In recent Insights pieces, we’ve been exploring a completely different way to view our wealth. We’ve considered an approach that looks at the mechanics of flourishing, rather than the inner workings of the stock market.
We’ve stepped away from the spreadsheets and the investment graphs to ask what actually makes a human life go well. We’ve discussed our health, relationships, character and finding our own benchmark for contentment.
As we bring this conversation to a close, there’s one profound limitation of wealth that we have to acknowledge.
It’s brilliantly captured by Mitch Anthony, one of the true pioneers and advocates of lifestyle financial planning. He often reminds people that money can help us fund a purpose, but it can’t help us find a purpose.
It’s incredibly easy to fall into the trap of expecting our balance sheets to do the heavy lifting for us and to view all our problems as money problems.
We tell ourselves that hitting a certain retirement number will magically grant us peace of mind. We assume that financial independence will instantly give our lives meaning and clear direction.
But money is simply a tool. It’s an exceptional engine, but a terrible compass.
If we don't know who we are or what we deeply value, having more capital won't clarify things. In fact, it often amplifies our current state of confusion.
A fully funded portfolio can’t give us a reason to get out of bed in the morning. It can’t manufacture a deep sense of connection with our families and it certainly can’t build our inner character.
We often see this reality play out when people navigate a major life transition, like selling a business or entering retirement.
For decades, the sheer busyness of accumulating wealth and building a career provided the perception of direction. But when the noise of the daily grind finally stops, the sudden silence can be deafening if there’s no underlying purpose waiting on the other side.
Finding that purpose requires a completely different kind of work.
It requires us to sit quietly and ask ourselves the big, sometimes uncomfortable questions. What do we actually care about? What impact do we want to leave behind? How would we like to spend the time we have left?
As financial planners, we can help you craft a plan to support your dreams.
We can help structure your tax, optimise the yield and protect your capital from unseen risks. But we can’t define the dream for you. You can’t outsource the discovery of your life's meaning to a financial adviser.
The greatest financial plan in the world is ultimately useless if it isn't attached to a meaningful life.
So perhaps it’s our greatest responsibility to do the inner work first. We must take the time to find our purpose, knowing that when we finally discover it, our wealth will be ready and waiting to fund it.