The Purpose of Money
By Jill Gleba
How would you answer the question “What is the purpose of money? We ask a similar question to all of our clients and obtain some interesting answers. Some people say the purpose is to just pay their bills, many describe money’s purpose as security for their family, and a chosen few define freedom as their goal. Goals are things we may want to do or have. Purpose is using our money to fulfill our core values. It is my job to help my clients align those values with their decisions about money. Achieving this balance will greatly enhance my client’s likelihood of experiencing happiness and peace of mind. If your relationship with money is not in balance, no amount of money will help you. I feel it is my job to help my clients find balance around money and make decisions based on their goals.
So, as you spend and save your money, probe a little deeper and discover what it is that you really want. For example, I have a client who is a widow, and asked about the possibility of taking her children and grandchildren on a vacation throughout Europe. While she had enough money to last her lifetime, she did not have so much that she could afford to be frivolous or irresponsible. She recounted a dream that she and her husband had to take their two children and five grandchildren on the European vacation she was describing to me. In years past, they always had reasons for putting this off. After her husband’s death, her fear of running out of money resulted in her putting the goal on hold for several more years. Now, she really wanted to take this vacation and was willing to spend less in the future in order to afford this luxury. Knowing this woman for years, and knowing how much she loved her family and how long she had been thinking about this, I encouraged her to take this trip. I presented her with the facts regarding her savings and investments, and she did make the decision to go on this trip she so desperately wanted and needed, and was willing to make some trade-offs with her finances to make this work. This widow is living her life according to her values. I’m sure her family enjoyed this trip and would add that there is no better legacy than this time spent together.
Ask yourself how you want to be remembered, or what is important to you to improve the quality of your life. Then discuss these values with those you love. A planner can help you live the life you choose by showing you how to align your decisions about money with what you value. A good time to start would be now.
Jill Gleba is a full-service wealth manager and owner of Gleba & Associates with 20+ years of financial guidance and coaching experience. She also owns Anne William, LLC, a real estate holding company.
46 E. Square Lake Road, Troy, MI 48085
248-879-4510