Identifying your touchstone words for this year may help you focus on money.

Every New Year, my wife and I independently choose a word that will be our touchstone for the coming year. I keep a diary every day, so I often refer to it when thinking about the day. I chose different words based on things that happened in my life: recognition, attention, appreciation, enthusiasm, etc.

I’m not going to pick a word, but let’s explore different aspects of a particular word in our economic life: “want.”

I want To feel safe about my situation. To find peace of mind, you need to honestly assess where you are and explain what you’re missing. Some of us are anxious habitually, some of us are anxious due to circumstances, and some of us find ourselves in difficult situations. Understanding what makes you feel safe isn’t about making a list. It explains what those particular things will do for you.

I want To make sound selections. Many of our clients come to our office because they feel they have done something wrong with their money. They put things off, neglect their finances, and feel like they’re in a prison of their own making even though they have more than they need. Financial planning is complex but simple. It’s complex because it includes tax planning, estate planning, debt and cash flow management, investment decisions, and philanthropy. Each of these areas is in flux and must be integrated. That’s easy because the ultimate purpose of money is to spend or give money according to your values. Start by defining your values ​​to ultimately make better choices.

I want If only I could feel okay about my spending… How you spend your money is your problem, no one else’s, as long as it doesn’t affect others. We all grew up with rules about money that sometimes helped us and sometimes hindered us. If you only focus on the things you want to own and experience, you won’t have as much conflict about buying things because of your position, or not buying things because you feel you don’t deserve them. maybe. You may also become less critical of what others do with their money.

I want I want what I already have. If we’re always working on the next thing, we don’t fully appreciate or experience what we already have. It is difficult to balance being present-oriented and future-oriented at the same time. Make time for both.

I want To spend your life wisely.

Ross Levine is the founder and president of Accredited Investors Inc. Edina, a fee-only asset management firm. His profit and loss column appears on the fourth Sunday of each month.