Is your wealth planning process a ritual?
It is like a ritual to me.
According to the Merriam-Webster dictionary a ritual is defined as: an act or series of acts regularly repeated in a set precise manner.
Wealth planning or wealth management has become a ritual for me. Not because I work in the industry, but because of the mindfulness required in planning and managing my wealth. It provides me with joy and peace. I am challenged by the focus and steps necessary to reach the outcomes I most desire.
I enjoy caring for my finances. I enjoy the process of determining financial goals and implementing the steps needed to reach my goals. I find peace in aligning my spending to my values (especially when I can stick that plan!). I get satisfaction in reviewing my various plans (insurance plan, investment plan, tax plan, estate plan) and various documents such as my net worth statement on a regular basis, or throughout the different seasons of the year. I feel challenged by the tax strategies to be researched and implemented in terms of what I can do to keep more dollars in my pocket. I feel accomplished that I take the time to ensure my estate plan is in order – that should something happen to me, I am making it as smooth as possible for those that I have entrusted to manage my wealth when I cannot… And lastly, I feel I am being collaborative and prudent in hiring other professionals to assist me in the areas that I am simply not trained for or inclined to complete on my own (tax anyone?)
So as the New Year unfolds, what rituals do you practice in your financial life? Is this the new year, new plan for you?