In this episode of "Built For Life, Not Just Money," hosts Ryan Burklo and Alex Collins delve into the complexities of wealth management beyond mere financial metrics. They discuss how, for high net worth individuals, money transitions from being a problem to a source of tension, as conversations shift from basic financial survival to deeper questions about values, legacy, and the purpose of wealth. The hosts emphasize the importance of understanding one's values and priorities when it comes to financial decisions, highlighting the need for a decision-making framework rather than traditional budgeting methods, which often fail to address the unique challenges faced by affluent families.

The conversation also touches on the emotional weight that comes with wealth, particularly the fears surrounding the next generation's financial stewardship. Ryan and Alex explore the archetypes of wealth management—stewards focused on preservation and architects who prioritize experiences and impact. They conclude with a thought-provoking question about what will truly matter in the long run, encouraging listeners to reflect on their values and the legacy they wish to leave behind. This episode serves as a reminder that financial success should align with personal fulfillment and meaningful living.

Check out our website: https://www.builtforlifenotjustwealth.com/

Find us on YouTube: https://www.youtube.com/@builtforlifenotjustwealth/

Subscribe to our newsletter: https://www.quantifiedfinancial.com/subscribe-now

Check out our Instagram: https://www.instagram.com/ryanburklofinance?igsh=ZTJzN3Jnajd5M2Mw

Ryan Burklo's LinkedIn profile: https://www.linkedin.com/in/ryanburklo/

Alex Collin's LinkedIn profile: https://www.linkedin.com/in/alexandercollins/

For a quick assessment of your current financial life go to: https://www.livingbalancesheet.com/lbsVision/lite/RyanBurklo

#BuiltForLifeNotJustWealth

#wealthmanagement

#financialplanning

#highnetworth

#moneymindset

#legacyplanning

#financialstewardship

#budgeting

#values-basedfinance

#familyfinance

Takeaways

Money is just a tool that allows us to accomplish our goals.
When money stops being a problem, it becomes a tension.
High net worth individuals often struggle with what to do with their money.
Budgeting breaks down at higher net worth levels; a decision-making framework is needed.
It's essential to consider what will make you feel proud 20 years from now.

Chapters

00:00 Introduction to Financial Purpose
00:38 From Money Problems to Life Values
03:05 Understanding Wealth Roles: Stewards vs. Architects
04:10 The Limitations of Traditional Budgeting
06:24 Concerns About the Next Generation
07:28 Designing a Life Without Regrets
09:51 The Importance of Diversification
11:04 Coordinating Financial Advisors
11:59 Reflecting on Legacy and Values