Do you want to live a fulfilled and purposeful life? Are you unsure how to create the fulfilled life that you’re seeking?
When it comes to wealth planning, I feel it’s my responsibility to help my clients live a fulfilled life. Understanding my clients’ lives, especially their purpose and what they want to get out of their lives, is fundamental.
This concept of a fulfilled life is at the heart of my approach to wealth planning. What I’ve come to realise is that if we approach our money, as well as our time and talents, with a proper perspective and with integrity, we’re more likely to find contentment. As such, I believe real wealth is a fulfilled and purposeful life, a life that is characterised by contentment.
There are a number of principles that feed into this, and ultimately what it comes down to is that real wealth is about much more than money and possessions. I’m sure you would agree.
The concept of integrity is dealing fairly with others, and the concept of stewardship means rather than asking yourself, “How do I protect or use my money?” you ask yourself, “How can I make best use of the time, talents and money entrusted to me?”
Within this principle of stewardship, there are seven key areas that we all ought to focus on. The first is what I like to refer to as, Authentic Investing, which will provide you with the greatest chance of having a successful investment outcome. The other six areas are what I describe as Wise Financial Strategies:
- Cashflow – preparing you for life’s many transitions.
- Borrowing – ensuring debt does not choke your financial future.
- Risk – providing for you and your family if the unexpected happens.
- Tax – not paying more tax than you need to.
- Legacy – providing for those who are important to you.
- Giving – making a real difference to others.
What’s your purpose?
Defining your purpose and purposeful goals starts by answering life-centred questions such as:
- What is important about money to you?
- Who is important to you and who would you like to spend more time with?
- What activities or skills would you like to spend more time doing or learning?
- What would do differently if you had more time or money?
How you answer these questions is vital if you want a wealth plan which is aligned with your purpose in life.
As you can appreciate there are many challenges when it comes to addressing the seven key areas highlighted above. For instance, not putting the tax ‘cart’ before the investment ‘horse’, so to speak; avoiding a consumptive lifestyle and living within your means; or perhaps, it’s deciding on how much to transfer to loved ones…
If you want to bring clarity, contentment, and certainty to your financial life, I believe you need to establish a trusted partnership with a wealth planner, someone who puts your life at the centre of their conversations with you and everything they do for you – they can stop you making the wrong decisions, at the wrong times and for the wrong reasons – they can show you strategies you may not have previously considered – they can take away a lot of the hassle that comes with managing your money, planning your financial future and importantly, ensuring you remain on track.
About Jonathan Gibson
Jonathan is the author of Purposeful Wealth, available on Amazon.
Jonathan is the Managing Director of Wells Gibson Limited which was founded in 2016 as a boutique, family-owned business and is one of c.70 firms in the UK to be awarded Accredited Financial Planning FirmTM status by the Chartered Institute for Securities & Investment.
Jonathan is a Chartered Fellow of the Chartered Institute for Securities & Investment, and his qualifications include Certified Financial PlannerTM Professional, Chartered Wealth Manager, and Chartered Financial Planner.