We have seen many cases where people failed to launch because they were satisfied by simply participating in life. Unfortunately, many of these people fell through the cracks. They didn’t have goals or make plans. In other words, they lacked ambition.
Ambition ignites planning and in my time as a wealth manager, I’ve learned there are four main components to consider when creating a wealth plan.
In this series, we’re going to discuss these four components and how they permeate your wealth plan at every life stage.
The four components to every wealth plan are:
Let's begin with career.
It is very difficult to corner a person in their 20s and ask them what they want to do for the rest of their life. It is easier to ask them what they are passionate about. Most 20-somethings know their passion – what excites them, what gives them energy. Hopefully, they can mold that passion into something that has economic value to the world.
Unfortunately, many young people receive guidance away from their passion-wheelhouse. I asked a 44-year-old client why he was a lawyer. He said, "Because my Dad was and his Dad was before him." When I asked him if it excited him, he said, "It's a living."
An older mentor told me, “It's too bad, but many people go to the grave with the music still in them." What you are passionate about usually relates to a talent that is your "unique ability,” or what you are uniquely good at.
I always felt my unique ability was 1) Listening to people, 2) Interpreting what they said in the environment of life and 3) Motivating them to pursue their passion. I have been doing this for 42 years – I have never worked a day in my life.
What does this have to do with young people? I once worked with a family business with four generations actively involved. A senior member of the family was encouraging (or forcing) a younger family member to learn the older person’s job.
The older person thought it was great fun showing the young up-and-comer the ropes. But this was far from the younger person's passion, so they were miserable. When you are in your passionate zone, you can maximize your wealth, fun, and happiness in life. Start with passion, and your wealth plan will follow.
I know this sounds simple, but you’d be surprised how many people say, "It's a living." Get a foothold in the correct career, one you’re passionate about, before life throws you those handcuffs of a mortgage, car payments, and college tuition. Otherwise, fulfilling your wealth plan will feel like torture.
I always told my children, "God wired you up to do one thing. But he played a joke on you by not telling you what. You must figure it out. Then, be the best in the world at it.” And it would be nice if you made a living at it too. They are all doing outstanding.
We love hearing what you think of our blog and we’re happy to take suggestions.
If there’s a topic you’re curious about or want to explore, feel free to contact us and we’ll gladly share our thoughts.
In the meantime, sign up for our newsletter below or "Like" us on Facebook where we share other insights that matter to you.