The Spiritual Aspects of Financial Planning – Part 1Posted on December 16th, 2012 under Wealth of Advice
By Francisco J. Colayco
One of our team members at the Colayco Foundation, Arthur Ladaga helped me in an article for my blog. Being Christmas time, I think it might be a good article for your reflection.
Let me share his article with you. Due to space considerations, I have divided it into three.
“We are often asked a lot of questions. Most of it has to do with the best investment option. There’s nothing really wrong with the question. With all different kinds out there it’s hard to choose the right one. Each has its strengths and weaknesses. Different people also have different of preferences. What is it that really helps in choosing the best one? The answer is simply first and foremost, to know one’s financial objective.
Your financial objectives revolve around three things: Purpose, Target, and Time. Purpose is the reason why you are investing in the first place. Target is your desired amount to reach. And lastly, time is the period you have to achieve your target. Knowing your financial objective helps in choosing the best instrument around because each instrument is unique.
And yet when most people are asked of their financial objectives, most people cannot give a straight answer. Some people reply “I want to be rich.” There’s nothing wrong with it but it’s still not well defined. Others are absolutely clueless, as if staring at an imaginary wall. And there are those who get upset and say “I don’t have one! I just want to have more money!”
Time and time again we emphasize the need to know to one’s financial objectives. Its usefulness knows no bounds. The most successful individuals are those who know their goals by heart. They can even say it while they’re sleeping. And yet at the heart of proper financial planning lies a spiritual essence that many ought to discover. Religious or not, you must realize that money is also a spiritual matter that needs to be dealt with. Knowing the spiritual aspects of financial planning will enable you to realize its importance in a more profound sense.
Separation from Money
When we do financial planning, we are actually separating ourselves from money. Most people will find this absurd. “I want to have more money. Are you telling me that I shouldn’t want it?” To separate yourself from money simply means not desiring money for its own sake!
Some of you may recall the quote “the love of money is the root of all evils…” (1 Tim 6:10, New American Bible). Money itself is not evil if you read the verse carefully: “For the love of money is the root of all evils, and some people in their desire for it have strayed from the faith and have pierced themselves with many pains.” The real evil is to desire money for itself that one forgets the most essential things in life. One writer cleverly summarizes it this way: “What is essential is invisible to the eye.”
When you do financial planning, you are telling yourself not to seek money for itself. Seeking money for its sake can corrupt the human soul. How many important relationships have ended because of the distorted desire for money? How many people are miserable despite having lots of money? Self-mastery is an important trait to have when dealing with money. Money is a powerful ally to wealth but it can distort you when not properly handled.
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