The Purpose of Wealth
During our lives, we acquire various levels of wealth, accumulated in the value of our homes, pensions, other properties, savings, etc. but why?
Is this just something we find we’re doing instinctively? Acquiring wealth simply because ‘we have to’, or does it have a different purpose?
Many people worry about accumulating sufficient wealth, so I ask ‘sufficient’ for what?
Navigating your finances is stressful enough as is. Now imagine doing so without a clear goal in mind.
What financial goals have you set for yourself?
Is it to retire early? Or perhaps to help finance your children’s lives? Or is it to live comfortably now?
If you haven’t given this much thought before now, do not panic. Financial anxiety about achieving specific goals is normal. Especially since things such as inflation, interest rates, and your health are out of your control.
An important thing to remember is that goals, numbers, and circumstances change throughout our lives. A good plan should be able to adapt and change over time.
I have included a list of financial goals to help identify what could be important to you.
Once you have highlighted the ones that apply to you, speak with an experienced financial planner to look at the numbers and construct a manageable plan for you to achieve these goals.
Financial goals list:
- Have financial security for your lifestyle
- Pay for personal self improvement e.g., return to education or skills training
- Start a business
- Buy a house
- Help fund your children going to university
- Retire early
- Go on a dream holiday/travelling
- Provide care for elderly parents
- Donate to charity/causes
- Leave an inheritance for your loved ones
- Prepare for any future medical costs
- Prepare for cost of care when you grow older