Determine the True Purpose of Money in Your Life
As a financial advisor, I specialize in doing what we call Purpose-Focused Financial Planningô. What this means is that before I start trying to figure out how much money my clients may need for their futures, I first help them try to get a clear idea of what they see as their purpose in life.
This concept often surprises people. The media and the investment industry have gotten us so focused on what they call "retirement planning" that everyone thinks personal finance is all about determining how much money you need at retirement. In fact, most people assume that when they meet with a financial advisor or planner the conversation should focus on specific investments, net worth calculations, tax rates, and how many years they will have to work before they can retire. While all these things are important, they are not what is most important. What I believe is most important is first having a conversation about what it is that matters most to you. What is it that you stand for and what it is that you care most deeply about? In other words, what are your values?
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