you. We will develop your personalized plan, explain the curves and turns you may encounter along the way, and guide you through any unexpected bumps in the road to help avoid veering off that path. We ask the question and help you stay the course toward living the life you want to live.
1 Medina, J., 2019, ‘The Season of Gratitude, How to Fuel Your Mindset and Your Finances’, Forbes, 11 November.
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