When Money Brings Wholeness: Five Ways to Use Your Money Better

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WHAT I’M THINKING ABOUT:
Resetting and Reprioritizing

As we flip to 2020, I hope you’ve found some time amidst the holidays to reflect on the past year and what the coming one holds.  (And if not, there’s still time!) When it comes to money, the new year is the perfect time to reset and reprioritize. Perhaps this is the year you get your finances organized or pay off that debt or start saving in earnest for retirement.  But it all starts with asking the why of your money: How can your money bring wholeness to you and those around you?

It’s an absolute joy to see clients use their money in a way that causes them, their families, and their communities to flourish.  And so today I’m sharing five such ways to use your money, ranging from the small and everyday to the large and life-changing. This list is not exhaustive, but my hope is these will encourage you and spur your thinking as you imagine how your money can be doing more in 2020 and beyond.

Tip generously

Is the gig economy super convenient or exploitative?  Maybe both. But people work those jobs because they need to.  They have families to support and bills to pay, and often don’t enjoy employer benefits like affordable health insurance.  If we’re using these services, we should be quick to reward their hard work and good service with a generous tip. So show your Uber driver and your Instacart deliveryperson some extra love this year, and don’t forget your traditional service workers like waiters and nail salonists.

Go on a date

One of the greatest things money can buy is experiences with friends and family.  Proactively set aside time in your busy schedule (i.e., send a calendar invite!) for focused, quality experiences with those people, be it a date night with your spouse, a baseball game with your kids, or a beach trip with friends.  After all, these things fall in the “Priceless” category in those Mastercard commercials.

Give

Perhaps nothing can transform your relationship with money like giving.  The very act teaches you that money, while powerful, is not the be-all end-all.  Generosity looks different for different people depending on values and financial circumstances, but for those who want to be generous but aren’t sure how much to give, my encouragement is to give until it hurts at least a little bit.  If your giving is requiring you to scale back on eating out or your monthly clothing budget, then you’re on the right track. (And here is some practical guidance on smart and intentional giving.)

Take that first step

Many of us have a long-term financial goal that we just haven’t gotten around to starting — retirement, college, a home.  Perhaps your cash flow doesn’t allow for major savings at this point, or the long-term details are too daunting, or maybe both.  But you don’t have to have it all figured out to get started. Tackle that first step, be it by contributing a modest percentage to your 401k for the first time, opening a 529 college savings account and contributing $1000, or setting up an automatic monthly transfer of $200 from your checking to a brokerage account for a down payment fund.  That first step will give you momentum and feel great. 

Do the work you want

Find yourself overworked and stressed with little control over your schedule?  Maybe you need to make less money.  Some of my most gratifying work has been for clients who have designed their finances so they could make a career change, start a business, or take a more flexible job.  Money is not the goal, so don’t be chained to a particular level of income. With some clear-eyed planning and courage, your finances can open the door to the work you dream of doing.

Personal finance tools for the new year

As you think through how you might reset and reprioritize with your finances for 2020, here’s a rundown of our top practical resources for bringing purpose and clarity to your financial world:

And if you want a structured, deeper dive into creating your own financial plan, check out our online courses.


What I’m Reading

Wait a Minute.  How Can They Afford That When I Can’t?
By Alina Tugend, The New York Times

Admit it: you’ve wondered more than once how your peers can afford that apartment or car or whatever else — and probably with a touch (or more) of envy.  Sometimes it comes with feelings of failure. But it isn’t always income that’s financing that spending. There’s family wealth — be it an inheritance or help from Mom and Dad on a down payment or college tuition — and then there’s also debt.  And these two sources of money largely stay hidden, allowing people to maintain an image of financially successful, self-reliant professionals.  

So if you find yourself bothered by your peers’ lifestyles, remind yourself that all may not be as it seems.  Your priority is to keep your own financial house in order, whatever your resources may be.

What Happens When Your Career Becomes Your Whole Identity
By Janna Koretz, The Harvard Business Review

Given the hours that today’s professionals often work, it should be no surprise that our identity can become wrapped up in our career.  But it’s not just the hours — it’s the status the job brings, a byproduct of the money we earn.  

Our identities are highly influenced by how we present ourselves to others. When someone forms an identity focused around wealth, achievement, and influence, they tie themselves to that high-paying career that got them there.

This helpful article provides a psychologist’s perspective on how to identify if your career has overtaken your identity, and steps to take if that’s the case.  Remember, with some clear-eyed planning and courage, you can make a change.

If you’re ready for financial guidance, accountability, and an action plan, check out our one-on-one services or online courses.