S8E1 – Putting Money Into Perspective
It’s a new season, and this one’s a little bit of a cop-out if I’m honest. But with good reason! I am currently hard into writing the MeaningfulMoney book, and I’m trying to create as much space as possible to do that. So for the next few weeks, I’ll be resurrecting some of the greatest hits of the podcast for your listening pleasure.
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Putting money into perspective
Today we’re going to be talking about Getting Money In Perspective. I deal with clients every day and many of them have the correct perspective when it comes to their financial situation. Others do not, and part of my job as a financial planner is to act as a counsellor and try to adjust their feelings about money towards a more healthy balance.
I’ve said before on this show that money is a means to an end and never an end in itself. By this I mean that the pursuit of money for its own sake is a hiding to nothing. If the accumulation of wealth is your main mission in life then you’ll never be happy, because how much is enough? I have refused to work with clients before because all they wanted from me was to help them make more money at the expense of pretty much everything else.
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The Kinder Questions
Here are the three questions I mention in the podcast, devised by the legend that is George Kinder:
1 – Imagine you are financially secure, that you have enough money to take care of your needs, now and in the future. How would you live your life? Would you change anything? Let yourself go. Don’t hold back on your dreams. Describe a life that is complete and richly yours.
2 – Now imagine that you visit your doctor, who tells you that you have only 5-10 years to live. You won’t ever feel sick, but you will have no notice of the moment of your death. What will you do in the time you have remaining? Will you change your life and how will you do it? (Note that this question does not assume unlimited funds.)
3 – Finally, imagine that your doctor shocks you with the news that you only have 24 hours to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What did you miss? Who did you not get to be? What did you not get to do?
Resources mentioned in this episode
Podcast: Teaching Children About Money
And of course, you can click the button below for a (kinda) full transcript:
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