If we ask cosmologists what was present before the Big Bang or what’s inside a black hole, they’re likely to give us a very complicated answer that could be summarized with, “We don’t know. That’s beyond today’s physics.” Then their eyes roll upwards as they ponder answers to the universe’s most daunting questions. It’s kind of fun to see smart peoples’ minds go into an infinite loop.
If you don’t have any cosmologists handy but still want to see a brain hackup a “404 page not found” error, tell a financial planner that all your goals are more than adequately funded and you are satisfied with your wealth. Many planners can’t handle that because the industry is oriented toward addressing clients’ desires and concerns, so what is to be done when there aren’t any? Once all a client’s financial goals have been reached, a financial planner’s job is done, other than monitoring for any unexpected changes and recommending adjustments when there are changes. But, when you are satisfied, what comes next is up to you.
Pursuing wealth simply for its own sake ignores the fact that money is a tool. Though it might be handy to have a tool shed stocked for every need, money spent on tools could have been spent elsewhere. Along the same lines, building wealth also involves tradeoffs. Once you have what you need, it’s time to re-evaluate those tradeoffs to make sure they will continue to serve you.
You can, if you choose, make no changes. But, if you want to live intentionally (and I hope you do), here are a few points to consider as you decide how you’ll write the next chapter of your life.
· Is this the time to set new financial goals? Strivers always strive, I get that. Think back to when you first created your plan. What goals did you put aside? Are they still important and relevant to you? Make a new plan to go after those lower-priority items. Pat yourself on the back for what you’ve already accomplished, and keep marching forward.
· Is it time to ratchet back risk? Are you satisfied? Great! If there’s no benefit to additional wealth, perhaps it’s time to invest more conservatively. The only rational reason to accept risk is when there’s a point, right?
· Don’t forget those non-financial goals. One of my favorite pieces of advice – and one that I wish I received earlier in my life – is to spend the first half of one’s life on the pursuit of success (however one cares to define it) and the second half of one’s life focusing on becoming significant. Having achieved material success, you’re in a position to help others, whether those others are family, friends, the community, a charity, or any cause that interests you.
Everyone dreams of reaching their goals, and some are fortunate enough for their dreams to come true. Here’s to enjoying what we have and dreaming new dreams, whatever we choose them to be.
Evan R. Guido is the founder of Aksala Wealth Advisors LLC, a 2018 Forbes Next-Gen Advisors List Member, and Financial Professional at Avantax Investment ServicesSM. Evan heads a team of retirement transition strategists for clients who consider themselves the “Millionaire Next Door.” He can be reached at 941-500-5122 or eguido@aksalawealth.com. Read more of his insights at heraldtribune.com/business. Securities offered through Avantax Investment ServicesSM, member FINRA, SIPC. Investment advisory services offered through Avantax Advisory ServicesSM, insurance services offered through an Avantax-affiliated insurance agency. 6260 Lake Osprey Drive, Lakewood Ranch, FL 34240.
