On any given July morning, you would normally find me up at 5am with coffee watching the Tour de France. The tour usually starts early in the month, goes for 21 stages, and lasts most of July. Not since World War II has the tour ever been cancelled or postponed. This year, the Tour was postponed until late August due to COVID. The race finished this past Sunday with much fanfare (well, for us bike aficionados that is). The best news out of the tour was that none of the riders that started the race contracted the Coronavirus. The other big news was a rider from Slovenia, Tadej Pogačar, became the youngest winner of the race since 1904 at the age of 21.
As I was excitedly explaining to my girlfriend the fireworks that took place on the penultimate stage that will go down in history as the most dramatic late-race comeback since Greg LeMond turned the tables on Laurent Fignon in 1989, she asked the question, “What’s next for Tadej?” We joked and pondered about the possibilities. Win more Tours? Go for multiple grand tour wins? Become a coach? Spokesperson for Colnago, his bike sponsor? Retire? Disneyland? At age 21, he has so many years in front of him and could conceivably race for another 20 years. But he’s already reached the coveted pinnacle of his sport. How does one who’s reached their life goal decide what’s next?
As a Wealth Manager, I am fortunate to work with many individuals and families that have had this type of success financially. In the unpredictable world we are living in, sometimes we lose sight of this. At Heintz Wealth Management, we believe this achievement is to be acknowledged and celebrated. This is truly a position of strength and power you gain through your hard work, your solid financial decisions, and perhaps even living more frugally that you have needed to for decades.
Where clients have told me they have found the most value is not just knowing they have enough, but finding purpose with that extra amount that might be left over. After you have made arrangements for your legacy including all the individuals and organizations you want to support after your passing, why not start enjoying it this lifetime? Why not see the fruits of some of this wealth now? There is no universal right answer or calculator to this question. If you have a desire to place value in your wealth beyond the numbers on the screen, it takes thought and discussion with those that are important to you.
Defining what is in “excess” can’t entirely be found in the calculators like the one on my site; they are a good start, but the process needs to include a very individualized and personal discussion and decision. If you’re wondering if you have the means financially to enjoy the lifestyle you want without working more, why not examine if you can retire or cut back your hours? Why continue to invest a large part of your assets in the stock market where there’s more risk when you are wanting safety? Conversely, if you are in a position to not need the money right away, why not dedicate a portion of your portfolio to higher risk investments that may (or may not) realize higher returns? Is there a cause that has always called to you that you want to support but haven’t felt like you were in the position to?
What we do differently at Heintz Wealth Management is work with you through these challenging thoughts and discussions to align your desires with your values, goals, and legacy. We gain your unique perspective and see you through both the technical and emotional aspects to implement and update your plans and financial actions. I truly believe a dialogue on what the purpose of your wealth is leads to better decisions in how you invest and spend it and look forward to meeting with each of you to discuss the possibilities.
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