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How To Use Money To Fulfill Your Purpose

How To Use Money To Fulfill Your Purpose

We’ve heard of putting our money where our mouth is, but how do we put it where our heart is?  Is such a thing possible?  Can we use money to better fulfill our personal purpose?

With focused work, yes, we can use money to fulfill our purpose.  Cultivate a balanced financial perspective and put your money to work for you, by adopting this mindset.

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1. Accept that money is a tool, and you need it.

That’s all money is—a globally recognized tool that can be exchanged for things you need or perhaps want. While en vogue to pretend like money does not matter, it does. Money can’t buy health, but it can buy medical supplies; money cannot buy happiness, but it can buy an outing for your child or food for a pet, which is perhaps the closest we come to paradise on earth. Money cannot buy love, but it can be used to fund your favorite charities, creating more love in this world. Accept that you do need money. You do not, however, have to become consumed by that need.

2. Realize that tools are meant to be used.

There is a line between preparing for the future and living in the present; it is particularly challenging to walk this line when dealing with finances. While it would be irresponsible and immature to go into debt for trivial comforts, we amass wealth so that we might one day buy houses, send kids to college, take pleasant vacations, or pursue expensive hobbies like photography or sailing.  When the time comes to spend money on those things, and you have the money, spend it! Spend it with joy and completely without regret—that is what money is for.  When you end up spending large sums on things you did not plan for, such as a new car when yours breaks down, braces for a child, or a new stove, spend it with joy and completely without regret—again, that is what money is for.

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3. Leverage your assets to increase your own happiness.

What makes you happy? Is it a particular hobby, charity work, trips to a meaningful location? Whatever it is, it likely requires gas to get there, equipment, or perhaps childcare or a day off of work without pay to actually pursue these activities. When do you feel best? Is it when you work out regularly at that gym you like, when you get a massage, when you shop at organic food stores? Nearly everything requires some sort of financial output. Spend your money on what makes you feel and live your healthiest and happiest.

4. But first, leverage your assets to discover what makes you happy.

Not entirely sure what your purpose is, or what makes you happy?  Start saving up to take a class, join a hobby club or association, donate your time as a volunteer, or fund a trip.  Pack a journal (purchased with—you guessed it—money!), and take note of when you feel the most relaxed, smile the most, and are at your personal best.  Not feeling it yet?  Save more money, try something else.  Or, treat a trusted mentor to a nice dinner and ask for their advice.  Eventually, you will find a place where you fit and an activity that invigorates you.

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5. Politely ignore others.

While others can contribute to your happiness, they cannot make you happy. Likewise, while others may be able to help shed light on your purpose, and share their wisdom about how you might most effectively use money to fulfill your purpose, it is your money and your purpose. Be bold when you need to be.

Struggling to identify and articulate your purpose?  Check out these 5 Steps to Find Out Your Life Purpose.

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Featured photo credit: Nina Matthews Photography via flickr.com

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Last Updated on March 29, 2021

Life Insurance: A Secure Way To Protect Your Future.

Life Insurance: A Secure Way To Protect Your Future.

Life is a journey full of ups and downs. No one can actually predict what might happen the next moment; there are times where the happiest moments do not even take a second to turn into the gravest. Planning for your future can help you face such unwelcomed but irrepressible situations with much ease. We all want to make every memorable event of our life more special and to cherish all those moments happily and worry less, you must financially plan your future. But no one has control over life and death. Who would wish to see his family suffer in his absence? Insurance hands over the financial jeopardy of life’s happenings to an insurance company.

Importance of getting a life insurance

No one has control over life and death. Nobody would like to see their family suffering in an absence, and that’s why many people recommend life insurance. A life insurance plan is one of the best ways to secure the future of your family, even against those financial troubles after an untimely demise. These plans are safe and credible, and you could trust them for your family’s better future.

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On the other hand, a life insurance policy is a contract between a company (insurance provider) and policyholder in which the insurance provider ensures to pay a certain amount of money to the nominated beneficiary in case of the policyholder’s death during the term of the agreement. There are different types of insurance plans, and it is important for you to know the benefits of those plans such as a funeral, medical or some life expenses provided they are mentioned in the agreement.

Choosing the right insurance plan

If you’re about to select an insurance plan, you should consider some important factors:

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  • The time at which you start investing in a program and the number of family members you want to get insured. Obviously, a married man with two children has different needs compared to a single one. The number of persons who are dependent on an individual also varies from person to person.
  • The next thing you need to consider is you and your family needs. What are your child’s dream, your retirement plans, for how long would your dependents need financial support, any personal injury, etc. And do not forget those events or situations that will surely demand a huge sum of money.
  • The next thing one must consider is your current income. You should preferably choose a plan which you can afford.

Now you must be having a pretty clear idea of how to choose the best plan for you. Further, you should also compare various plans offered by different companies and numerous sites available online that help will you to compare them.

Differences between life insurance plans

Here’s a short brief of some plan categories you can choose according to your needs:

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  • Term Insurance Plan – You have to pay once, and your nominee gets the paid money under your misfortune demise. It ensures a person for a fixed time. If you survive the policy period, you do not get your premiums back.
  • Whole Life Policy – This plan continues for your lifetime. Under this, the policyholder has to pay regular premiums, until their death.
  • Endowment Policy –  In case the individual dies during the tenure, the beneficiary gets the amount assured. If the person survives the policy tenure, they gets back the premiums paid with other investment returns along with several other benefits.
  • Money Back Policy – In this a portion of the money invested is returned to the investor at regular intervals. If you survive the insurance term you get the entire amount back; else the beneficiary receives the entire sum assured.
  • ULIPs – These are the life insurance plans that offer you future security plus wealth creation options.

Many people do not opt for whole life policy and endowment policy because of the high amount of money you need to pay, while others may prefer to opt for these if they have a high life expectancy. Surely you will find the best one for you.

So what are you waiting for? Plan for your future and live a happier and carefree life today.

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Featured photo credit: aryehsampson.com via aryehsampson.com

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