Still Hunting for Security
Still hunting for security
When we meet with clients at Wisdom Investments, we utilize the Bill Bacharach values based financial planning approach. I’ve been using this value stack method for about a decade and the process helps me learn what’s actually important to my clients regarding their financial lives and their lives in general. Many of my clients are faith-based clients who ultimately want God at the top of the list of what’s important to them. However, before we arrive at our client’s top most important value , whether honoring God, leaving a legacy, or attaining joy, we often hear the word SECURITY come out of our client’s mouths as a first value concern. We all probably remember Maslow’s hierarchy of needs from our youth and study days. Safety/Security is the second need to be fulfilled on the hierarchy of needs.
I’ve had a couple of epiphanies with this hierarchy of needs and my client’s desire for security over the years. The most frequent occurrence regarding the word security typically stems from clients who’ve been saving their whole lives and just want to ensure their needs for today and the future are met. Most of these folks are actually secure already or have a plan that does ensure security for the future. And, with some coaching, they recognize they are secure and can move on to next steps that are more important in their value chain.
The next most frequent occurrence I see is the widow or the divorcee that is rebuilding his or her life in a different way. They no longer have their other half to rely on and they tend to feel an intense need to be secure again. They might have already felt their need for security was fulfilled in the past and now the rug has been swept out from underneath them and they don’t feel secure anymore. The problem of losing your spouse often looks like a part of the foundation was swept out from underneath you and you’re trying to find which load bearing wall is best for you to lean on. You feel alone and all of the weight and pressure is now on you. The clients often need help realizing that they are or can be secure again and often need a little coaching and proof regarding their newfound reality.
Recently, I realized/internalized/discovered a new type of security need that is felt amongst business owners, investors, and generational wealth achievers. While I was sitting in my prayer and meditation time, I felt the question come to me “Aren’t you happy Jose? Look what you’ve done. Have you not attained success?” I had to stop and sit in that thought for more than a moment. As a business owner who helps other people accomplish their goals and realize their dreams, I’m also realizing my own goals, dreams, and vision for the future. And sometimes, the vision doesn’t feel complete.
A little more than ten years ago, I gave up security from a large corporation in JPM Chase. I left with zero assets under management, liquidated my enter life savings and began to build a financial planning and investment practice. As you can imagine, that didn’t feel so secure. Throughout this 10 year period of time, I experienced a multitude of experiences, emotions, setbacks and accomplishments that could mirror the volatility of the stock market! I’ve experienced many ups and downs. Because of my knowledge of the nature of markets and the success or failure of businesses, I’ve just kept operating in a similar fashion as when I started the business. I continuously reinvest in the business and have repeatedly changed processes to optimize the business for future growth and to weather future potential storms. So, it’s kind of felt like I haven’t made it yet. But I realized when I answered that question, I have made it and I don’t have to operate the same as I did ten years ago. If I only operate out of a need for security then I can’t move on to the next most important values I have, with an ultimate desire to self-actualize and experience everything God wants for my life. We’ve experienced security, so I focus on other things. I realized so much of my life was about accumulation and being set for the future, that I lost sight of all of the other values and goals that are relevant to me in my life. It’s like I had blinders on and had to keep moving toward that first initial value without ever questioning, “Am I secure yet?”. I wish I realized this sooner and I wish I could tell you when I should have felt secure!
Maybe you have felt this way in one way or another. Maybe you’ve been grabbing on for security in your goal planning, money or possessions. What does it look like for you to be secure when you already have enough? How much security does one person or family need? How will you measure that, so that you can focus on the next most important values in your life?
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Jose A. Cuevas III, CFP®, CKA®
President & CEO
Wisdom Investments
224-735-7185
Jose@wisdominvestments.com