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Financial Planning is More Than Accumulating Wealth

Financial Planning is More Than Accumulating Wealth

August 04, 2022
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Financial planning and wealth management are commonly misunderstood – and it’s hard to blame any one thing. Many factors contribute to this confusion. First, most of us aren’t taught about finances, whether that be at home by our parents or in school. Finances are also not always required at the higher education level. Most degree tracks don’t require financial courses at all, only a handful may have a small prerequisite. Specialized and advanced degrees, like medicine usually only require 6 hours of business classes. This encompasses many topics even outside of finance – in all likelihood these individuals will go on to start their own practices where finances will not only become important for themselves but also for their businesses.

Celebrity financial gurus are also a source of misinformation and misguided truths. Many have you believe that good financial health is about saving as much as you can, accumulating as much as possible, and only spending your money on needs, not wants. Most of these tactics are shrouded in shame to get their followers to heed their advice and never deviate.

At Core+ we believe that good financial planning is about more than stashing away as much wealth as possible and never enjoying the fruits of your labor. The goal of financial planning is to be able to live the life you want and spend your time how you choose. There is no one-size-fits-all, black-and-white set of rules that will create success for each person who decides to adhere. Everyone has a unique set of goals, values, life experiences, and finances that all have a role in a comprehensive financial plan.

Incorporating your lifestyle into your financial plan is something we consider thoughtfully. Sometimes gaining experience assets are more important than the financial gains you would realize by keeping them invested. For instance, using your money to buy a lake house because your family loves to be on the water, may very well be the best money you spend. What you give up in financial assets you gain in experience. Perhaps your family values nature, quality time with loved ones, and space to relax and recharge. Living out your values and gaining those experiences are why we are so passionate about helping our clients pursue their financial goals.

Spending your time how you wish, the experiences your wealth allows you to have, and the legacy you pass on is what financial planning is all about.