Lifestyle

Patterns of behavior, interaction, consumption, career, interests, and activities are often established by society; influences that are not always recognized. What does “lifestyle” have to do with wealth management? Predicting need without this element cannot be done accurately. Lifestyle is a choice, but every choice has a price tag.

Culture – The traditions and shared experiences valued by a family or group; the holidays, pastimes, gatherings, and worship.

Geography – Living in a large cosmopolitan city as opposed to a remote island will influence lifestyle.

Career & Work Style – working from home without oversight versus an office environment with a system of rules.

Transportation – How you get around can include driving vehicles that personify status or something more economical.

Consumption – Are you a shopaholic, buying for yourself and those close to you, or a minimalist consumer.

Wealth – Securing financial resources for the future. For example, living below one’s means to save and invest versus extravagant spending and/or risk-taking.

Bucket Lists – Seeking experiences viewed as personally fulfilling; travel and adventure, bucket lists.

Faith – Participation in an organized religion and/or pursuit of spirituality.

Health & Fitness – Are you participating in sports and recreation or simply working towards improved health.

Food – Preparing healthy food at home or viewing meals as a social activity.

Hobbies & Activities – The pursuit of things that fulfill and interest you.

Social fulfillment – friendship, community and family. How do things influence our decisions and priorities?

Social Status – The includes community and groups; your family and your profession. Beyond wealth, this can include physical appearance (how you dress) or respect gained as a professional; worrying what others think.

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