Giving Meaning to Your Means

What does it mean to live a richer life?  Spoiler alert: the pursuit of more money without a ‘why’ or a strong purpose behind that pursuit, isn’t the answer.  Why is that?  The reality is that money is just a means to an end.  It has the capability of fulfilling meaningful purposes, but without first discovering and clarifying your goals, you won’t know with certainty the direction your money must take.

My first interaction with new prospective clients quite often involves them picking my brain on the latest hot stock that was mentioned on BNN or brought up in conversation with friends. It’s a topic I move away from quickly and instead, I steer the conversation in the direction of their driving force, their motivator, their purpose or ‘why’.  Identifying that driving force that excites you for the future and gets you out of bed in the morning is the first step in creating a strong financial plan.  One that’s personalized and has deep meaning for you. This will help you set goals that align with your purpose and a road map for how to achieve them.  Whether that be to travel to exotic destinations during your retirement, to pay for your children’s education, to buy a vacation home where your family can create special memories, or a combination of these, your why will drive your long and short-term goals and will help you stay on track, even when times get tough. 

From there, you can get a better understanding of the steps you’ll need to take to get to where you want to be.  Quite often that involves putting in place a savings plan, investing in a well-diversified portfolio, purchasing insurance to ensure your family is protected, and updating your wills and powers of attorney, among other considerations.  Note that an investment portfolio, although an integral part of helping you fulfill your purpose, is only one of the many pieces of the puzzle.

So take some time and dive deep to discover your why – you will find that you will be happier, more driven and much more likely to stick to your plan when you are truly passionate about the end result.