There’s a movement toward redefining money: instead of accumulating money for what it can buy, more of us want to use money to live the best life possible with what we have––a concept known as the WisePath Way.
When you follow the WisePath Way, money becomes a tool to help you live the life you want. Accumulating as much wealth as possible is no longer the primary objective of your financial plan.
The traditional path to saving and investing has been to focus on the future (retirement), and rely solely on numbers. However, this approach often can be misleading because it doesn’t consider your individual circumstances.
What is relevant is developing a financial plan that considers the following:
How much do you currently have invested?
What is your current cash flow?
What transitions are you currently experiencing, or expect to experience (examples include paying down debt, divorce, concern about illness, job loss, retirement, purchasing a home, providing financial assistance to a family member)?
Do I feel comfortable with my level of financial obligations (examples include housing expenses, leisure activities, and healthcare expenses)?
By incorporating these factors into your planning, we can begin to understand what needs to change (or not change) in order to live the best life possible without overextending yourself. You may even be pleasantly surprised to learn you can enjoy the fruits of your labors sooner than expected!
Money does not exist for its own sake. Money exists as a tool that we use to improve our lives.