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The Steps After "Enough"

Writer's picture: Geoff WellsGeoff Wells

Updated: Jan 10

At BPC Advisors, we routinely have deep conversations with clients and prospective clients about money and its meaning in their lives. Recently, we have noticed a trend where many clients have reached the stage of having “enough” assets for their lives. Reaching this stage has been a lifelong savings goal, and it often feels unusual for money not to be a constraint in life.  While freeing, having “enough” also raises the more complex internal question of “What do I want to do with the money I don’t need?”  In our experience, this is a much harder question to answer and unique to each individual. 


What typically happens most for clients is inertia.  It is easy to continue kicking the can down the road into the future when you may have more certainty. At the same time, life is short.  As time goes on, assets can continue to build.  For example, if you have $1,000,000 in assets past the point of “enough” and earn 5% annually, then every year, you will would expect an additional $50,000. Even for families with $1,000,000 of assets past “enough,” spending or giving (to family/charities) an extra $50,000 above your normal spending amount can feel daunting, let alone doing that every year.


As you think about your own wealth, below are a few questions to start with:


  • What is enough, and am I beyond that point?  If so, by how much?


  • How can I be intentional with my spending (giving) to maximize the value to me?


  • Could I use my money to increase my happiness and purpose by:

    • Saving time?

    • Improving my health?

    • Being closer to friends and family?

    • Having better quality experiences?

    • Buying better quality things?

    • Helping others?


  • If my heirs will eventually receive money, is it better to give while I’m alive or after I pass away? 

    • When could they use it most? 

    • What downsides of giving assets now would affect future motivations?

    • Are there any tax implications I need to be aware of?


  • In the future, what will I regret not using my money for? 


  • How can I start small today and build upon that in the future? 

     

  • What amount do I want as a “safety net?”


If you are fortunate to have “enough” and need help determining what to do next, BPC Advisors is there for you. Beyond investment management and retirement planning, we also help clients frame these decisions to help maximize the meaning of their money. 

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