Money for Money’s Sake

02/02/2021
Posted in Blog
02/02/2021 Mduduzi Luthuli

Many of us have started to live a life based solely on routine.

You wake up, eat breakfast, hop in your car and head over to work. You complete your tasks for the day, come home, fix yourself some dinner, sleep and do the same thing for the next 40 years.

Sadly, once we’ve been accustomed to repetitive decision making, we slowly stop questioning ourselves and the way we go about doing things, or even worse why we go about doing things.

I’ve come to learn that routine can erode our decision to consciously do things with intention — leading us to live a life filled with less meaning, passion, purpose and intention.

The word “Intention” represents a mental state of commitment to carrying out an action or actions in the future. Thus, intention is necessary for successfully accomplishing any goal or achievement.

Doing things with intention is a pre-requisite for manifesting one’s purpose in life. With all the negativity in the world, we truly believe in the importance of acting intentionally, living purposefully and making sure that our purpose positively impacts others.

Until intention is cultivated, the majority of our goals in life will go unaccomplished because we haven’t established a deeper purpose or intention tied to the menial and repetitive tasks it takes to get there; You may notice a pattern of actions in your life that quickly discontinue and deconstruct simply because there’s nothing deeper tied to them than something of the surface level.

Why do you want to create wealth? What purpose will your wealth serve? How could you possibly develop and maintain the necessary habits and intentional actions required to build wealth over multiple decades without purpose? How will you build a legacy of sustainable generational wealth without intention? Why do you want to create wealth?

A 2016 study published in the Journal of Research in Personality found that people who felt a sense of purpose accumulated more wealth than those who feel as though their lives lack meaning.

The researchers discovered that individuals with a sense of purpose have a higher income and a bigger net worth than those who feel as though their lives lack meaning.

Even when they controlled for known factors that predict financial success–like demographics and personality–they found a sense of purpose made a big difference in a person’s financial life. And the difference in wealth seemed to span the test of time.

Over the course of 10 years, people with a sense of purpose continued to have higher incomes and bigger nest eggs than people without purpose. The researchers suspect people who feel their lives have meaning are goal oriented.

Looking at their long-term goals likely motivates them to develop better financial habits. Therefore, creating sustainable wealth requires you to answer the why before you can create the how. Without intention we cannot do what is required to create wealth

You must make a deep connection that surpasses the actual action of doing something, because overtime that action will just become a repetitive obligation that doesn’t ignite your soul. Contributing to a retirement account over 40-years and allowing it to slowly grow to something meaningful is incredibly boring.

Those who are successful in achieving their financial goals are driven by intention. Purpose provides a direction for life; you know what you want to express or achieve and look for ways of doing that.

Purpose is different to goals. A purpose relates to the road to be travelled, whereas goals are the stops along the way. When the direction you are taking is significant and worthwhile to you, your life has meaning.

The search for meaning and purpose can be triggered by internal questioning or by dramatic external changes. Usually, people are very sure of what they do not want anymore but have not discovered yet what it is they want.

Your ideas do not have to be spectacular, public or even specific. They can be a feeling, longing for something better, a sense of overall direction and destination. It may be something bigger than yourself, a vision that energises and fills life with interest and challenge.

Other people might try and tell you the direction to take and what your purpose should be. Don’t be distracted or diverted but find what is right for you and makes you feel good about yourself. Choose your own road to travel even if is not a smooth ride.

What is your intention for your wealth?

Instead of living for the weekends, or counting down the years until retirement, you need a reason to get out of bed every day. And that reason needs to stem beyond money. After all, what are you going to do with the money you earn?

You need purpose beyond accumulating wealth just for the sake of it. What gives your life meaning and purpose? Are you walking a path in life that is uniquely yours? Why do you want to create wealth?

We cannot answer your why for you, but we can certainly show you the how. Contact us on info@luthulicapital.com for your investment management needs.

“I know of nothing more despicable and pathetic than a man who devotes all the hours of the waking day to the making of money for money’s sake” – John D. Rockefeller

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