August 3, 2023

Do you know your “why”, the reason you do what you do in life or in work- your purpose?

Purpose is important at every stage of life and begins when your children are young. If they grow up with wealth and privilege, money can ease the way, but it can also prevent them from finding meaning in their life and work. Developing a sense of purpose can help prevent school-aged children from becoming spoiled or entitled.

Once you begin your career, having a job that gives you meaning or purpose tends to make you happier, regardless of how much money you make (more on the connection between money and happiness in last month’s newsletter).

That got me thinking about the FIRE (Financial Independence, Retire Early) movement, which according to Investopedia, “is devoted to a program of extreme savings and investment that aims to allow you to retire far earlier than traditional budgets and retirement plans would permit.”

But if you “retire” in your 30s, what will you do for the next 50 years? Perhaps some lessons can be learned from older retirees. 

According to a recent episode of the Your Money Briefing podcast, some retirees are full of regret – and not because they didn’t save enough money. The related Wall Street Journal article states that:

  • Most people carefully plan how they will spend money in retirement but often give far less thought to how to spend their time.
  • They don’t realize that they need to plan for a different source of purpose in retirement.
  • Many look back and wish they’d put more time into building relationships, taking better care of their health or cultivating new pursuits and hobbies. 

To find purpose at any age, try to:

  • Seek opportunities that align with your values rather than chase a paycheque (check out our free Values Validator at robintaub.com).
  • Find fulfillment through continuing education or entrepreneurship.
  • Make a positive impact by contributing time and resources to causes that are meaningful to you.
An infographic sharing statistics on the latest findings of a financial literacy survey completed by Canadian parents in 2023.
My book and keynote can help parents, and the advisors they work with.
Are you ready to make The Wisest Investment?