Tis the season; the annual year-end mad dash through holidays, shopping sprees, vacation time, and bored children on break is upon us. We kick it off with Thanksgiving this week, and I love the holiday for many reasons. Firstly, it’s not completely driven by retail therapy but more about food, comfort, and an afternoon of football. Second, I enjoy how it centers around being together with friends and family and appreciating each other’s company in a comfortable setting; without going into geopolitical topics, we all know many worldwide are not currently in that position. And finally, I enjoy Thanksgiving because it provides some much-needed perspective regarding our contentment.
What do we value? What can we improve upon? And are we going about our daily lives with the right viewpoint? I promise not to get too sentimental, nostalgic, or existential in this blog. Still, I wanted to discuss financial contentment and how we can work to feel better about our situations and decision-making.
Financial Contentment and the Grass-Is-Always-Greener Syndrome
When I first meet with clients, I often hear about how they believe they need to make more money to accomplish their financial goals. When I press deeper into their financial goals, they’re less sure about what those goals are than you might think. We’re programmed to enter the job market and look to make as much money as possible and save as much as possible, so, understandably, most people feel little financial contentment because “make more” is an endless strategy. There’s no finish line.
We’re constantly comparing ourselves to celebrities and the images of wealth we see in the media. Many misguided individuals chase these fleeting and manufactured archetypes of wealth; perhaps that’s why Americans are collectively in 1 trillion (with a T!) dollars of credit card debt. But hope is not lost! Perspective and planning can be done, no matter the current situation, and that’s where I and other family financial planners come into the picture.
Once I collect all the information I need, I work to reorient perspectives, cut through the clutter and noise, and help people understand/set real goals for themselves – not others’ goals they feel pressured to achieve.
More Money Doesn’t Always Equal More Savings
It’s not trite or cheesy to say, “It’s not what you make; it’s how you handle it.” I’ve seen all types of salaries/levels of wealth in my career, and I can confidently say this: not everyone with a high-paying job saves well, plans well, or plans at all.
With a strong foundation and plan, a lower-paying salary can yield greater results than a high-paying salary without direction. Many with high annual income levels have difficulty planning, tracking, and holding on to it because they may be chasing goals that aren’t their own, keeping up with the Joneses (or Kardashians), as I mentioned before.
Being Thankful for Memories, Not Things
Don’t think of me as an “anti-capitalist financial planner” here. That’s not my goal. If there’s a message I want to communicate with this blog, it’s this: don’t mindlessly work, save, spend, rinse, and repeat without aligning yourself with your goals and forming a plan. Reaching financial contentment/security first comes with having earnest goals. Like I said, many people believe it’s “make more,” and that’s a way to become directionless and discontent.
I, like everyone else, am looking to make more money, but I also know I’m at a point in my life that is precious and fleeting. My kids will only be kids for so long, and I’d prefer not to miss these moments with them. I’d rather optimize the money coming in and spend more time with them now rather than work more to retire a few years earlier – this is a personal goal of mine.
What am I Thankful for? I’m thankful I have a healthy, beautiful family. I’m thankful I can run the annual Turkey Trot with Rhys (8) so I can use him as an excuse for a few more years before Finn (10) realizes that he can already beat me in a 5k. I’m thankful that I have a plan I’m happy with, and I’m thankful that I have the opportunity, every day, to help people gain a better perspective, understand and optimize their financial situations, and work towards a life with less chance of regret.
Enjoy your Thanksgiving, and please reach out with any questions.
