This week’s Tuesday Tip addresses how aligning your use of money with what matters most to you can become more meaningful through the use of the acronym TEAM. Please watch the video below to learn more. If you would like a free review of your current financial situation, please use this link to schedule a free call. You can find an edited transcript below the video.
Ideally, your life plan helps you align your use of money with what matters most to you. Life planning helps you identify your priorities. Why should you spend too much money on things that don’t bring you joy? We often focus this question on our money because of what we associate it with.
What if we take it a step further? Do you know how much money you need or what it’s for? Crafting your life plan can help you identify what’s most important to you. A life plan can help you reinforce your purpose. You can find mine here.
What does money mean to you?
An important question is, “What does money mean to you?” Some equate money with freedom. For others, it represents security. Some associate it with things like excitement, contentment, and survival. I place myself in the first camp. Why? Because money allows me to do things. It also allows me not to do things. For example, I prefer letting someone else cut my grass. I compared what I paid to how long it would take me. That led to an easy decision. Pay someone else to do it.
Money as a Resource
Today, I’d like to get you to dig a little deeper. What would happen if you substituted the word “resources” for “money” when trying to align your use of money with what matters most?
For resources, instead of limiting your thoughts to money, consider the acronym TEAM. You have a TEAM of resources you want to use in a way that aligns with your priorities. Let’s look at what TEAM represents:
- Time
- Energy
- Attention (or Focus)
- Money
Closing Thoughts on Aligning Your Use of Money With What Matters Most to You
Aligning your use of money with what matters most to you can help you live your most fulfilling life. All the elements of TEAM represent important – albeit limited – resources. Why shouldn’t we pay close attention to how we use those resources, too? If you can align how you use your resources and not just your use of money with what matters most to you, you can lead an even more fulfilling life.
I hope you find this week’s Tuesday Tip helpful. Thanks for listening and have a great day.
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Phil Weiss founded Apprise Wealth Management. He started his financial services career in 1987 working as a tax professional for Deloitte & Touche. For the past 25+ years, he has worked extensively in the areas of financial planning and investment management. Phil is both a CFA charterholder and a CPA.
Located just north of Baltimore, Apprise works with clients face-to-face locally and can also work virtually regardless of location.
