What it Means to “Live Wealthy”Cliff Broetz, CSA, RDB
What do we really mean by Live Wealthy when we consider how to best manage our clients’ finances? At Precision Wealth, we believe this means something much deeper and more significant to the human experience than traditional definitions suggest.
First, let’s consider the definitions:
Definition of “wealth”
welTH – Noun
- An abundance of valuable possessions or money; e.g., “He used his wealth to bribe officials.”
- Affluence, prosperity, riches, means, substance, fortune:
- the state of being rich; material prosperity; e.g., “Some people buy boats and cars to display their wealth.”
- plentiful supplies of a particular resource; e.g., “The country’s mineral wealth.”
Definition of “live”
/liv/ – Verb
- Remain alive; e.g., “The doctors said she had only six months to live.”
- Make one’s home in a particular place or with a particular person; e.g., “I’ve lived in New England all my life.”
After many years delivering money management services, we strongly suggest the traditional definitions of “wealth” and “live” are inadequate when it comes to the human experience—shallow, and overly quantitative in scope.
Our firm works with clients in all walks of life and all stages of financial need.
In the accumulation stage, priorities are about having defense in place, should the unexpected happen. It involves saving for the future, but not to the exclusion of living in the present. We are here to coach that fine balancing act.
In the income/preservation stage, our retired client needs safe investments that provide retirement income. And in the transfer stage we shift to the estate planning priority of having all you’ve worked for move to your heirs.
Live: What’s missing in its definition is the reason.
In our point of view, the reason is to really live, and live fully—to pursue your dreams, to travel the world, to have no schedule, to be beholden to no one but yourselves. This is vastly different than merely existing, as the definition suggests.
Wealthy: Not a quantitative mindset.
We can assure you the definition of wealth is anything but a quantitative mindset, or at least, it varies by individual, by lifestyle and objective.
Wealth means something to one person, and something entirely different to the next. But to us, wealth is entirely about freedom. Choices. Being unrestricted so that money doesn’t get in the way of your chosen path.
Money is not something to worry about.
You’ve spent many years chasing it, saving it, serving it. Now it is meant to serve you as a means to an end, not a means unto itself.
Our professional approach is all about learning about you—your income, your tax situation, your debt, your capacity to save, your goals and your timelines. We’re here to help you find your path, to help you articulate your plan, to show you a safe route and to be sure we’ve taken as much risk away as possible. To be sensible in how we approach money accumulation, income flows and estate preservation. But all along, the dedication behind our work is to help you really live.
To Live Wealthy is to enjoy a life of abundance, to be wealthy in the only way that matters, which is not as a fixed sum or a huge balance sheet. To Live Wealthy is to grow older knowing you have enjoyed life on your terms, and to have provided for your loved ones all the way through, and beyond.
We want you to live wealthy, as we define it—to excel, and live your best life—fully.