Choosing wealth vs. chasing riches

I happened across a podcast this week featuring author and investment education professional Brian Portnoy. Brian has written two books – The Investor’s Paradox and The Geometry of Wealth. I want to share a snippet of what he has to say about being wealthy vs. being rich, because it fits so well with how I view my job as your financial advisor.

Portnoy asks questions like what really matters in life? And how does money relate to that? These questions remind me of one the phrases I like to use when I do investor education sessions: Money is not the most important thing. But it directly affects all the most important things – so it’s pretty darn important!

Notice the distinction: Money isn’t everything. We are not called to be obsessed with money. (I know, this is weird stuff for a financial advisor who specializes in investments to be saying.) But it’s true: We aren’t called to be obsessed by money. On the other hand, we are certainly not called to neglect money or think of it as a bad thing in and of itself. Instead, I truly believe we are called to make a plan for our money. To be aware of what we are doing with it. To use it for noble purposes. To grow it responsibly. To be great stewards of our money.

Portnoy puts it like this:

“Wealthy” = ‘funded contentment’

“Rich” = ‘the quest for more'

“The ‘quest for more’ is nothing better than a treadmill. No matter how fast you run you really don’t get much further. We sort of inherently know that to be true. Nonetheless in Western society – particularly in American society -- we are all chasing more money. So I wanted to really articulate a fork in the road by saying you can choose to be wealthy, and it takes work to get there… or you can sprint on this treadmill and just be exhausted and not particularly satisfied.”

- Brian Portnoy

That treadmill is all too familiar to many of us. And he's right - it's not very satisfying. What is satisfying? Having a plan for our money that allows it to facilitate our goals and desires - aka funded contentment.

I like this phrase “funded contentment." There is a difference between choosing to be wealthy and chasing being rich. This coincides with our Meridian Wealth Sports and Entertainment Division tag-line “Wealth, well-managed. Life, well-lived.” We want to help you plan, manage, preserve, and grow your wealth in a way that gives you true peace of mind about your money and the ability for you to focus on the things that matter most.

Maybe you are rich. Maybe not. I'm not as concerned with that. I’m more focused on making sure you become wealthy.