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.

“You can’t understand what you’re doing in the present if you don’t examine your past and envision your future,” she explained.

Start by 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?

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.”

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.