Joy isn’t a concept that many people pair with financial planning. It’s no wonder. We live in a society that seems hard-wired to believe that money can’t buy happiness. But as someone who spends my days helping individuals and families work toward their financial goals, my perspective is quite different. Based on my experiences with clients young and old, I know for certain that using your financial resources to fulfill your dreams is all about joy.
Over the years, I’ve helped clients plan and budget for many things. Dream vacations for their families. New homes and gorgeous remodels. A collector car that had been a fantasy since childhood. Beautiful weddings and amazing Bar Mitzvahs and Bat Mitzvahs. Once-in-a-lifetime gifts. Some of these things were extravagantly expensive. Some cost much less than the client expected. No matter the price tag, when I saw that big smile afterward, I knew that the planning we did together delivered real joy.
Of course, getting to that point takes careful planning. ‘Financial hygiene’—the budgeting, investing, and saving to be sure your fundamental financial needs are met—must come first. But once your home is secure, your retirement is on track, college is covered, your taxes are paid, and you have a plan and sufficient savings to cover any unexpected, uninsurable expenses, the fun can begin. That’s when planning for joy becomes a reality. And it’s when I get to ask one of my favorite questions: “What brings you joy?”
What’s fascinating to me is how challenging that question can be. Most of us spend so much time accumulating wealth that it can be difficult to start thinking about spending some of what we’ve gained. I’m no longer surprised when a client tells me it’s hard to focus on their own joy. Or when they confess that they’d been too scared to plan a big trip or make a major purchase because they didn’t realize they could afford it. Or when they tell me they’d been so focused on building their wealth that it never occurred to them to focus on something as simple as joy.
These challenges are especially common for Partner Physicians who entered medicine to help others. While their service to the community is selfless and amazing, I often see signs of pre-burnout and burnout. When I do, I urge them to think hard about what brings them joy and to actively seek things that can bring them long-term happiness, deeper relationships with family and friends, and the strength to continue to serve their patients with passion.
I know these conversations can be hard at first, but as each client gets more comfortable with the idea, I can see their mind begin to shift and their imagination start to take off. Soon, they are actively talking and dreaming about the idea of joy during our planning meetings. Before you know it, we are laying out a budget and making plans to help make a dream come true.
Financial advisors are not just architects of wealth, but enablers of joy. We listen. We watch for what makes your eyes light up. We strive to understand your passions. Then, we connect the dots between financial planning and the pursuit of your own joy and well-being. Money can’t buy everything, but it can help you create an environment where happiness is much more likely to flourish and thrive. That’s what planning for joy is all about.
