Money is Tangible
Money is tangible and it has the power to influence the quality of our lives: physically, emotionally, and spiritually.
Money is necessary for the exchange of goods and services, but it also divides spouses, families, and business partners. Have you heard that money is the number one cause of divorce in America? And it’s often the source of permanent scars among loved ones in families.
The Power of Purpose
After becoming a Certified Financial Planner™, I met a man who shared one simple strategy that transformed my life and my career. Rich Busillo was my mentor during a Certified Financial Planner™ residency program I attended in Philadelphia. Mr. Busillo helped me understand that any goal can be achieved when one’s purpose is clear. My job as a Certified Financial Planner™ is to help my clients connect their purpose with their financial plan.
Over the years, I’ve come to believe that every human heart is hungry for purpose and meaning. Money is simply a necessary part of life in America. It’s neither good nor evil until it’s Powered by Purpose.
The question we all have to ask ourselves is What Matters Most? What’s my purpose and what are the outcomes that would give my life a greater sense of purpose and meaning?
The Power of Money
Money can be used to rebuild entire nations and yet when we use money to provide simple things like food, shelter, or education to someone in need, Money has the power to fill our heart with good things.
Using money to “do good” fills our soul with peace, love, joy and a lot of other beautiful things that money can never buy.
Moving The Needle
Starting with purpose is a little too fuzzy for many Financial Advisors on Wall Street. But I’ve found that most people’s choices with finances only make sense when they’re moving in a clear, purposeful direction. If you try to make those decisions without a sense of purpose for your life, you’ll be easily sidetracked and end up confused and empty.
Defining or clarifying your sense of purpose is an essential element — actually, the essential element — in financial planning. The needle on the compass of your life directs everything you are, everything you do, and everything you have.
Financial Planning means something different to everyone depending on a lot of variables.
William James wrote, “The greatest use of a life is to spend it for something that outlasts it.” Sadly, many people follow the example of Wall Street where success is solely measured by profit. When I meet with clients, I typically ask questions about what matters most to them. Sometimes, I hear descriptions of wonderful, compelling purposes that inspire me, but sometimes people tell me that all they want in life is to have more money to spend on themselves. These people may be relentlessly driven to achieve success at all costs, or they may have inherited their wealth and are able to indulge every whim. Either way, their self-absorption causes them to miss out on rich relationships, the joy and peace of real contentment, and the thrill of seeing their lives touch others. They may have a lot of money and a lot of passion to have even more, but their paths lead eventually to dead ends.
The Big Question
For the last five years, I’ve taught Personal Finance at the Bauer College of Business at University of Houston. One of the most refreshing elements I’ve seen in this younger generation’s view of life is that they ask tough questions without assuming the answers. This unnerves me at times, but it also encourages me to look at things from a fresh perspective. They’re willing to ask questions like, “If God exists, what difference does he make in my life? Does he have any claim on me? Does he really have a purpose for me?”
Actually, those are questions seekers have asked for millennia. Questions I’ve been asking since puberty. The answers can be elusive, but author Os Guinness has concluded that if God indeed exists, and if he is involved in our lives, then surely his purposes permeate every fiber of our existence. In his insightful and challenging book, The Call, Guinness defines our purpose as “the truth that God calls us to himself so decisively that everything we are, everything we do, and everything we have is invested with a special devotion and dynamism lived out as a response to his summons and service.” *[ Os Guinness, The Call, (Word Publishing, Nashville, 1998), p. 4.]
Unseen Wealth
We live in a tangible world, and to a large degree, our existence is dominated by what we can see, feel, hear, taste, and smell. But God “has put eternity in our hearts,” and we instinctively know there’s something beyond the tangible. The unseen world is every bit as real as the seen, and we long for the invisible to make a difference in our lives. The perspectives and convictions we absorb as we “reach for the invisible God” give us direction for our choices in the visible world of relationships, work, time, and money.
Throughout history, some people have lived meaningful lives without acknowledging from God, no doubt. They cared for the poor, built libraries, provided medical care, educated children, and performed a host of other noble works. But apart from the centerpiece of a transcendent purpose, one that is defined and guided by God himself, people often slip back into a self-absorbed existence. Instead of the thrill and challenge of changing lives, they experience nagging emptiness punctuated by fleeting moments of elation.
Build on Purpose
I’m convinced there’s only one best way to build a Financial Plan whether it’s for an individual, a family, or a business. Financial planning can be a powerful part of building a better life but I’ve found one small change in perspective makes a huge difference in outcomes: The Ultimate Blueprint for Financial Success is based on this one simple idea: Build on Purpose.
When your money is Powered by Purpose, all of your resources and all of your financial decisions are connected to What Matters Most — to you.
To Make a Difference
I went to work on Wall Street because I wanted to make a difference for the families I served. Morgan Stanley was a great place to learn about investment management but the most valuable lesson I learned on Wall Streethad nothing to do with Financial Planning or Investment Management.
The problem with money is that most family wealth never makes it beyond the next generation — 90% of financial planning fails to keep the family legacy alive. The problem has been around for hundreds of years and it has nothing to do with Investment Management or Estate Planning. It has everything to do with a lack of clarity and purpose.
Trust is What Matters
In the same way each of us needs to trust someone to administer medical care, marriage counseling, or spiritual direction, so too must we trust those who have a fiduciary responsibility for our money. When you trust a Financial Advisor with your hopes and dreams, you’re taking a risk.
When someone shares What Matters Most with me, I consider that a sacred trust because that is The Ultimate Blueprint, the foundation to Build on: Purpose.
I’m building my business on that one simple strategy.
Stop! Warning! Commercial for Family Wealth Builder
I’m really excited to announce the official launch of FamilyWealthBuilder.com We’re an independent, family owned business dedicated to helping families manage the risk and reward of everyday life, recover from the unexpected, and realize their highest purpose.
Our team will offer Fee-Only financial planning for individuals, families, and business owners regardless of your Net Worth. We have a monthly subscription plan for any budget starting at only $250. No contract required, you can cancel at any time.
Every client engagement will begin with a customized Blueprint which is specifically designed to deliver more clarity, confidence, and contentment than traditional planning.
As a Certified Financial Planner™, I’ll provide independent Fiduciary and Investment Management services. You can learn everything you want to know about me by visiting CFP.NET where you can search Munchbach – Munchbach has a H on the end.
There are three reasons we decided to start Family Wealth Builder now.
- Bigger, Better Investment Platform(We’ll be partnering with Charles Schwab because of their almost infinite range of investment opportunities for our families. And, Schwab provides a more cost-effective model for future growth.)
- Operation Efficiency (One of my big goals with Family Wealth Builder is to create a mentoring organization. My connections with the Bauer College of Business at UofH (and specifically the CFP® Training program) will allow me to recruit, hire, mentor, and develop the best team of wealth advisors in America.)
- The Fiduciary Standard (You’ve probably been hearing a lot about what it means to be a fiduciary but most of what you hear from Wall Street is just noise. Family Wealth Builder will offer fee-only Financial Planning for families and business owners starting at $250 per month. You probably won’t find that on Wall Street because Financial Advisors at Morgan Stanley, Merril Lynch, Wells Fargo, UBS, and Edward Jones typically get paid to sell stuff. True Financial Planning requires a lot more time and effort than simply managing your investment portfolio.
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