Does health, happiness, and success for you and your loved ones depend on money or your financial resources? Financial success is more than simply accumulating wealth. Your individual financial goals, core values, and life aspirations determine your personal success – your personal financial freedom. Morris Financial Concepts encourages you to reevaluate your financial outlook to include all three of these essential elements in your financial planning.
What Does Financial Success Mean to You?
Coordinating your life goals, personal values, and financial resources is an essential part of planning for success. Although daunting, if you start with the basics, it gets easier. Reflect on your own goals and identify the role your financial resources play in them. If you get stuck along the way, we encourage you to reach out to one of the CERTIFIED FINANCIAL PLANNER™ professionals at Morris Financial Concepts, Inc.
Reflecting On Your Core Values & Life Goals
With the busy hustle and bustle of everyday life, it is rare that we stop and take a moment to reflect on what is truly important to us. The first step in planning for personal and financial success is to define the fundamental aspects of your identity, or your core values and beliefs. Shifting your focus internally will allow you to strategically use your financial resources in ways that will support these values and goals.
Your values should serve as your blueprint to success, yet, oftentimes, these subjects are ambiguous. By further breaking these concepts down, you can have a better understanding of how they play a part in your success. First, think about yourself and your loved ones. Simply and quickly jot down the things that are important to you. Do not worry about ranking them yet – just write. If you are having trouble brainstorming, here are some ideas:
- Having an emergency fund
- Living in a comfortable home
- Having quality childcare
- Taking vacations
- Getting or giving an education
- Reaching retirement
- Protecting your legacy
- Fulfilling a calling through employment
- Supporting charities
Next, think about the items on your list and assign them to one of the following categories: necessity, opportunity, and charity, or what you would like to do to make the world a better place. What necessities do you need for your family and loved ones now? If these are covered, what opportunities would you want to provide for yourself and your loved ones? Then, evaluate how you can interact with the world to make it a better place. There is truth to the saying, “if you give, you will receive.”
An experienced financial advisor can also help you explore by asking leading questions or providing objective feedback. Are the things that are important to you covered on your list of necessities, opportunities, and charitable acts? Were some left off? Were there any additions? If so, why? Exploring these questions is a crucial aspect of defining your personal values and developing a strategic financial plan that will help you lead a more fulfilling life.
Understanding Your Financial Resources
Many feel that if they can just accumulate enough money to cover the basic necessities, they can then focus on the gratifying opportunities and making the world a better place. The opposite mindset is necessary to achieve personal success. Think of your financial resources as a vehicle for you to further your core values and achieve your goals.
When viewing your resources as a means rather than an end goal, it often lifts the financial burden of feeling like you will never have enough. More often than not, success is attainable by maintaining a balance between your core values, life goals, and finances. Let’s explore a different way of looking at money. Imagine that you will receive a check for a hundred million dollars every single Friday for the rest of your life. Now, pause for a moment and think about what you would do with all of that money. What sort of things would you buy?
Your underlying goals can be identified with the list that you made. For example, your might have included something like sending your children to the college or university of their choosing, traveling the world, or buying a home to settle down in. The reality is that many of these same goals can be achieved without infinite financial resources when you have the proper financial planning tools.
Oftentimes, aligning your financial spending with the things that matter most to you can pose a challenge. There are so many things to consider – unforeseen emergencies, short term desires and long term goals. How does saving for eventual financial independence or saving for college stack up against building the emergency fund, relaxing vacations, or enjoying wine and a nice meal with friends? It is about achieving a balance – your balance.
Taking a Holistic Approach to Money Management
Reevaluating your financial outlook to include your core values, financial goals, and personal aspirations can help you lead a happier, healthier, and more fulfilling life. This process not only shows us what is truly important in our lives, but that we can achieve success. Money is a means, not an end, and reaching your goals is possible, even without infinite financial resources.
Giving your goals and finances an honest assessment can be overwhelming. The financial advisors at Morris Financial Concepts, Inc. are passionate about setting our clients around the world up for success with unyielding advocacy and tailored financial strategies. Contact us today to learn more about Morris Financial Concepts, Inc.’s holistic financial planning strategies.
The opinions expressed herein are those of Morris Financial Concepts, Inc. (“MFC”) and are subject to change without notice. This material is for informational purposes only and should not be considered investment advice. All investing involves risk, including the possible loss of money you invest, and past performance does not guarantee future results. MFC relies on information from various sources believed to be reliable, including third parties, but cannot guarantee the accuracy and completeness of any third-party information. MFC is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about MFC including our investment strategies, fees and objectives can be found in our ADV Part 2, which is available upon request. MFC-20-28.
The CFP® certification is granted by Certified Financial Planner Board of Standards, Inc. (CFP Board). To attain the certification, the candidate must complete the required educational, examination and experience requirements set forth by CFP Board. Certain designations, such as the CPA®, CFA® and others may satisfy the majority of the education allowing a candidate to sit for the CFP® Certification Examination upon completion of a Capstone Course. The 6-hour exam is administered in a computer-based-testing format. At least 3 years of qualifying full-time work experience are required for certification. Qualifying experience includes work in the area of the delivery of the personal financial planning process to clients, the direct support or supervision of others in the personal financial planning process, or teaching all, or any portion, of the personal financial planning process. In order to use the designation, CFP® professionals are required to complete 20 hours of CFP board certified continuing education annually.