How to find your financial purpose
Have you ever watched a new sport? One of the first things to understand is “How do you win?” meaning, what is the ultimate goal? Is it the highest score (e.g., football)? Lowest score (e.g., golf)? How do you score in the first place?
We rarely ask that about life itself. We just live and then later look back wondering what the hell we’ve been doing all these years.
I find it helpful to begin with the end.
When I say begin with the end, I mean your literal end. Ask yourself what I call “the deathbed question.” Imagine you’re lying on your deathbed. Ask yourself, “What do I want to say I did with my life?” Actually, that question is unoriginal and usually leads to superficial and bland answers like “He was a good person.” This isn’t about what you want others to say about your life. We’ve got to cut deeper.
Instead, ask yourself, “What do I want to say I did with my life that would make me content enough to die?” To say, “I’m good. I gave it my best. I don’t need more. I no longer fear this ride ending.” Ah, now we’re getting somewhere. The honest answer, even if you don’t feel comfortable admitting it out loud, is usually on the path to identifying your purpose. That’s the answer you work towards. That’s the outcome you commit to pursuing and the process you grind through.
If that’s too morbid for you, you can ask the softer “dream questions.” In your dream scenario: 1) Where are you? 2) Who are you with? 3) What are you doing?
Beyond the deathbed and dream questions, there is tremendous research about the sources of meaning. My favorite framework comes from author and psychologist Brian Portnoy. He has what he calls “The 4 C’s” of meaning.
Connection - belonging
Control - the ability to direct your own destiny
Competence - being good at something
Context - having a purpose outside of oneself
The more you use your money towards the 4 C’s in ways relevant to you and your purpose, the more fulfilling your life will be.
Here’s a key. There’s no judgment about what the answers are. If horsepower and square footage fulfill your purpose, great. If feeding orphan children fulfill your purpose, great. The point is authenticity, to thine own self be true. It’s your life. All fades away in the face of death, including other people’s opinions. When a group of older people were asked what they would tell their younger selves, caring less what others think was near the top. Not in a rude way, but in a “remove your self-limitations” way.
Discovering and pursuing your purpose is a lifelong process. There are no right answers, and the answer should and will change as you grow and learn more about yourself. Don’t be afraid to ask yourself these tough questions. The benefits are worth it.
