THE FINANCIAL PHILOSOPHER

Man's (Career) Search for Meaning

"Ever more people today have the means to live, but no meaning to live for." ~ Viktor Frankl

Viktor Frankl himself believed that meaning -- the meaning of a sacrifice -- could be found in suffering.  I'm not so sure, however, that working in a stressful career to achieve higher monetary, material and social wealth fits Frankl's idea of finding meaning in sacrifice.  Unfortunately, however, this willful sacrifice of one's mental, physical and spiritual health for that of financial health is more common today than not.

With regard to money, the basic utility of your job or career is to earn enough money to pay for food, shelter and clothing with perhaps a modest amount remaining for life's little pleasures.  It is quite normal, however, to perceive the function of your career as something quite different -- as a tool to achieve material wealth far beyond what is necessary and to overlook the opportunity to do something significant -- to achieve your innermost latent desire -- to find meaning and purpose.  This common sacrifice of self for money, material wealth and social status is where problems begin:

• Life goals become defined by monetary goals -- or at least you perceive that money is the primary enabler for fulfillment;
• You make your life fit the demands of your career, rather than the opposite;
• And if you hate what you do, you rationalize the stress as a sacrifice for providing for your family, your retirement goals and/or your desire to identify yourself as somebody.

One or all of the preceding points likely have some degree of relation to your existence; but what can you do about it?

Where most attempts fail to make lasting and meaningful change (i.e. diets and budgets) is where they begin.  Your brain likes shortcuts -- lists of things to do -- that are quick, easy and painless.  If you could take a pill to lose weight, your brain wants this.  If you could read some quick tips on how to get rich and retire young, your brain wants this. 

In summary, the shortest distance between two points is not a straight line, except in your brain (and geometry)!  What your brain wants and what is good for you are not necessarily the same.  Your brain wants the path of least resistance, although what it needs is the path to a meaningful existence, and this requires self-knowledge -- choosing to use your mind rather than defaulting and yielding to the brain's wants.

Rather than looking for shortcuts and rewards, which may be your greatest detriment as a human being, start taking small and meaningful steps toward goals, the least of which should be defined in monetary terms, if at all.  Finding meaning in one's life can not be prudently obtained by shortcuts and lists of things to do.  Put simply, this meaning is acquired by aligning who you are with what you do, which first requires self-knowledge.

With regard to our underlying theme -- finding a career that is meaningful -- I like these resources:

• Self-knowledge is everything when it comes to career choice.  I believe the Myers-Brigg Typology Indicator, which is based upon the ideas of Carl Jung, is the best personality assessment tool.  Check out the Jung Typology Test for a good start.  This online tool also points you to occupations and educational resources based upon your personality type -- an excellent first step in aligning who you are with what you do.
• I like this list of the 50 Best Jobs in America.  The selection criteria is based upon pay and growth prospects but most importantly, meaningfulness.
• There is certainly no shortage of media coverage on the broad topic of productivity.  Unfortunately, the meaning of the term has been diluted to the degree that most people pursue productivity without first defining what it is they want to produce!  Productivity is not just doing more with less and productive people are not productive because they have read and followed a list of things to do on how to be productive.  They are productive because they have acquired self-knowledge -- they have identified their values and purpose and spend a significant amount of their time there -- in this sweet spot, if you will.  If you are not productive or successful in your work, you are probably not acting from your sweet spot of values and strengths.  You can find more on this topic at a previous post, Mind vs. Brain Part II: Priorities, Pursuits & Productivity.
• You might also try my Life Planning series of posts.  Follow the links to Life Planning Part I: Are you a tool?, Life Planning Part II:The Search for Meaning and Life Planning Part III: Creating the Plan.

Of course, this is simply the opinion of your humble author but my personal experience, my research for writing and my observation of others, collectively, tells me that Viktor Frankl was right:  Life is not primarily a quest for pleasure, as Freud believed, or a quest for power, as Alfred Adler taught, but a quest for meaning.

 

Life Planning Part III: Creating the Plan

"Philosophy begins in Wonder" ~ Plato

Now that you understand the purpose and value of Life Planning, let's get into the doing of it.  Of course, one would be foolish to think that a life can be planned in one session or by one particular method.  The purpose and application of Life Planning, therefore, is to guide the thoughts of the individual in such a way that allows that individual to begin forming their own path to a meaningful existence -- to question one's life and provide their own answers.

Philosophically speaking, I believe that the meaning and purpose in life that you seek may be accomplished by aligning your being (who you are, the ideal self, your priorities) with your doing (what you do, how you act, your pursuits). 

Your knowing (self-knowledge, self-awareness) is the means of joining your being with your doing.

To enable your knowing and begin your Life Plan, you will ask Questions, envision Outcomes and form a Mission that allows for the alignment of Priorities & Pursuits.

Questions

A helpful first step in the acquisition of self-knowledge is to press on your being by asking questions:

Many people place an emphasis on having a happy private life.  If you feel your private life is important to you, do your pursuits support those priorities?

Would you rather have an extremely successful and exciting professional life, yet a boring and tolerable private life or would you rather have an extremely successful and exciting private life, yet a boring and tolerable professional life?

If you just found out you had a rare illness (you'll feel great but have only five years to live) what would you do in those five years?

If you had only 24 hours to live, what did you not get to do?  What did you miss?

If you had all the money you needed, what would you do?

If 100 people were chosen at random, how many of those people do you think would be leading a more satisfying life than yours?

For what in your life do you feel most grateful?

Do you have any specific long-term goals?  What is one and how do you plan on reaching it?

How much do you try to live now as you think you will one day wish you had lived?

Outcomes

Now that you have pressed on your being, it is time to envision how you are likely to look back on things you are doing today.

How do you want to be remembered by the following?

• God:  __________________________________

• My Spouse:  ____________________________

• My Children: ____________________________

• My Parents: _____________________________

• My Friends: _____________________________

• My Colleagues: ___________________________

Mission

Now you have enabled the creation of your Mission Statement.  This task can often seem daunting but the mission, in terms of your life, should be broad yet encompassing of your priorities and values.  The mission statement may be one sentence or a full paragraph.  And remember, you only to a good start -- your mission will evolve over time. 

In essence, the mission should include your strengths, values and purpose, which will then become a compass to keep you on your chosen path.

Here is an example of a personal mission statement I found at Suite101.com:

My mission is to champion others to grow personally, professionally, emotionally and spiritually by using my compassion, my unique perspective, and my belief in others' inherent goodness, integrity, and enormous potential.

This mission is broad yet defines the individual's purpose and values and acts as a good guide for decision making and planning.  Once your personal mission statement is created, I suggest you place it prominently where you will see it every day, such as your refrigerator, mirror, framed on a wall, at your work place or all of these.

Priorities & Pursuits

Now you likely have the tools to align your Priorities & Pursuits.  You may also discover that your true priorities are not aligned with your current pursuits (plans, actions).  Simply write down a few of your highest priorities and place a pursuit next to it.  This exercise should be repeated periodically -- at least once per year -- perhaps your birthday or some other meaningful and easy-to-remember day. 

I'll provide a broad example for number one and you take it from there.  Be as specific as you want to be:

Priority                Pursuit

1. My Family        1. Spend more time with family & less time at work

2. _________       2. ________________________________________

3. _________       3. ________________________________________

"A human being is a deciding being." ~ Viktor Frankl

I hope this Life Planning exercise has helped (and will continue to help) you in some way.  As with any successful personal endeavor, you are the key ingredient to your personal success.  If anything, it is my hope that you are left with more questions to ask yourself -- the beginning to your own path to a meaningful existence.

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Related Blog Posts & Useful Resources:

Life Planning Part I: Are You a Tool?

Life Planning Part II: The Search for Meaning

Mission Statement Examples

Stephen Covey's Mission Statement Builder

The Book of Questions

Who Am I? Part One: Emotional Intelligence

Who Am I? Part Two: Learn How You Learn

Life Planning Part II: The Search for Meaning

"Everyone has his own specific vocation or mission in life; everyone must carry out a concrete assignment that demands fulfillment.  Therein he cannot be replaced, nor can his life be repeated, thus, everyone's task is unique as his specific opportunity to implement it." ~ Viktor Frankl

What are you living for? What is the meaning of your existence?  Are you existing to fulfill the objectives of monetary plans and material pursuits?  Or are your financial objectives supporting a life plan -- a plan to fulfill meaningful pursuits?  These are questions that philosophy asks; and they are questions that you should be asking yourself with regard to your own existence.

Today we will receive guidance from some of the key philosophers in history who formed existential thought.  This guidance will help you in finding your own path to a meaningful existence.  The precursors to existentialism were Soren Kierkegaard (1813-1855) and Friedrich Nietzsche (1844-1900).  Today we will learn from them and from two other philosophers, Viktor Frankl (1905-1997), and Martin Heidegger (1889-1976).

"The greatest hazard of all, losing one's self, can occur very quietly in the world, as if it were nothing at all.  No other loss can occur so quietly; any other loss -- an arm, a leg, five dollars, a wife, etc. -- is sure to be noticed." ~ Soren Kierkegaard

• I have no doubt that there are many people today who have lost themselves, completely unaware of this loss, yet, they are highly aware of their financial losses.  Soren Kierkegaard said that it is important for people to have a meaningful existence, and he did not suggest this meaning be found by monetary means.  He said that meaning comes from a sense that people sense their lives as having a permanent significance and that most people fail to find meaning because they sense their lives as having only temporary significance, and therefore pursue temporary pleasures, such as money and material wealth, rather than truly meaningful pursuits.

• His philosophies were based upon the individual, especially the individual's choice to live freely and responsibly -- that a philosophy comes from within oneself -- that philosophy is not objective.
• Although Kierkegaard's philosophy supports Christianity and religious pursuits, he felt most of the Christians he knew were too comfortable with themselves, implying that their search for meaning could be minimized by becoming too quickly satisfied with their lives, paradoxically overlooking its meaning.

"He who has a 'why' to live for can bear almost any how." ~ Friedrich Nietzsche

• Like Kierkegaard, Nietzsche believed in the importance of the individual; however he believed that individuality is without limit or bounds.  Individuality to Nietzsche, therefore, is indefinable.

• Nietzsche also believed, similar to Kierkegaard, that there is no objectivity, only subjectivity; "there are no facts, only interpretations."
• Contrary to Kierkegaard, Nietzsche did not support religious pursuits and believed that organized religion was an example of what he called "the herd" -- all those average people who think and act alike, which behavior would limit, not expand, the individual's potential.  In other words, the things that make you happy are not determined by what other people think, but they are determined solely by you -- the individual.

"Ever more people today have the means to live, but no meaning to live for." ~ Viktor Frankl

• Viktor Frankl, a psychotherapist and Holocaust survivor, observed in concentration camps during World War II, that those that gave up on life, who had lost all hope for a future, were inevitably the first to die.

• Terrible as it was, his experience in Auschwitz reinforced what was already one of his key ideas: Life is not primarily a quest for pleasure, as Freud believed, or a quest for power, as Alfred Adler taught, but a quest for meaning.
• The greatest task, to Frankl, for any person is to find meaning in his or her life.  Frankl saw three possible sources of meaning: 1) In work (doing something significant), 2) In love (caring for another person), and 3) In courage during difficult times.

"Man acts as though he were the shaper and master of language, while in fact language remains the master of man." ~ Martin Heidegger

• Heidegger placed an emphasis on language as the vehicle through which the question of one's being (existence) could be unfolded.  He is certainly not the first philosopher who has warned of (and complained about) the inadequacies or sometimes complete falsehoods of language and the words that we use to communicate ideas.

• If, for example, one assumes (and acts in accordance to) the conventional definition of words, such as rich, strength and success, one is then bound to the limits of such definitions.  If you defined rich as meaning "the point at which I have enough," you are rich at the very moment you decide that you are content, regardless of your financial worth, which is a conventional measure of rich.
  
• Heidegger believed there is no reason or explanation for life until we decide individually what we believe in and that it's up to the individual to decide what one should do about their life.

And so you now have some of the thoughts and philosophies of some of the greatest thinkers in history.  These existential philosophies will help form the structure of your life plan -- the subject of the next post here at The Financial Philosopher:

• Questions:  There are questions that you will ask yourself to help clarify your desired life outcomes, to align your priorities with your pursuits and to define the meaning of words for yourself so you do not limit yourself to the conventional definitions that can be quite misleading. 

• Outcomes: Your life has meaning and purpose that goes beyond your life.  In forming your life plan, you will begin with the end (and beyond) in mind.
• Priorities & Pursuits:  You will find that the visualization and clarification of your desired Outcomes, aided by asking the appropriate Questions, will enable the alignment of your actions (pursuits) with meaning and purpose (priorities).

Please join me next week as we continue and clarify your search for meaning.

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Related Posts: 

Life Planning Part I: Are You a Tool?

Life Planning Part III: Creating the Plan

Viktor Frankl Image by Shannon

Life Planning Part I: Are You a Tool?

"He that is of the opinion money will do everything may well be suspected of doing everything for money." ~ Benjamin Franklin

Are you using your life as a tool for a money plan or do you use money as a tool for a life plan?

At the core of my philosophical belief system with regard to money and personal finance, is life planning.  Essentially, I believe life planning is the antithesis of conventional financial planning, or what I call money planning.

The Money Plan:  This is the conventional financial plan.  It is almost entirely quantitative in nature.  The money plan implies that you must use your life as a tool to accomplish money-oriented goals.  In other words, to accomplish the objectives of the money plan, one sacrifices one's health and well-being to climb the corporate ladder, to save more money and to retire sooner and wealthier. Conventional financial planning, in the form of a money plan, perpetuates the root cause of stress -- the pursuit of money, material wealth and social status.  In order to reach money goals, one creates a money plan.  To reach this money-oriented reward, you are the tool -- not the money.

The Life Plan:  Life planning, as opposed to money planning, is completely opposite in its essence -- money becomes the tool and the life becomes the benefactor of its utility.  Life planning is almost entirely qualitative in nature -- it is more art than science.  One forms the life plan first and the money-oriented planning becomes one of the ingredients to fulfilling the life plan -- to making a life.  I like to say that life is not a tool for a money plan -- money is a tool for a life plan.

"He who would learn to fly one day must first learn to stand and walk and run and climb and dance; one cannot fly into flying." ~ Friedrich Nietzsche

So how does one form a life plan?  The process is certainly not difficult or complex in its form but deserves more than one blog post.  I will dedicate a total of three posts to life planning and how it can lead to a meaningful existence -- something a money plan will not likely accomplish.

Don't be a tool!  That's a job for money -- not you!

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Related Posts:

Life Planning Part II: The Search for Meaning

Life Planning Part III: Creating the Plan

Finding Beauty in Ugliness

"You can't depend on your eyes when your imagination is out of focus." ~ Mark Twain

In essence, the greatest human fear is that of the unknown. We would prefer to see something ugly in plain view than to feel and see the nothingness of the dark -- and often the picture painted by one's imagination is an extended and magnified version of whatever emotion one is currently experiencing.

For example, in "bad times," as we are experiencing now, one's imagination will likely fill the empty spaces of information (unknown) with extreme pessimism and horrific images.  Similarly, in "good times," one's imagination will likely fill in any existing empty spaces with over-confidence and positive images.

This is why financial planning is especially crucial in extreme conditions.

"All human situations have their inconveniences.  We feel those of the present but neither see nor feel those of the future; and hence we often make troublesome changes without amendment, and frequently for the worse." ~ Benjamin Franklin

Because of the weight of our feelings in the present moment, the path upon which we place ourselves for the future is often misguided.  How many people three years ago imagined (and planned) to reach a financial goal, such as retirement, by this year, 2009?  I am confident there were many.  Of course, not many people (or financial planners) in 2006 likely imagined a generational decline in financial markets and a reduction of net worth by fifty percent by 2009; however, I am confident that many people (and financial planners) were incorrectly assuming that the "good times" would continue perpetually into the future. 

By the same reasoning, how many people today are imagining the next three years will be dramatically better than the last three?  How many people today do you think are imagining bright futures ahead of them?  Probably a lot less than three years ago.

"Plans are worthless.  Planning is essential." ~ Dwight D. Eisenhower

A static plan in a dynamic environment can lead you right over a cliff.  Prudent financial planning, however, is a dynamic and evolving process, which is crucial in a dynamic environment and, metaphorically speaking, is the light that shines on the truth amidst the darkest corners of our imagination.  This is why financial planning is so crucial, especially in extreme conditions, when one's imagination is most likely to see something that is unlikely to transpire.  As challenging as these economic times may be, it is arguably better to see absolute ugliness in plain view than to allow your imagination to fill in the scenes of absolute darkness and uncertainty with images that may be worse than reality.

This is the beauty of ugliness -- an ugly reality is preferable to an even uglier picture painted by your imagination.

Life 'must be lived forwards'

History certainly has its value but it is difficult to prudently move forward if we are focused too intently on looking backward.

What's more, the present moment is valuable in terms of mindfulness and self-awareness, but can also be a source of anxiety, especially if we allow ourselves to be disturbed by the noise that surrounds us.

Today's Uncommon Wisdom comes from one of my favorite philosophers, Soren Kierkegaard (1813-1855):

It's quite true what philosophy says, that life must be understood backwards.  But one then forgets the other principle, that it must be lived forwards.  A principle which, the more one thinks it through, precisely leads to the conclusion that life in time can never be properly understood, just because no moment can acquire the complete stillness needed to orient oneself backward.

I believe the modern-day analogy of driving a car works well:  We should be mindful of the task at hand   (the present moment) and eliminate distraction to the best of our ability; check the rear-view mirror from time to time but not to the point of fixation; keep our own pace with the underlying goal of "arriving on time" with little regard for the pace others are keeping; and we should try to see the big picture so as to see, not only a few feet in front of us, but the road ahead and all that surrounds it.

In fact, perhaps we could travel well if we attempt to drive on a road that is a bit less traveled... 

What are your thoughts? 

Balancing Responsibility & Adventure

"We have to recognize accident, i.e., the fact that there is no formula, no 'principle', which covers all things; that there is no totality or system of things.  And this recognition at once supports a life of 'responsibility and adventure' and leads to scientific discovery." ~ John Anderson

Are responsibility and adventure equally essential in the grand scheme of things?  Does life "happen" or is it planned?  Or is it both?  Life, after all, is much more art than science and many of the greatest moments, the most memorable achievements and the highest joys in life are often unplanned.

Could it be that the whole of responsibility and adventure, balanced together, are greater than the sum of the two separate parts?  If so, how may we achieve the ideal balance for the greatest potential return? 

I believe we should think in terms of discovery and maximizing the potential of its occurrence: 

• Responsibility and adventure, each in their respective nature, are opposing forces.  Both of them, however, share the same objective, which is discovery.
• Many discoveries begin with responsibility in the form of a plan.  Historically, some of the greatest discoveries, however, were accidental, yet the original course of which still began with a scientific or planned objective.   We have a strong case for responsibility.
• The discovery, however, is often made far away and beyond the shores of responsibility.  At times discovery cannot be made without opening our minds to the possibilities and stretching our imagination and risk tolerance beyond the outer limits to capture the complete discovery potential.  We also have a strong case for adventure...

We may logically deduce, therefore, that responsibility and adventure play important and quite essential roles in the process of discovery...

"No wind serves him who addresses his voyage to no certain port." ~ Michel de Montaigne

I've never been a proponent of the use of quantitative data to tell me what the future will hold for a largely qualitative -- that is, our life -- destination.  With that said, however, moving forward without planning is foolish.

Money certainly is no stranger to the application of responsibility and adventure and financial planning has significant parallels to our observations here:

• Which one is wiser:  Sacrificing our well-being now by saving our money for some distant goal in the future or spending our money now on material pursuits and short-term pleasures only to risk our future well-being?
• I tell clients that a combination of both is prudent.  Planning is responsible but leaving no room for adventure can be quite self-defeating.
• We must also remember that there is a difference between goals and rewards:
  Goals are typically long-term endeavors that derive from responsibility and should be planned.
• Rewards are typically short-term pleasures that derive from adventure and may be planned or unplanned. 

Ultimately, we should attempt to make responsibility the plan and make adventure the journey...

"A life without adventure is likely to be unsatisfying, but a life in which adventure is allowed to take whatever form it will is sure to be short." ~ Bertrand Russell

We must, therefore, come to the realization that responsibility and adventure should be balanced and also that one is not prudently practiced without the other: 

• Responsibility points us toward a certain port.  Adventure inspires an alternative route.
• Responsibility in absence of adventure and adventure in absence of responsibility are both consistent with self-defeating behavior and tend to be much more limiting than enabling.
• Responsibility is the plan.  Adventure is the journey.
• Responsibility embraces the known.  Adventure embraces the unknown.
• Responsibility minimizes risk.  Adventure maximizes return. 
• Responsibility employs science.  Adventure employs art. 
• Responsibility seeks the goal.  Adventure seeks the reward.
• Responsibility is a choice; Adventure is a choice; Discovery can occur as a result of either; but the potential of discovery is maximized by some combination of the two. 

"The best and safest thing is to keep a balance in your life, acknowledge the great powers around us and in us.  If you can do that, and live that way, you are really a wise man." ~ Euripides

Balancing responsibility and adventure can be a challenge in itself but finding just the right balance is quite the struggle for many of us.

Whether you are planning a journey alone or with a spouse or a partner, the most important element of the journey is agreeing on the destination.  Once the ultimate goal is clarified then the means of getting there becomes secondary. This destination should be something that brings meaning and purpose to your life; therefore, money enters the equation only as a tool to serve that meaning and purpose.  This may be an oversimplification, but if we begin our journey with responsibility and open our minds to adventure along the way, we may be more successful and, more importantly, more fulfilled.  

"Moderation, which consists in indifference about little things, and in a prudent and well-proportioned zeal about things of importance, can proceed from nothing but true knowledge, which has its foundation in self-acquaintance." ~ Plato

The remaining gaps in my simple frame of balancing responsibility and adventure should be filled by self-awareness.  If you know yourself, you will be aware that you may lean too far toward responsibility or you may lean too far toward adventure.  You may then make adjustments accordingly and moderation will be central to the success in balancing the two...

In summary, the path of your journey should not be a straight line, as absolute responsibility would have you do, and your path should not be without direction, as absolute adventure would have you do.

Much like an investment portfolio, it is most likely that a combination of responsibility and adventure will yield a much higher return with a lower level of risk than either of the two taken separately. 

Ultimately, the greatest discovery is that of self-discovery, and it absolutely requires both responsibility and adventure in our journey to the destination of a meaningful existence...

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Related posts:

Mind vs Brain Part II:  Priorities, Pursuits and Productivity

Enabling Opportunities

Five 'Whys'... and One 'Why Not'

"He who has a why to live for, can bear almost any how." ~ Friedrich Nietzsche

One of my favorite professors from my MBA studies introduced to me "The 5 Whys," which was most notably used by Toyota corporation.  Essentially, it is a method of asking questions to find the root cause of a given problem.  As the name of the method suggests, a troubleshooter should generally arrive at the root cause of a problem after asking the question, "Why?" five times...

As you may imagine, "The 5 Whys" is quite interesting to me, especially considering its seemingly close relationship to the Socratic Method of inquiry, which is a quite effective means of arriving at "the truth" by asking a series of questions.  The 5 Whys, however, is more of an incremental path from effect to cause rather than a clever means of proving a point through the use of logic...

I thought it would be interesting to try The 5 Whys technique on a common personal finance problem to see if it may be effective in finding the root cause:

The Problem:  "I'm not sure when or if I'll ever be able to retire." 

Why?  "It takes a lot of money to retire."

Why?  "I have to replace my current income with my savings."

Why?  "So I don't have to 'work' anymore."

Why?  "Because that's what retirement is..."

Why?  "I don't know... That's what they say..." 

In the preceding case, the interviewee was led to the root cause of the problem:  Retirement was not defined by the individual  -- it was defined by conventional wisdom, which is commonly referred to as "they."

I must admit that my "five whys" were created to prove a point:  When it comes to personal finance, or almost any personal endeavor, the "root cause" to most problems is a lack of understanding or awareness of the problem in the first place or, more specifically, a lack of self-awareness... 

"You see things; and you say 'Why?' But I dream of things that never were; and I say "Why Not?" ~ George Bernard Shaw

One of the reasons I am so fond of the use of philosophy is that it perpetually asks  the question "Why not?"  Asking "Why" has the tendency to come across as judgmental and implies that the interviewee has done something wrong.  Asking, "Why Not?" has more of the effect of opening the mind to possibilities, expanding horizons, and revealing truths that have yet to be discovered...

Referring back to our 5 Whys, we may instead ask, "Why not define retirement for yourself?"  The problem here is that our capacity to succeed at anything in life is only limited by our imagination.  If our imagination is limited by the external influences of the world, then logically, our potential is limited by the same degree... 

Consider this equation: 

Imagination - External Influences = Potential

Put simply, if our External Influences exceed our Imagination, then our Potential is negative! Look back at the equation, do the math, and think about that...

What are your thoughts?  Are you limiting yourself by giving outside influences control over your life?  Why?  Or why not allow the limits of your imagination create your boundaries?   

To "why" or "why not" -- that is the question...

Enabling Opportunities

"As for the future, your task is not to foresee it, but to enable it." ~ Antoine de Saint-Exupery

Which of the following is more likely to produce the best outcome -- randomness or organized plans?  Or is there something in between that is best?  Let's reflect a bit before arriving at any conclusions...

No matter how small or large, think about the greatest moments, events, accomplishments, and milestones in your life.  Did you follow a "plan" to reach them or did they just "happen?"  Were the best parties you've ever attended, "planned" or did they somehow start spontaneously and turn into something amazing?  Were you looking for your career or did it "present itself" to you?  Are you currently working in the same field for which you studied in college?  What were the circumstances surrounding the first meeting of you and your significant other?  Were you "put together" or was the meeting so random that it almost didn't happen?

The investment advisor and financial planner in me sees the value and importance of plans (i.e. budgets, retirement plans, specific goals); however, the philosopher and dreamer in me feels constrained and limited by "boundaries."

"In the cultivation of the mind, our emphasis should be not on concentration,  but on attention.  Concentration is a process of forcing the mind to narrow down to a point, whereas attention is without frontiers." ~ Krishnamurti

It is quite possible to narrow our attention to the point that we increase the odds of missing those "accidents" in life that are so precious and so few.  I must say that it would be foolish of anyone to expect they will reach a destination, such as a financial goal or a life-long dream, without taking at least some organized steps to get there.  But, since we all must find our own unique path and life is much more "art" than it is "science," it may be equally foolish to follow an organized "plan," especially for long-term goals -- the most important ones in life -- and expect to reach that destination accordingly.  Furthermore, it is quite possible that your ultimate destination will change...

"Plans are worthless.  Planning is essential." ~ Dwight D. Eisenhower

While planning is important and has the potential to reveal important truths, plans can be misleading.  In other words, planning represents "the journey:"  It is "dynamic" or changing as we grow; it keeps us moving forward and open to the unknown; and it is "art."  A plan represents "a destination:" However, it is "static" or unchanging; it derives only from information which we already know and leaves little or no room for future unknowns; and it is "science."

As you may imagine, I have assembled many financial plans, including those for retirement, cash management, budgets, and specific investment goals, for clients.  I have found that the final "plan" is not nearly as valuable as the actual "planning" itself.  Just the process of organizing the required data and asking the right questions will often place us on the best path for success while, simultaneously, decreasing the need to refer back to the "written plan" for guidance...

"Too often we are so preoccupied with the destination, we forget the journey." ~ Unknown Author

So, what is this place to be found between randomness and organized plans?

I believe in "enabling opportunities..."

Perhaps we should view the act of planning as the enabler of opportunities -- a dynamic journey that we should seek -- not a static plan that represents one "destination," which may not even be our "ultimate destination."

The act of planning has its worth and, since life "happens," we must keep our eyes and minds open to opportunities that often come along without our knowing it in advance.  This way, we "enable" the opportunity simply by the act of planning itself.  Planning, which is followed by some form of implementation, must then be followed by monitoring and changing as life changes with it.  Conversely, we must take care not to mistakenly "disable" an opportunity by focusing too intently on "sticking with the plan" without amendment...

What do you think?

I would love to hear any "stories" you may have where "plans" were not as successful as "randomness..."  Even better, do you have any examples of "enabling opportunities," where you engaged in "planning" but did not specifically follow "an organized plan" to reach an ultimate destination?

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Related Post:  Dying to Live

Dying to Live

"We say that the hour of death cannot be forecast, but when we say this we imagine that hour as placed in an obscure and distant future.  It never occurs to us that it has any connection with the day already begun or that death could arrive this same afternoon, this afternoon which is so certain and which has every hour filled in advance."  ~ Marcel Proust

You will only live once. Now think about that...

I don't mean that in a "spend money now and live life fast" context.  Unfortunately, that's the socially accepted meaning of a phrase that could otherwise be quite useful for self-improvement.  My purpose for using the phrase, "you will only live once" is to provoke the kind of thought that could potentially set your life's course on the best path.  For many, it takes a Near-Death Experience or a death sentence to shift our thoughts and values on the course to a meaningful existence...

So what does the thought of death have to do with finance or philosophy?  Everything.  In most western cultures, we are programmed from childhood to understand that "money makes the world go around" and that our abilities are measured and limited by monetary means.  Often, our self-worth and perceived happiness is mistakenly tied to our financial worth.

Today, I will provide some educational and anecdotal information that will hopefully aid in getting you on the path to a meaningful existence...

According to the International Association for Near-Death Studies (IANDS), a Near-Death Experience (NDE) is "a profound psychological experience, typically occurring in about 10% of people during a physical or emotional trauma, a life-threatening health crisis, or actual clinical death."  Typically, the experience is marked by a "review" of the individual's life that is indescribable with words.  Consider this description of the typical NDE "life review" from an "NDEr" and author on the subject:

During a life review, many of us experience not only our own feelings, but the feelings of everyone else -- as though all other people participating in our lifetimes are joined.  We can feel, then, how everything we've ever done or said affected others.  The sense is that we don't end at our skin.  It is an illusion that we are separate.  This deep review of our life shows us that, at a higher level of consciousness, we are all connected.

This new perspective totally changes our values and attitudes about the way we want to live.  Materialism decreases and altruistic values become greater in most NDErs' lives.  Almost all of us talk about a sense of mission.

Must it take the closeness of death to bring us closer to life?  What, if anything, else might bring about the kind of changes and realignment of values that will place you on the path to a meaningful existence?  What would you do if you were given three to six months to live?  What changes would you make?  Unless you've had an NDE or were given a death sentence, these questions will be extremely difficult to answer without complete and honest consideration of your life and the impact it has on others.

Perhaps a complete and honest consideration of someone else's life who has been given a death sentence can move us to a "life review" of our own.  Such a case can be found with Randy Pausch, a notable college professor and father of three young children, who was given three to six months to live.  One month after receiving his death sentence, he gave his "last lecture," which I highly recommend and, if you experience it as I did, you will be moved to tears.  Click here to watch it.  The entire piece is one hour and forty minutes but what's 100 minutes for those of us with years or even decades to live?  Six million people have already viewed the moving piece.  Here are some points I took from the speech, which only enhance its effectiveness:

Pausch has 10 tumors in his liver and was given three to six months to live.

The speech centers on three items:  His childhood dreams, enabling the dreams of others, and "lessons learned."

His relative youth, good looks, outstanding communication skills, healthy appearance, complete acceptance of his demise, and his self-described "cognitive dissonance" make his message even more powerful.

He spoke of virtues, none of which were related to money or material objects.

Pausch offered several philosophical views, which became increasingly self-evident with death approaching, that impacted his life.  Here are a few of his words that struck me:

Most of what we learn, we learn indirectly.  These kinds of 'head fakes' are absolutely important and you should look out for them because they are everywhere.

Brick walls are not there to keep us out... [they] are there to give us a chance to show how badly we want something.  The brick walls are there to stop the people who don't want it badly enough.

Respect authority while questioning it.

Don't complain.  Just work harder.

If your kids want to paint their bedroom, let 'em do it.  Don't worry about the resale value on the house.

[Life] is not about how to achieve your dreams.  It's about how to lead your life.  If you lead your life the right way, the karma will take care of itself.  The dreams will come to you.

Without adequate words to add, I will end this blog post the same way it began and, hopefully, the words will have different meaning for you this time...

You will only live once. Now think about that...

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Sources and Additional Resources:

Randy Pausch's homepage, including updates on his status.

One Man Who Gives Thanks Daily, by John A. Byrne, BusinessWeek, November 21, 2007.

"Hat Tip" to TheKirkReport

Barbara Harris Whitfield's Near Death Experience

Related Financial Philosopher posts:

Can Money Really Buy Happiness?

The Path To Thanksgiving... Is Ongoing