How do you maintain financial confidence, especially when your investment strategy is being put to the test by challenging markets? A great place to begin is by viewing this video featuring Manisha Thakor, BAM ALLIANCE’s Director of Wealth Strategies for Women.
Personal finance is a component of well-being that we have neglected for far too long. One of the things I love to do is to help people understand the enormous amount of freedom and the release of stress that can come about when your finances are in control and you understand what’s going on with them. I feel like there’s an enormous amount of pain that comes around, “What are you earning, how are you spending, and where are you finding the cash flow in order to save and invest?”
The thing that’s causing you oftentimes the most stress, is being talked about as an afterthought, as if the holy grail for solving your problems is the right investment mix and when the financial dialogue starts in on the investing piece, you feel like you’re not being heard.
The best financial relationships happen when you feel that the person that you’re working with is not simply interested in investing your money, but they’re interested in investing in your life and going through a financial planning process, a financial conversation that really helps clarify what matters most to you in life. That’s when financial confidence really starts to flourish.
For us, the process starts with something that we call a discovery, and that’s all about learning what matters to you and what your dreams are and what your hopes are and what keeps you up at night and what makes your stomach churn. I used to think that money was this commodity. It felt really disassociated from my life. What I learned was that that money, it’s a tool to help me enjoy my life today, to help the people I care about, to help the causes I care about, to make a difference in the world, to make a difference for myself and my family. When you feel like you have that level of clarity and understanding, then you can let go and you can focus on the other things in life that really bring you joy. That to me is a completely magical process and that to me is the true definition of wealth management.
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Her job title may be about women, but we think Manisha’s advice hits the spot no matter who you are. Consider her insights about what she describes as the true definition of wealth management: “I used to think that my money was this commodity. It felt really disassociated from my life. But what I learned, was that that money – it’s a tool to help me enjoy my life today. To help the people I care about, to help the causes I care about, to make a difference in the world, to make a difference for myself and my family. When you feel like you have that level of clarity and understanding, then you can let go, and you can focus on the other things in life that really bring you joy.”
