As I guide individuals and couples in their financial planning journey, I often find a crucial initial step gets overlooked: understanding your and your partner's perspectives on wealth. Money holds diverse meanings for people, shaped by our values, experiences, and priorities. Our early encounters with wealth and money leave a lasting impact. Recognizing our individual interpretations of wealth can lead to more satisfying lives, irrespective of our financial status. Once we grasp our and our partner’s ingrained beliefs about money and wealth, we can craft a plan that truly resonates. These beliefs may not always be obvious. So, how can you unearth your beliefs?

What is right for one person isn’t suitable for another. For instance, for me, wealth has meant taking time off to take care of my family, start a business, and be out of debt. It has meant the flexibility to move in life as I see fit and as circumstances require. Others may consider having resources like a large home or boat to be key uses of wealth. They don’t value flexibility and are okay with the trade-offs that accompany what they value. They have different values and meanings when it comes to money.

Engaging in open, honest discussions, journaling, and contemplation can help you gain a deeper understanding of your perspectives.

As you reflect on your beliefs about money and wealth, consider the following aspects that may or may not align with your concept of wealth.

Stability – Not being concerned about your needs being met. Housing, food, clothes, health care, among other items, being

Freedom—being able to work or not as you decide. Not being tied to anyone or anything if you don’t want to be.

Charitable—Having resources to donate to meaningful causes. This would include tithing, fast offerings, other charitable donations, time to volunteer and serve missions, and sharing resources with others.

Resources—Having property to use, ATVs, boats, vacation homes, and other resources that you can use for fun and recreation.

Experiences – Having time and money to travel and pay for experiences or other activities.

Social Status – Having luxury items. Cars, homes, clothes, and others. Having nice things that illustrate what you have attained.

As you discover what wealth means to you, you’ll make better decisions that lead you to achieve what is fulfilling and meaningful to you and your spouse. Missionary service, resources, and experience are put into their proper place to maximize your joy.

Alan B Faerber CFP® CRPC®