Planning With Purpose

“Discover a purpose that gives you passion. Develop a plan that makes you persistent…” -Israelmore, Ayivor

Are you living the life you intended or is life happening to you?

Time and again clients come into our office looking for financial guidance, which is understandable. Most people spend more time planning a vacation than they spend on their finances in a year. They are usually seeking answers to legitimate questions regarding their money.

  • Am I saving enough for retirement?
  • Should I be contributing to my Roth IRA?
  • What investments should I choose for my 401(k)?
  • Will my family be taken care of if something were to happen to me?
  • Should I start a 529 plan for my kids’ college?
  • Which retirement plan should I implement in my business? A Simple IRA, a SEP IRA, or a 401(k)?

All of these questions are important and should absolutely be addressed. However, what is often overlooked is WHY these things are important. It’s not typically because you love trying to figure out whether U.S. Large Cap Value will outperform Large Cap Growth over the next 10 years or because you aren’t sure if you’ll have enough tax-free income during retirement. No, most of the time, the reason why these things are important isn’t related to money at all. Rather, the purpose stems from our desire to feel a sense of well-being, comfort, and assurance that we and our loved ones will be okay. We want to know we have the ability to do the things we most enjoy in life without hindering our ability to meet our basic needs.

planning checklist
Photo by Glenn Carstens-Peters on Unsplash

So, do you have a plan that ensures your comfort, well-being, and security? Are you making it a point to do the things you most enjoy? Or, are you like most everyone else…letting life happen to you? You go from one day to the next, putting out fires and always hoping tomorrow will give you that much needed breakthrough. You have so many places you would like to see, people you would like to spend time with, and things you would like to do, but there’s never enough time—and resources are always less than you would hope. You think, “one day I’ll have a chance to make these things happen.”

A successful plan isn’t about having a fixed path

Instead of staying in this cycle of waiting on tomorrow, why not make a change? Discover what you are passionate about and what you want most out of life. Then, build a plan that you feel confident will help you fulfill those goals. A successful plan isn’t about having a fixed path to your goals. It’s about going through the planning process over and over as your circumstances change. Each time, you make the necessary adjustments to point you back towards your goals. There’s always going to be the unexpected setback. If there wasn’t, there would be no need for planning.

Make a decision to live with purpose

Don’t let life happen to you. Make a decision to live with purpose. Set your focus on what is most important to you. Then, as you are faced with decisions about how much life insurance you need, how much money to save for your kids’ college, which investments to choose, or which account type would be the most tax-efficient, you can consider each one of those questions in light of your goals. Maybe you need to buy more life insurance, maybe not. Your goals will help you determine the steps to take.

If you’ve discovered “…a passion that gives you purpose,” but you you’re still trying to “develop a plan that makes you persistent,” maybe it’s time to consider working with a financial planner. Let us show you potential strategies for reaching your goals so that you can find the plan you are passionate about and can be persistent in your efforts.