Many who pursue wealth are often in pursuit of money and material possessions. They want to buy a bigger house, drive nicer cars, wear fancier clothes, and gain membership to exclusive clubs. It’s all for show and to keep up with the Joneses.
Sadly, those who pursue things often come up short because instead of building meaningful wealth, they go into debt to acquire things and to keep up appearances.
“Being the richest man in the cemetery doesn’t matter to me. Going to bed at night saying we’ve done something wonderful, that’s what matters to me.” –Steve Jobs.
Those who pursue money don’t do the work to establish lasting wealth. But what about those who pursue wealth with a purpose? Is it possible to live and invest with purpose and still create wealth?
Many people reach points in their lives where they want to pursue wealth and financial independence but don’t want to lose their identities. They want to do good and leave a lasting legacy.
But some feel it’s not possible to create wealth with a purpose. They think they must choose between earning more money and doing more good in the world. For example, a lawyer is presented with an opportunity to work for a non-profit organization. He can do more good, but he won’t be making more money.
It’s those types of choices that make people think about their values. What’s most important in life? What type of legacy do I want to leave behind? People with values and purpose don’t want to get caught up in the material world by pursuing wealth and riches, but they don’t know if achieving both is possible.
Is it possible to live with purpose AND achieve wealth? YES!
There’s good news for those seeking wealth while living with purpose. Some studies show that those pursuing a purpose-driven life achieve wealth more readily than those just chasing money and things.
But it turns out that people who have a reason to work that is bigger than making money are happier and make more money, too.
A recent study revealed that 28 percent of people are purpose-oriented, identifying them as “the most valuable and highest potential segment of the workforce, regardless of industry or role.”
We call this a BIG WHY: something bigger than making money that you can never check off as complete. Chuck Blakeman, New Study: Stop Chasing Money. You’ll Be More Successful Pursuing a Big Why.
The 28 percent who express this Big Why approach to life are motivated by two things:
- Personal Fulfillment.
- Serving Others.
In contrast, the other 72 percent are motivated by:
Surprisingly, the study showed that 28 percent who are purpose-driven don’t make less money than the 72 percent that are money-motivated. The research says, “By every measure, they have better outcomes than their peers.”
- Are much more fulfilled at work.
- Do better work and get higher evaluations.
- Have much longer tenure in their companies.
- Are bigger fans of the company.
- Are much more likely to become leaders (and make more money).
It’s not surprising that those who are purpose-driven are more successful in their jobs and pursuit of wealth. This can be seen among the rich. Those who are purpose-driven are not only more successful but create more lasting wealth than their peers.
In his book, his first book, Making Money Is Killing Your Business, Chuck Blakeman outlined why purpose-oriented people are more successful than stuff-orientated people:
Making money is not an empowering vision. People with a more significant reason to work than making money tend to make much more of it.
A goal realized is no longer motivating. The joy is in the pursuit, not in the acquisition.
We are made to be and to do something significant our whole lives, not just the first two-thirds. There is something for everyone to chase that will get them out of bed every day, and that is bigger than making money.
There are additional reasons ultra-wealthy investors who invest with a purpose are more successful. Their purposes go beyond their lifetimes. They seek to take care of the needs of their heirs and their favorite causes and charities beyond their lifetimes.
Being purpose-driven beyond one’s lifetime changes the way you approach investing. You will speculate less and pursue investing objectives in creating and sustaining lasting wealth.
These objectives include:
- Passive Income.
- Tangible Asset.
- Capital Preservation.
- Tax Benefits.
- Private assets insulated from Wall Street volatility and inflation.
By focusing on these objectives, savvy investors focus on higher purposes such as:
- Multigenerational wealth.
- Leaving a legacy of good intentions and financial sophistication.
- Noble causes and charities.
It is not only possible to live a purpose-driven life but also to do it and be financially successful without sacrificing your values.
By focusing on higher purposes beyond your lifetime, your investment objectives will change to more sustainable assets that can provide for future generations of heirs and charitable causes.
Kyle Jones is a co-founder and Key Principal of TruePoint Capital, LLC. Kyle is responsible for the company’s strategic planning, investment decisions, asset management, and overseeing all aspects of the company’s financial activities, operations, and investor relations.
Kyle obtained a Bachelor of Science degree from Texas State University – San Marcos, where he also played Division 1 Baseball.