What is your money for?
Financial security and comfortable living are very important. But if you aren't making purposeful investments in the things that matter most, you might find yourself surrounded by stuff that doesn't bring you any joy and money that just earns more money.
Consider adding these important investments to your Life-Centered Financial Planning portfolio to boost more than just your bottom line.
Investing in Yourself
You are one of your most valuable assets -- maybe even the most valuable. Your health, your curiosity, your professional skills, your willingness to experiment, your wisdom, and your care for other people and your community are what allow you to progress through life and make a positive impact on the world around you. Making investments in yourself will strengthen that impact and the purpose you feel from your wealth.
One of the easiest ways to start investing more in yourself is by fine-tuning your daily routine. Each day, make time for exercise, self-reflection, and learning. Some of these investments might be literal, like taking classes for degrees or certifications that will help you advance in your career or working with a personal trainer. Others might be more about intent, like time-blocking for reading and meditation. And still others might be simple substitutions, like making a healthy lunch for yourself instead of grabbing fast food during the work week.
Investing in Your Family
Again, there are many literal financial investments that come with raising a family, from diapers and groceries through buying an extra car and paying for college. But investing in your family should also strengthen your relationship with your spouse and prepare your children to be conscientious stewards of your legacy.
Creating a family mission statement can be a powerful way to align your family around core goals and values. Together, you'll shift your focus away from buying things to investing in experiences that bring you closer together and that put your family's values in action. As part of this conversation, you can teach your children about responsible money management. For example, show them how you and your spouse are saving and budgeting for the big family vacation.
Beyond money, invest time in your family as well. Leaving work at work and being fully present at soccer games and date nights will encourage everyone to make the same investments in each other.
Investing in Your Community
Widening the impact of your investments often starts with philanthropic goals. You could include those goals in your mission statement by asking your family about the causes and organizations that are most important to them. Make a plan for sustained giving and include that gift in budgeting discussions with your children. If your family has long-term giving goals, you might also establish a trust or a family foundation.
You could also introduce your family to the concept of Environmental, Social, and Governance Investing (ESG). Open a dedicated investment account that supports companies that align with your values while also building wealth for the future.
Your personal and professional skills are also extremely valuable to organizations serving the greater good and your community at large. Volunteer, tutor, or mentor. And as you approach retirement, think about how you can repurpose your professional skills to give back and add some structure to your days.
Exploring the true purpose and value of money is an essential part of the Life-Centered Financial Planning process. Wherever you are on your financial journey, we can help you to identify and plan for the investments that will make your life more fulfilling. Schedule an appointment and let’s discuss what “wealth” really means to you.
