ENOUGH
There is usually an enough question ….
"Do we have enough money?" ....
"Do we have enough time?" ….
"Are we taking enough risk?" ….
"Is our portfolio diversified enough?" ….
In short, "It depends …. It always depends on your enough."
To be sure, understanding what enough means to you is very important. It is enough that determines your spending and savings rate; the two most important variables to your long-term financial success. Though, as Seth Godin points out, enough is a choice, not a measure. It is a moving target. For one family, two million dollars is more than enough; for another, nothing less than five million will do. So, instead, we ask questions like …
“Do you feel fulfilled?” ….
“If so, how does money amplify that fulfillment? If not, how will more money fill the void” ….
“On a scale of one to ten, how do you feel about your current financial situation? What would have to happen over the next twelve-, twenty-four, or sixty months to improve that rating?
“If money was not an issue, what would you do differently? Why?” ….
“Money is a means to an end, not an end itself. Given that, what is the actual end? What is your money for? ….
These are not financial questions. They are about your lifestyle expectations and priorities. They rely on personal discovery not financial advice, self-awareness not financial acumen. We are here to guide you. Though, in the end, you will decide if you have enough, not us.
Answering these questions honestly is the hardest part of financial planning. We know, for example, that people are more likely to answer questions in a way that they perceive will be well-received by others, not in a way that aligns with their actual beliefs or behaviors. It is important to resist this tendency. In our experience, you need to be candid, you need to be vulnerable, and your advisory team should encourage both as they are necessary conditions for successful planning outcomes; that is, advice and recommendations tailored to your objectives, your preferences, your enough.
Number-crunching is easy; data analysis and financial projections are absolute table stakes in private wealth management. Everyone can do it. However, it is not useful until you know what your enough is. You should expect more from your advisory team. To move forward with confidence, with clear eyes and a full heart, you want to know that your wealth is enhancing your overall happiness and well-being. Start with this end in mind – happiness and well-being. You need to refine what both mean to you. Let us help.
Very few professionals can lead such meaningful conversations. It takes empathy, not university degrees or financial designations. At 38, credentials in stow, I know my own Jedi is not yet strong enough. Thankfully, Lou’s is. I believe that her counselling ability is unmatched in private wealth management, her empathy shines through. Reach out to start the conversation with her today.
"Do we have enough money?" ....
"Do we have enough time?" ….
"Are we taking enough risk?" ….
"Is our portfolio diversified enough?" ….
In short, "It depends …. It always depends on your enough."
To be sure, understanding what enough means to you is very important. It is enough that determines your spending and savings rate; the two most important variables to your long-term financial success. Though, as Seth Godin points out, enough is a choice, not a measure. It is a moving target. For one family, two million dollars is more than enough; for another, nothing less than five million will do. So, instead, we ask questions like …
“Do you feel fulfilled?” ….
“If so, how does money amplify that fulfillment? If not, how will more money fill the void” ….
“On a scale of one to ten, how do you feel about your current financial situation? What would have to happen over the next twelve-, twenty-four, or sixty months to improve that rating?
“If money was not an issue, what would you do differently? Why?” ….
“Money is a means to an end, not an end itself. Given that, what is the actual end? What is your money for? ….
These are not financial questions. They are about your lifestyle expectations and priorities. They rely on personal discovery not financial advice, self-awareness not financial acumen. We are here to guide you. Though, in the end, you will decide if you have enough, not us.
Answering these questions honestly is the hardest part of financial planning. We know, for example, that people are more likely to answer questions in a way that they perceive will be well-received by others, not in a way that aligns with their actual beliefs or behaviors. It is important to resist this tendency. In our experience, you need to be candid, you need to be vulnerable, and your advisory team should encourage both as they are necessary conditions for successful planning outcomes; that is, advice and recommendations tailored to your objectives, your preferences, your enough.
Number-crunching is easy; data analysis and financial projections are absolute table stakes in private wealth management. Everyone can do it. However, it is not useful until you know what your enough is. You should expect more from your advisory team. To move forward with confidence, with clear eyes and a full heart, you want to know that your wealth is enhancing your overall happiness and well-being. Start with this end in mind – happiness and well-being. You need to refine what both mean to you. Let us help.
Very few professionals can lead such meaningful conversations. It takes empathy, not university degrees or financial designations. At 38, credentials in stow, I know my own Jedi is not yet strong enough. Thankfully, Lou’s is. I believe that her counselling ability is unmatched in private wealth management, her empathy shines through. Reach out to start the conversation with her today.
The information contained herein has been provided by Fry Ormerod Wealth Advisory Group and is for information purposes[SI1] only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual's objectives and risk tolerance. Certain statements in this document may contain forward-looking statements (“FLS”) that are predictive in nature and may include words such as “expects”, “anticipates”, “intends”, “believes”, “estimates” and similar forward-looking expressions or negative versions thereof. FLS are based on current expectations and projections about future general economic, political and relevant market factors, such as interest and foreign exchange rates, equity and capital markets, the general business environment, assuming no changes to tax or other laws or government regulation or catastrophic events. Expectations and projections about future events are inherently subject to risks and uncertainties, which may be unforeseeable. Such expectations and projections may be incorrect in the future. FLS are not guarantees of future performance. Actual events could differ materially from those expressed or implied in any FLS. A number of important factors including those factors set out above can contribute to these digressions. You should avoid placing any reliance on FLS. Fry Ormerod Wealth Advisory Group is part of TD Wealth Private Investment Advice, a division of TD Waterhouse Canada Inc. which is a subsidiary of The Toronto-Dominion Bank.
