Posted: 05/17/2024

What does it mean to live a rich life? You will likely get a different answer from every person you ask. After all, being “rich” means different things to different people.

At PDS Planning, we believe true wealth isn’t just about amassing money. It’s about personal growth, nurturing relationships, staying healthy, and making an impact. Living a richer life involves making your money work for you in ways that align with your passions and goals.

In his article, Why Planning Matters, Jamie Menges CFP®, CPA Shareholder, and Wealth Manager at PDS reflected on the saying, “True wealth is wanting what you already have.” Does that mean what we possess is already enough? He admits it seems contrary to the advice he often gives clients: to accumulate wealth, foster its growth, and ultimately try to preserve it out of fear they might not have enough.

However, everyone at PDS genuinely believes there’s more to a rich life than financial wealth alone. Our goal is to develop a financial plan that assures clients, with some degree of certainty, they will not exhaust their savings in their lifetime. This peace of mind serves as a reminder they indeed do have true wealth – not measured against others but against their life’s purpose and the meaningful activities they share with loved ones.

Aside from financial wealth, what makes up a rich life?

#1 Friends and Family – This probably goes without saying, but the most important things in life are, in fact, not things. According to a Harvard Study on Adult Development, the quality of your relationships is a better predictor of a long and happy life than social class, IQ, or even genetics.

#2 Experiences – There can be a transformative power in investing in experiences over material wealth for lasting happiness and growth. Studies have shown experiences bring more lasting happiness than material possessions, shaping who we are and how we connect with others.

#3 Health – The greatest wealth is health. There is a direct correlation between health and wealth that should not be overlooked. Taking our health for granted can impact both our wealth and our ability to live a rich life.

#4 Work – Meaningful work gives us a sense of purpose, makes us feel connected to something bigger than ourselves, and helps us grow as individuals. People who feel fulfilled by their work are happier, healthier, and more productive in all aspects of life.

#5 Hobbies – Engaging in a hobby nurtures creativity, problem-solving skills, and mental agility. It also contributes to a sense of accomplishment, boosting self-esteem and confidence, while fostering social bonds with like-minded individuals and a sense of belonging.

#6 Self-Improvement – Setting out on a journey of personal growth can be truly transformative. By simply integrating self-improvement practices into your daily routine, like mediation, goal setting, and cultivating healthy habits, you can pave the way for a more fulfilling and balanced life.

#7 Giving – Real financial peace doesn’t happen until you give back. If you believe a bigger bank account will protect you from trouble, you’ll never know rest. It will never be enough. But when you give generously, you’ll realize that financial security doesn’t come from acquiring dollars and things. True financial peace is about the freedom to live and give abundantly.

At PDS Planning, we understand that every financial decision has a personal impact—on your future, your family, and your legacy. We are here to help you navigate complex emotional situations with rational, reasoned, and empathetic advice.  Instead of simply offering options or strategies, we guide you toward the right next step on your journey to a richer life. And as a flat, fixed fee advisor, our recommendations will never be influenced by anything other than serving your best interests.

IMPORTANT DISCLOSURE INFORMATION: Please remember that past performance is no guarantee of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by PDS Planning, Inc. [“PDS”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from PDS. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. PDS is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the PDS’ current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at www.pdsplanning.comPlease Note: PDS does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to PDS’ web site or blog or incorporated herein, and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please Remember: If you are a PDS client, please contact PDS, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Please Also Remember to advise us if you have not been receiving account statements (at least quarterly) from the account custodian.