What's the money for?

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What's the money for?

I often work with business owners and retired business owners who are making money or who have already made money. A question I often ask is, "what's the money for?" Some of the answers are obvious: food, clothing, a home, a car, education, leisure and so on.

As we go through life, we build income and wealth to cover these items. Sooner or later, some people have sufficient wealth to enable them to do everything they want to do, everything that they feel is important to them. We help these clients come to terms with the shock that their money will never run out. They have enough. This creates amazing peace of mind.

Imagine never having to worry about money ever again. We use cash flow modelling and easy-to-understand charts to help people to see the truth about their financial lives. Then - and only then - do they make the right decisions about their wealth - how to invest it, how to spend it.

The journey from financial fear to financial freedom is amazing to witness and it's a privilege to be part of that creative process. These people can truly answer the question, "what's the money for?" The problem is, many people don't know how much 'enough' is, so they keep filling up the financial bucket, saving and investing and creating an increasingly large 'nest egg' without ever working out what the money is for.

Some people realise that they have enough for themselves, for a fun, joyful and fulfilling life. Their thoughts then turn to the needs of others. So, if you have more than sufficient money to enable you to live your life doing what is important to you, then what's the money for? If we can't take it with us, then surely it is about sharing the money amongst those who are closest to us. Following that, is there an opportunity to share the wealth with the wider community?

The answers are often easy. The trick is to ask the right questions. Get the questions right and the answers often reveal themselves, as if by magic.