How many times have you heard that "nine out of ten dentists agree" on the value of a particular toothpaste? There's nothing like a resounding majority of experts to convince us to be satisfied with something. In truth, the market for establishing what is satisfying, led by JD Powers and other think- tanks and market-researching firms spend millions every year to ascertain not only what people think is satisfying, but what will cause people to think something is satisfying; all in search of the magic numbers that spell success. You're probably very familiar with this trend. Yet when was the last time you rated your own level of satisfaction with your own life? As President, CEO, CFO and Chairperson of the Board of YOUR life, this is a survey to ignore at your peril.
We Financial Life planners survey our clients regularly, taking the pulse of their contentment with a variety of life aspects, including, of course money. The survey includes such areas as Work, Home, Family, Leisure, Health, Community, Learning and Inner Growth. You might wonder why Financial planners care about their clients' satisfaction with aspects other than money and finances. The answer may become evident by taking this survey yourself. Here's how.
Create a list of the areas listed above, including Finances. The areas of Community and Inner Growth may be defined differently by each person. For example, some people see Community as their friends, neighborhood, organizations to which they belong, and define Inner Growth as the spiritual or religious aspects of their lives. Once your list is complete, rank each item with your current level of satisfaction on a scale of one to ten, with ten being the best. Take a few moments to consider each aspect and how you feel about it right now - not how you'd like to feel about it, but how you actually feel right this moment. Ready? Go!
How was that for you? Take note of your visceral reaction to considering how you feel about these aspects of your life. Now review your answers. In general, do you feel satisfied or not so much? Are there aspects of your life that promote great feelings of satisfaction or great dissatisfaction? In my experience, there is a significant spillover effect when there is dissatisfaction in one or more areas of the survey. Here's an example:
Several years ago, I met with a new client who shared that his main goal was to retire as soon as possible. While reviewing his satisfaction survey, I found that his work satisfaction was extremely low and his financial satisfaction was no more than moderate. His health, community, family, home were all very high. In reviewing his financial position, I discovered that retirement at this point was next to impossible. I had no choice but to announce the proverbial elephant in the room. Regardless of his overwhelming desire to stop working, his financial position would not allow him to retire at this time. When discussing this with him and his wife, I chose my words carefully.
"In reviewing your satisfaction survey, I see that there are many aspects of your life that you rank very highly, especially your health, family, home and community. That's great! Tell me more."
"Michael, I am blessed with good health, wonderful children and a beautiful amazing wife. I couldn't ask for more in these areas. Frankly, though, as I told you in the beginning, I'm sixty-one years old and want to retire as soon as possible!"
"Yes, I heard you." I said, as the elephant in the room stood up. "Here are the facts. If I understand correctly, you wish to maintain or expand your current lifestyle in retirement, fund college education for your two younger children, and provide funds for two big weddings. While you have a substantial retirement plan, you also have a considerable amount of debt and not much disposable income after expenses. Have I missed anything?"
He looked at his wife and then at me. "No, that's a pretty fair assessment."
"Tell me about work and why you're so motivated to leave. You are a very successful attorney with your name on the masthead of a prestigious firm. What's up?"
He leaned back in his chair and let out a substantial sigh.
"I'm just tired of it."
"Do you mean the work, or the clients?"
"No, I like what I do. I have great clients and the work is pretty interesting. It's just that..." He paused, searching for words. "I just can't stand the commute. All that time in the car, sitting in traffic - it's worn me down,." He blew out another breath.
Hmm. A question formed in my mind. "I would guess that a great deal of your time is spent on the phone or on the computer, right? In your position, could you work from home a day or two a week?"
"Yes," he stated emphatically, "I could do that; and communicating with staff could be done by phone or email. That might work."
We continued talking about the next steps. There was a new energy in the room, created by the prospect of this life change.
Fast-forward three months to our next meeting.
"Michael," he began enthusiastically, "I am never going to retire. Working from home two days a week has renewed me. I sit on my deck with my laptop and phone, wearing shorts and a T-shirt, and I am productive and totally reenergized."
This increase in work satisfaction changed his desire to retire, thereby giving us the time to clean up the financial issues and work on his other goals. It was a satisfying experience for everyone involved.
Using the previous example, you can see how one area of dissatisfaction expanded into wider-ranging life issues. If your health is poor, there is likely to be a spillover effect into areas such as family, finances, leisure, work, etc. We are the sum of our parts; therefore, it is very prudent to periodically assess our levels of satisfaction and improve areas of weakness or lack. Living a more satisfying life is more than our jobs, our home or our money; it is a composite of what makes us feel successful, empowered and whole. I'm sure nine out of ten dentists would agree!