Money... so what? Mission... so what now?

Contributed by Michael S. Proctor, CERTIFIED FINANCIAL PLANNER®, RICP®, CVGA

Welcome to our new blog. We’ll be taking turns sharing thoughts about financial planning, frameworks to consider with your personal mission and how to re-orient towards not just financial prosperity, but prosperity of life. Some posts may be slightly more technical or food for thought. Enjoy!

SO WHAT?

Just this week, sitting with a client, we were discussing how their trajectory looked great before we began with our planning techniques and even more robust after some techniques were applied. With their outlook projecting a $30M increase, the sense was, “so what?”

Once a couple is earning a middle-class income, is stable financially and is in financial control, more money certainly does not equate to much more “happiness” or even reduced stress.

SO WHAT…NOW?

What’s your mission? Here at Leading Edge Financial Planning, we’re here to invigorate and empower our clients to make wise and impactful decisions with their time, talent and treasure. It gives me such a rush to articulate what gets us excited! What gets you excited?

Our conversation reverted back to purpose and goals.

What DRIVES you and gives you JOY? Now that we know we’re tracking to have more than plenty with your stewardship, what’s POSSIBLE?

This couple was so good at living frugally and saving a large portion of income, they really had a hard time considering what to do beyond save. After some time brainstorming, they considered how meaningful it would have been for them to not have had the burden of student loans they endured getting to where they are now. They wondered WHAT IF they could secretly pay down their nieces and nephew’s student loans or even pay them off! We discussed increasing their frequency and span of travel together to see the places they have wanted to see and not wait until retirement to do so since they can afford the experiences today in the quality of health we know they have today. They also decided they needed some time to brainstorm on how else they could have an impact beyond themselves and this is a “to be continued” situation.

LIMITING FACTOR - MISSION OR MONEY

For this client and many others, often they know they probably have “enough” money. What is enough is often the question. The real question is, enough for what or simply what is possible? Have a big vision for your purpose.

When we’re considering what’s the mission for a family, couple, individual or company, we find the constraints or opportunities. What’s the opportunity and then what are the constraints? If money isn’t a constraint, the opportunity or vision may not be set high enough.

OBJECTIVE PERSPECTIVE

The value of an objective set of eyes is difficult to measure, yet often invaluable. We all have blindspots whether personally, in our planning, business or relationships. Our blind spots become our limiting factors. Don’t shrink back from enlisting a team around you that will identify and help you tackle what’s needed to seek your best and the best for those around you as well.