Friday, March 25, 2016

The Frugal Planner's Weekly Dispatch: The Philosophy of Money

See this message from Bloomingdale resident and Certified Financial Planner Chuck Donalies:

From: Chuck Donalies, CFP® [] On Behalf Of Chuck Donalies, CFP®
Sent: Friday, March 25, 2016 9:37 AM
Subject: The Frugal Planner's Weekly Dispatch: The Philosophy of Money

The Frugal Planner's Weekly Dispatch

Volume 2, Issue 13
March 25, 2016

Like what you see? If so, please share with your friends and family?
This is Homer.
Homer is using money to light his cigar.
Homer isn't very S-M-R-T.
Don't be like Homer.

The Philosophy of Money

Before I meet with someone for the first time, I send an email detailing how to prepare for the initial consultation. Aside from preparing financial statements, I ask them to think about their philosophy of money. I'm always fascinated by the responses I receive due to their differing life experiences. Some people hoard money because they believe it provides security or demonstrates an elevated status in society. Others believe money is evil and feel guilty having it.

Money is a Tool

After I hear from them, I share my philosophy of money. For me, money is a tool. I see no reason to work hard to earn money and hoard it, although I have to admit it would be fun to dive into a pile of money and swim around like Scrooge McDuck.

Money is simply a means to an end; it's something I use to meet my goals.

I like to learn about others views about money  and relate my own because, at least in my experience, I find the most successful client-planner relationships start with a shared philosophy.

This week I came across a
great article on Lifehacker about this topic. It's definitely a worthwhile read if you have a few minutes to spare. I know you can't wait to read it!

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