Published by Mark Lookabill, Wealth Advisor
I was reminded this past week of what really embodies “True Wealth.” Last Saturday, I went to visit a client who was in poor health and in the ICU at a local hospital. I wanted to spend time with he and his wife to see how he was doing. When I asked him the question, “what could I be doing for you”, his response was an example. He pointed to the other side of the bed to his wife and said take care of her. He then proceeded to ask me how my son’s soccer game went. Even in very poor health, he was more concerned with the well-being and joy of others. Kevin passed away later that evening.
True Wealth to me is the overall idea of being able to enjoy what you’re doing while helping to take care of those closest to you, all while working to pursue your goals and dreams.
One of my primary goals for my wife and kids is to have well-rounded lives where they enjoy what they’re doing on a day-to-day basis and are productive and compassionate individuals. At times this involves me being able to be well-balanced as well and have time to help them do what they need to do- whether this be homework and studying for the kids, being able to help them practice soccer or golf or simply being able to watch the children while my wife is at a meeting at our church.
When it comes to putting together personal financial plans for clients, so much of the focus is on the numbers, or as I call it, “the science of the plan.” But, I also believe that the “art” portion of the plan (the goals, dreams and True Wealth items) is even more important than the numbers. I believe ultimately that the assets that an individual or family has are just tools to pursue True Wealth items.
For many, True Wealth items are having a goal of retiring early to spend more time with family and friends. Others want to volunteer their time with a charity that they are passionate about. Being able to fund the education of their kids or grandkids is one I hear often. Having the ability to help someone start a business and be able to see the fruits of their work be passed along to someone else comes up frequently, too.
So much of my time is being able to provide financial planning advice and give good counsel for the people that we work closely with to help them seek to achieve their True Wealth dreams. Again, my recent experience in the death of Kevin was a reminder to me of how important maintaining focus on True Wealth is for myself, my family and the people that I work closely with.
