Finding the Purpose of Your Wealth

You can have all the wealth in the world but it often won’t feel like enough if it’s not grounded in purpose. Wealth psychologist Dr. Jamie Traeger-Muney studies how wealth inheritors and creators approach the question of “What’s the purpose of my wealth?” She has spent decades observing the qualitative aspect of financial success, and analyzing the human relationships behind data on wealth planning. She shared her actionable three-part method for finding that purpose, which starts with self-reflection on the past, present, and future.

Step 1: Explore Past Influences

Reflecting on your origin story
How and when you were raised influences your approach to current financial decisions. Reflecting on the implicit and explicit money messages and lessons you learned as a child can help you evaluate the validity of these narratives in your world view today.

Ask yourself: Are these helping me create the legacy I envision? If not, what new storylines can I incorporate to meet my current needs and goals?

Tracing shared values
Delving into your personal history will often follow your family’s journey. Whose shoulders are you standing on, and is it where you want to be? If not, try reconnecting with the family values you want to emulate, while accepting any difficult realities of the past.

“Seek out family or friends who can provide accurate information about your shared history,” Jamie said. “It can help address the mystique that often surrounds past success.”

Navigating your emotions
Learning the truth about your family’s stories of struggle, hard work, and sacrifice are good reminders to keep your expectations feasible, especially when challenges arise in your journey. One challenge is navigating the complex emotions around wealth. Jamie has observed unspoken feelings of shame and loneliness that come with generational wealth, privilege, success, and legacy.

If these feelings come up, acknowledge them without being hard on yourself, Jamie advised. A lack of empathy can result in self-limiting and destructive narratives that distract from finding your purpose. Seeking out safe spaces with like-minded people allows for honest conversation, connection, and understanding.

Step 2: Envision Your Future

Create your future now
Moving from the past to the future, examine your idea of legacy now and notice if it’s changed. Did mining the core stories from your past help you recognize a forgotten personal interest or value you want to pursue? This process is the start of incrementally “future-creating,” anchoring your identity in a value system and using today’s resources to support your desired outcome.

Make your vision concrete
Jamie suggested envisioning yourself 10 years from now, to create your future now. Who are you, in detail? What do your family, career, interests, goals, and contributions to the world look like? How do you feel about this version of yourself, and is the idealized future a place where you have more purpose than today? Then you can start connecting the two.

Step 3: Connect Your Present

Bring past and future reflections back to the present
Using the past and future as guides, the third step is to address the present. What are you involved in that makes you feel like your truest self? Where do you feel most fulfilled? These touchpoints will lead you to your natural talents and supporting causes you genuinely enjoy.  

Articulate your plan  
The next step is accountability in reaching your goals. Declare your vision of success out loud to an accountability partner in a non-judgmental space, because it will increase the probability you will follow through on your action items.

“Finding your purpose is an evolving plan, not a set-it-and-forget-it approach,” Jamie said. “Revisit your vision every three to five years to tailor a future self that is bespoke to your growth and changing needs.”

Keep an open mind
Finally, challenge yourself to question typical views of success and free yourself from self-judgment. Envisioning a different future doesn’t require permission, so be as wild as possible in declaring what you want. You can incorporate joy and fun in the reflection process to bring light to and remove pressure from legacy discussions.