Allowances, 85–88
Alternative investments, 41–43
Asset-based pricing, 35–37
Asset protection, 29
Assets under management (AUM), 35–37
Atwood, Joan, 66
Avocational work, 21
Baker, Dan, 84
Bankers, 34
Banking systems, 32
Benchmarks, 141–145
Britt, Sonya, 66
Brokerage systems, 32
Brown, Brené, 4
Burnout, 4
Capital: experiential (play), 127–128, 141; intellectual (mind), 130, 142; physiological (health), 129–130, 141; social (relationships), 128–129, 141; spiritual (purpose), 130–131, 142; vocational (work), 128, 141
Carrey, Jim, 6
Catabolic energy, 54–55, 58, 114
Certified financial planners (CFPs), 18
Certified public accountants (CPAs), 1, 18, 29, 30, 31, 34
Charitable contributions, 15, 29; connecting with charities, 10, 111–112; as trusts, 29, 46. See also Generosity; Philanthropy; Trusts
Chartered financial analysts (CFAs), 2, 18
Children: allowances for, 85–88; bank accounts and debit cards for, 88; education for, 19, 50–51; and family budget, 88; financial education for, 86–89; financial support for, 92–94; hopes and expectations for, 7, 50–52; impacts of affluence on, 20, 21, 22, 34, 83–84; inheritance questions, 94–96; and money issues, 83–84; setting expectations, 92–94; talking to kids about money, 84–86; teaching to invest, 89; and trusts, 97–98; and work, 89–91
Coaching approach, 34
Complexity, 27–28, 47; situations contributing to, 29
Conflicts of interest, 32
Core values, 101–102, 137. See also Values alignment
Cotter, Dave, 109–110
Counseling approach, 34
Custodial arrangements, 29
Debt, paying down, 19
Do-it-yourself (DIY), 18, 27, 31–32
Education: for children, 19, 50–51; financial, 86–89
Einstein, Albert, 54
Emotional intelligence (EI or EQ), 49
Emotional stress, 16–17
Energy, 55; anabolic, 55, 62, 145; catabolic, 54–55, 58, 114
“Enoughness,” 8–9
Estate planning, 94–96
Ethics, issues of, 14–15
Exchange-traded funds (ETFs), 33
Experiential capital, 129, 141
Family. See Friends and family; Marriage; Relationships
Family mission statement, 85
Family office, 2
Financial advisors, 18, 31–32, 34–35
Financial capital, 127–128, 141
Financial consultants, 31–32
Financial education, 86–89
Financial planners, 31–32
Financial planning, 8–9
Financial priorities, 69–71
Financial services industry, 31, 33
Finology, 35
Fixed fees, 36–37
Freud, Sigmund, 89
Friends and family: financial support for, 80–82, 107–108; healthy relationships with, 65; and money issues, 75–79; paying for things, 79–80; social capital, 128–129. See also Children; Marriage
Furnham, Adrian, 66
Generosity, 9–10, 15, 21. See also Charitable contributions; Philanthropy
Giving Compass.org, 46
Giving Pledge, 45
Goleman, Dan, 49
Health and wellness, 4, 129–130, 141; mental health, 4, 129
Hedge funds, 29
Hero’s journey, 113
Hettig, David W., 68
Higher calling: and identity, 114–116; journey to find, 118–121; and life purpose, 113–114; maximizing your return on life, 122–123; and the reason for existence, 116–117; and your unique contribution, 118–121
Higher power/God, 62, 116, 117, 122
Identity, 114–116
Impact investing, 44–45
Income tax minimization, 29
Index funds, 33
Inheritance, 94–96
Insider trading, 40–41
Institute for Professional Excellence in Coaching (iPEC), 54
Insurance agents/brokers, 29, 30, 34
Intellectual capital, 130, 142
Investing Your Life framework, 125, 131, 137, 145–146
Investments: alternative, 41–43; company stock, 40–41; with a conscience, 43–45; environmental, social, and governance (ESG) factors, 44; illiquid, 29; robo-, 32–33; strategies for, 29
Investment theory, 38
Jealousy, 53
Kenny, Robert, 83
Kierkegaard, Søren, 116–117
Koblas, David, 68
Kurtz, Marty, 35
Liability, 29
Life and disability, 29
Life balance, 3
Life portfolio, 125–126, 127; benchmarks, 141–145; building your life portfolio, 131; experiential capital, 129, 141; financial capital, 127–128, 141; intellectual capital, 130, 142; investing your life, 145–146; living fully, 126–127; money supply, 134–137; physiological capital, 129–130, 141; price targets, 139–141; research, 137–139; social capital, 128–129, 141; spiritual capital, 130, 142; taking stock, 131–134; vocational capital, 128, 141
Life Portfolio Assessment, 142
Life purpose, 21, 113–114, 130, 137–139
Limited liability companies (LLCs), 29
Living fully, 125–127, 131, 148
Living Fully audit, 132
Loss, protection from, 19
Luthar, Suniya S., 13
Marriage: determining financial priorities, 69–71; and money, 66; “my money” vs. “our money,” 72–74; role decisions in, 66–67; spending and saving decisions, 68–69; values alignment, 71–72
Mayer, John, 49
Millennials: expectations and measurement of success, 7; and impact investing, 44–45; and socially responsible investing (SRI), 44
Money: conscious vs. unconscious, 57–58; and dating, 74–75; defining “enough,” 8–10; determining financial priorities, 69–71; keeping quiet about, 78–79; and marriage, 66; “my money” vs. “our money,” 72–74; role decisions, 66–67; spending and saving, 68–69; as success, 4–5; values alignment, 71–72. See also Wealth
Money EQ: assessment of, 58–63; conscious vs. unconscious money, 57–58; ownership vs. stewardship, 55–57; relationship with and emotional response to money, 10, 49–52, 144; scarcity vs. abundance, 54–55; shame and guilt around money, 52–54
Money EQ assessment: caution, 60; concern, 58–60; content, 61–62; control, 60–61; diagram, 59
Money history, 50–52
Money management. See Wealth management
Money supply, 134–137
New money, 11–12
Old money, 11–12
Ownership, 55–57
Parkinson, Cyril Northcote, 92–93
Philanthropy, 21, 22, 29, 85; connecting with charities, 10, 111–112; managing, 45–47. See also Charitable contributions; Generosity
Philanthropy advisors, 46–47, 111
Physical health, 4, 129–130, 141
Physiological capital, 129–130, 141
Portfolio managers, 29. See also Wealth management
Powers, Kirsten, 6
Price targets, 139–141
Private equity, 29
Private real estate, 29. See also Real estate
Professional team/advisors, 29–30; attorneys, 29, 30, 31, 34; bankers, 34; certified financial planners (CFPs), 18; certified public accountants (CPAs), 1, 18, 29, 30, 31, 34; chartered financial analysts (CFAs), 2, 18; financial advisors, 18, 31–32, 34–35; financial consultants, 31–32; financial planners, 31–32; insurance agents/brokers, 29, 30, 34; philanthropy advisors, 46–47, 111; portfolio managers, 29; stockbrokers, 30, 31, 32; trusted advisor, 34–35; wealth coaches/confidants, 24, 53–54
Registered investment advisors (RIAs), 20, 32
Relationships: determining financial priorities, 69–71, 108–109; financial support for family and friends, 80–82; friends and family, 75–77; intimidation and empathy, 77; marriage and money, 66; money and dating, 74–75; paying for things, 79–80; with people with similar financial means, 77–78; values alignment, 71–72
Renewal Funds, 57
Restricted stock units (RSUs), 38, 40
Retirement planning, 18, 19, 29, 34, 56, 66
Risk: affordable amount, 19; correlation with returns, 38; embracing, 122; exposure to, 29; lowering of, 38–39; tolerance for, 33, 40; and values, 110–111, 120
Robo-investing, 32–33
Salovey, Peter, 49
Saving, 8, 17, 19, 23–24, 27, 45, 65–70, 72, 107, 134; children and, 85, 87, 88, 90–91
Schneider, Bruce, 54
Securities and Exchange Commission (SEC), 32
Social Venture Partners, 46
Socially responsible investing (SRI), 43–45
Solomon, Joel, 57–58
Spending, 5, 8, 9, 19, 20, 45–46, 51, 56, 59, 60, 65–67, 70, 72, 85, 102, 107–108, 134; children and, 85–88; and saving, 68–69
Stellar, Jennifer, 15
Stewardship, 9, 55–57; and children, 89
Stock market, 20, 38–39. See also Company stock
Stock option exercise timing, 29
Success: beyond money, 5–7; defining, 4, 102; measurement of, 36; and money, 4–5; redefining, 6, 7–8
Tax issues, 29, 33; filing your own, 30–31, 47
Tax loss harvesting, 29
Taylor, Lynn, 102
Taylor Protocols, 102
Trusted advisor, 34–35
Trusts, 29, 95, 97–98; charitable, 29, 46
Twist, Lynne, 56
Unethical behavior, 14–15
Values alignment, 71–72; fear factor, 109–111; putting your money where your heart is, 111–112; values discovery, 103–104, 105–106; walking your talk, 104, 107–109; what do you value most?, 101–102
Values discovery questionnaire, 105–106
Vocational work, 21
Wagner, Richard, 35
Wealth: classifications of, 31; effect on personal life, 21, 34–35; and guilt, 14; and identity, 114–116; and isolation, 13–14, 15; and life purpose, 21, 113–114, 130, 137–139; maximizing your return on life, 122–123; pitfalls and risk factors, 13–16; and the reason for existence, 116–117; sudden, 12–13; transfer strategies, 29; and your unique contribution, 118–121
Wealth coaches, 24
Wealth confidants, 53–54
Wealth creation, 11, 16–18; vs. money management, 37–40; risk perspective, 38
Wealth creators: accidental millionaires, 12; characteristics of, 11–13; jobs attractive to, 12; as new millionaires, 11–13; as “new money,” 11–12; and “sudden wealth” events, 12–13. See also Generosity
Wealth life cycle: diagram, 17; phase 1: creating wealth, 16–18; phase 2: managing wealth, 18–20; phase 3: relating to wealth, 21–24; understanding, 24–25
Wealth management, 2, 18–20, 29–30, 31; approach to risk, 38–39; and complexity, 29; cost of services, 35–37; do-it-yourself (DIY), 27, 28, 31–32; finding trustworthy professionals, 31–32; need for professional help, 30–31; need for sophisticated advice, 33–35; vs. wealth creation, 37–40
Windfalls, 12–13, 23, 56, 73, 94, 121
Work: avocational, 21; value of for children, 89–91; vocational, 21; as vocational capital, 128; wealth creators’ preference of, 12–13