Keeping Quality of Life Independent from Money

By Len Hayduchok, CFP ®

Life, liberty, and the pursuit of happiness is a cornerstone of the American Dream and perhaps better than any other phrase, condenses the value system of our country. Wealth and prosperity are among the fundamental goals we are free to pursue in this great country we are privileged to call the land of the free.

Money and our Standard of Living

In our society that is so focused on finances that run the economy, money empowers us and gives us a sense of freedom to participate in it. Retirees who no longer have the responsibilities of work and often family are free to do whatever they wish with their unlimited discretionary time in this stage in life—whatever they want, whenever they want, with whom they want as long as they are not limited by their health and abilities…or finances. Greater financial wealth provides more flexibility for folks to do what they desire without limitation. However, it is important not to equate financial freedom and the standard of living it affords with quality of life.

Standard of living is a financial measuring stick that links lifestyle choices with money. The details of one’s lifestyle can be impacted by the standard of living someone can afford. Those who enjoy adventure and various cultures will have more flexibility choosing the places they visit and what they do given the more money they have, but they may still have a similar lifestyle regardless of how much they have to spend. Quality of life has more to do with the perspective on life and how individuals are connected to whatever is most important to them. Although a standard of living can impact one’s outlook on life, how retirees and individuals in every stage in life view their quality of life, need not be dependent on finances.

What is Quality of Life?

Quality of life is tied to experiencing enjoyment and fulfillment, regardless of one’s financial situation. A fabulous quality of life really only means having four things,

1. a satisfying identity with

2. a meaningful life purpose

3. connected with people one loves

4. and having a sense of well-being.

Still, money can enhance our quality of life if it empowers us. It enables us to have meaningful experiences with special people (by how money is spent). It helps us build a sense of accomplishment (through money that is accumulated), and it funds an impact into the lives of others (through a transfer of wealth). In these instances, when money does enhance quality of life, it is by connecting wealth to whatever is truly important to an individual.

Traditionally, we understand financial planning is essential in determining how much can be spent (not saving needlessly or spending recklessly) while maintaining financial sustainability throughout one’s life. However, money provides a greater benefit when we know ourselves well enough to know what matters deeply to us, and then we consider how our money can align to bring these Life Goals, Hopes and Dreams to life.

Financial freedom is not simply having the money to do whatever is desired but being able to use it to enhance quality of life—by spending or transferring it to align with whatever one feels is most important. At the same time, quality of life has to be able to be experienced independent from finances, otherwise we’re dependent on money to be happy. Financial planning is more meaningful when it considers the individual’s deep-seated values. A healthy

quality of life must include spending and saving plans that integrate with what we value the most—empowering life to be richer and more fulfilling.

For more free, helpful resources, Len’s websites: www.DedicatedFinancialServices.com or www.MaxAMAZING.com.

AUTHOR BIO: Len Hayduchok is a Retiree Advisor, with over 30 years’ experience. As a Certified Financial Planner ™ and Certified Life Coach, he has advised many individuals and families regarding both Financial and Retirement Planning. Len’s Amazon International Best Seller, MaxAMAZING ™ Your Retirement, combines both his financial and life coaching expertise into free resources to help guide retirees into a more enjoyable and fulfilling season of life. Len is the founder of The Delaware Retiree Connection, and the CEO and owner of Dedicated Financial Services. Investment Advisory services offered through SGL Financial, LLC.