360 Private Wealth Management’s Natural Wealth® Process: Person Wealth
In our previous email, The Next Ninety, we indicated our focus for January would be Person Wealth. We define Person Wealth as your ability to learn and generate income while you are employed or self-employed. After retirement Person Wealth focuses on non-financial factors that contribute to your retirement lifestyle.
Whether you are employed or retired Person Wealth concentrates on 3 main factors: Capacity (health), Capabilities (knowledge and skills), and Connections (personal and if applicable, professional relationships).
Capacity is the most important contributor to our ability to enjoy life and be productive in our work lives. Health is a function of genetics and controllable lifestyle factors such as proper diet, exercise, rest, and stress management. While we can’t control genetic factors, we can control lifestyle choices. The key to creating maximum Capacity is to “control the controllables”.
The start of the New Year is a good time to take stock of our lifestyle habits to find ways we can improve our health, in order to have a more enjoyable life. Boundless resources are available on the internet to help you adjust your lifestyle, however we suggest you consult your doctor before embarking on any significant changes to your diet and exercise regimens or if sleep and stress issues are significantly affecting your life.
Capabilities are the knowledge and skills we accumulate and apply to our chosen work while we are employed or self-employed. We live in a world where rapid technology advancements constantly change our approach and method for completing tasks. Staying abreast of developments in our chosen field has become increasingly important. Many professions mandate continuing education (CE) requirements as part of maintaining professional registrations. However, if you are not subject to compulsory CE, consider making a personal commitment to acquiring new skills and knowledge in your chosen career. Not only will advancing your abilities assist you in your current role, a history of professional development on your resume will also be noted by prospective employers.
If you are retired developing Capabilities are still important. Interests and hobbies are positive contributors to a fulfilling retirement life. Look for opportunities to expand your knowledge on subjects that are of particular interest to you. Many universities and community colleges offer the opportunity to attend classes on select subjects free of charge. You can also find information online for groups and associations where individuals with similar interests or hobbies connect and gather.
Connections are our personal and professional relationships. To achieve professional success effective networking is essential. It has been said that “who you know is almost as important as what you know”. We recommend that you plant professional relationship seeds often and cultivate them continuously. Go out of your way to provide something of value to a prospective new contact, either information or an introduction to another person who may be able to provide assistance. Create a web of connections and focus on benefitting as many people as you can without the expectation of reciprocity. A great way to build your professional network is through LinkedIn, if you keep your LinkedIn account fresh and updated with new and relevant content. Work at being a magnet of good ideas in your field of expertise.
Personal relationships, including family and friends, are essential to healthy living. Powerful vitamins in today’s world are strong family ties and good friendships. They will celebrate with you when things are going your way and will be there to support you when they don’t. To have great family relationships and friendships it is important to ACT like a great family member and friend. Stay connected. Look for ways to make a difference in others’ lives and when things go off the rails, with words or actions, strive to make it right whether you are the offender or the offended. The one gift you can give that most people will appreciate is simply your time. Take time to talk with people. Sincerely listen to what they are saying before your turn to speak arises. You will reap benefits far in excess of any time and energy you have expended.
Person Wealth is the cornerstone of the Natural Wealth® Process. Without good health, all the money in the world is of little value. Without a thirst for improving skills and knowledge your career and retirement can be stifling. Strong family ties and friendships prevent us from becoming islands in the vast ocean of humanity. At 360 Private Wealth Management we often say that with time, strong Person Wealth would allow and individual to rebuild a good portion of wealth if they ever suffered a devastating loss of portfolio or possession wealth.
How can you improve your Capacity, Capabilities, and Connections? Click on the Person Wealth link below and complete our Person Wealth Worksheet. The questions will help you determine improvements you would like to make in each area of your life. You can then formulate a plan to take action and make those goals a reality. If your objectives are genuine and from the heart the rewards you will receive in return for the time and energy expended will be exceptional!
Once you have completed the worksheet we invite you to contact us to share your responses so we can help make your financial life plan even more effective for you.
David J. Luke, CFP, RFP, CLU, CH.F.C., CIM | Financial Advisor
360 Private Wealth Management | Manulife Wealth Inc.
Unit 1 – 25 Scurfield Boulevard, Winnipeg, MB R3Y 1G4
Main Office 204.925.5868 | Direct 204.925.2073| Fax 204.925.2263 | Toll Free 844.688.3656