Financial Advisors Become Life Advisors

It’s important to articulate your deep-seated interests when you sit down with a financial advisor so they can advise you the best way to plan sensibly while meeting your life goals, says Jonathan Clements in “Touchy-Feely Finances: How to Find Out What You Really Want from Your Money,” in The Wall Street Journal.

But just try asking someone such a simple, direct question and watch how long it takes these desires to bubble to the surface.

Compounding this is the need for financial advisors to be objective and not seen to be exerting undue influence over them.

Values-Based Financial Planning author Bill Bachrach advises people to have a considered chat with their partner to at least initiate a soul searching process to flesh-out their spending priorities in life.

Bachrach recommends asking basic questions such as “What’s important about money for you,” and using that as a leaping off point for free association, getting more and more specific with each question.

Another exercise to formulate spending interests is drawing a wheel hub with nine spokes representing work, finances, interests, relationships, physical and emotional health and obligations and rate each aspect of your life on a scale of one to 10 according to your level of satisfaction with each one. Put “10” on the rim of the wheel and a “zero” at the hub. Connect the dots to determine how well-rounded your life is.

If you can develop a spending strategy that is sensible while meeting your leisure interests you’ll improve your quality of life and build a stronger business.