What is Important About Money?
What is important about money?
Meir Statman says people want to avoid being poor and also want to be rich.
Here is a chart summarizing research from the Kaiser Foundation. It lines up perfectly with my experience as I help a small number of successful families align their money with their meaning
People most readily agree that communication is a key to happiness. Additionally, we want to make sure that our wishes for medical care are followed. We don’t want to be a burden to our family. We want independence and dignity (being able to feed ourselves, dress ourselves, and be financially stable). We want to live without severe long-lasting pain and be able to remember things well. Finally, spiritual fulfillment and being physically active make up the bottom of the most important things we want as we age.
So... we don’t mind getting older if we have these issues taken care of. And, out of all these issues, is there one of them that does not involve money?
Perhaps, maybe, spiritual fulfillment but...I think a religious institution might be the top charity for many of my clients, so even in the spirit, money abounds.
Investments, in alignment with your financial plan, are fulfilling. Providing for independence and dignity – this forms the bare-bone skeleton of a life well-lived. Money is a 21st Century Survival Skill, said one of my favorite mentors, Dick Wagner.
Let’s get going with that financial plan, already!