Would you agree that wealth is not about hoarding money but the flexibility and financial freedom it affords to help us achieve our goals and passions? Essentially, wealth has the scope to create a powerful purpose in our lives.
Take time to understand your ‘why’
Developing a clear understanding of what you want from life and what mark you want to leave is the perfect starting point for unlocking the true value of your wealth. Perhaps you want to start your own business; travel; create opportunities for others; support your family or leave a legacy. Determining the things you really care about can provide a genuinely powerful purpose to your wealth.
Wealth sharing
One way to find fulfilment in your wealth is by sharing it. There’s no joy in holding onto wealth that you’ll never use. Using your wealth to help family members, for example, can be particularly rewarding, allowing you to positively change the lives of your loved ones. As the soaring cost-of-living continues to weigh heavily on household finances, there has perhaps never been a better time to offer financial support to family members.
Intergenerational focus
One in three advised families now share the same financial adviser11, with many seeking help with wealth transfers and planning. In addition to cost-ofliving pressures, the growing need for intergenerational advice has also been fuelled by the IHT allowances freeze until at least 2026, which will result in a growing number of people becoming liable for death duties.
The power of purposeful wealth
Your financial adviser can help you develop a clear understanding of what you want to achieve with your wealth and then provide the support and advice required to fulfil those goals. 11M&G, 2022