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What’s Your Purpose?

Key Takeaways

  • Everyone needs purpose in life.
  • The pandemic caused a lot of people to elevate the importance of having a purpose.
  • How do you apply purpose when it comes to your money?

Pre-pandemic, having a purpose in life, while important, may not have been our top priority. For many people, COVID changed that. Indeed, any health scare tends to cause us to shift our priorities and puts the spotlight on the purpose in our lives. It’s human nature to examine what’s really important when we’re faced with our own mortality.

As a result of the pandemic, we’ve seen a shift in the workplace. People are looking for more fulfillment in their jobs, wanting to be involved in something bigger than themselves, something that moves them to come into work each day. If you can find a role like that, it’s very special and can certainly feed your purpose.

If you’re retired, you might ask yourself, “What’s my MVP?” That is, what’s your Meaning, Value, and Purpose? What do you give value to? What do you give meaning to? What’s your purpose? You’re no longer in the workforce, but doing something else, and you’ll want to find fulfillment in that.

What about when it comes to money? How would you apply this?

Well, you might gift money to children or grandchildren to help them along – perhaps to help them with buying their first home or help support them so they are able to get a job. You could set up a 529 college savings plan or a UTMA account/custodial account to set money aside so they won’t have to take on huge student loans. Or you could do something even more formal and start a grandchild trust, where you have more control over how and when the money is spent.

There’s also the option of gifting to non-profit charities. This could be gifts of money, certainly, but it could also be gifts of your time, volunteering for a cause that is important to you. You could also go bigger and establish a donor-advised fund to put money away for larger monetary donations. Ultimately, you can create private foundations which are more formal, where you get other family members involved.

These are all purpose-driven situations. They usually provide a lot of meaning and give value to people in their lives. So, whether you’re working or retired, ask yourself what your MVP is and think about how to achieve your purpose. Until next time, enjoy.

Gary

If you’d like to read more on this topic, here are a few of our past Coyle Blog posts that you might enjoy:

Growing, Moving Forward, and Having Purpose in Retirement

Shifting Sands and Wise Solutions

 


 

Gary Klaben serves as a Financial Advisor, and visionary for Coyle Financial Counsel. He has over 30 years of experience and is the author of Changing the Conversation, Wealth of Everything and co-author of The Business BattlefieldWhether advising his clients, mentoring his team, or coaching entrepreneurs, he is always simplifying complexity and motivating others to take the next action that’s right for them.

Learn more about The Coyle Process, approach designed to get your arms around the big picture, so you can make informed financial decisions. Ask Gary about The Coyle Process and schedule a complimentary consultation and start living the Good Life Managed Well™.

www.coylefinancial.com
847-441-5644 | coyle@coylefinancial.com 

We value your comments and opinions, but due to regulatory restrictions, we cannot accept comments directly onto our blog.  We welcome your comments via e-mail and look forward to hearing from you.

All information is from sources deemed reliable, but no warranty is made to its accuracy or completeness.   This material is being provided for informational or educational purposes only, and does not take into account the investment objectives or financial situation of any client or prospective client.  The information is not intended as investment advice, and is not a recommendation to buy, sell, or invest in any particular investment or market segment.  Those seeking information regarding their particular investment needs should contact a financial professional.  Coyle, our employees, or our clients, may or may not be invested in any individual securities or market segments discussed in this material.  The opinions expressed were current as of the date of posting but are subject to change without notice due to market, political, or economic conditions. All investments involve risk, including loss of principal.  Past performance is not a guarantee of future results.

Copyright © 2022 Coyle Financial Counsel.  All rights reserved.

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