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How to Keep Money From Owning You – Presented by Mark K. Lund, Financial Advisor in Utah

Financial Advisor UtahA friend who was discouraged about their weight loss efforts was bemoaning the necessity of food. “If you have a drinking problem,” they said, “you can give up alcohol. But if you have an eating problem, you can’t just give up food.”

The same is true of money. The drive to acquire it can warp your values. Having a lot of it can blind you to key realities about yourself. And when you’re obsessed with it, it can act as the yardstick by which you measure all things and even people.

Yet money is absolutely necessary to live.

And if you hope to do good for others—to feed the hungry, to give educational opportunities to those who can’t afford them, to clean up your community and the environment—you need money to make it happen.

Since money is a necessary part of daily life, and must be accumulated during the working years to meet basic needs in retirement, how can you keep a balanced view of it?

Philosophy professor Jacob Needleman has provided some wise advice. Having taught for decades at San Francisco State University, Needleman not only studied the effects of wealth from an academic perspective, but his Silicon Valley connections put him on intimate terms with many people who had become overnight millionaires.1

In the late 1990s, at the height of the first dotcom boom, tech journalist Michael Malone sat down with Needleman for an interview. The following are a few of his surprising insights (paraphrased for length).

Does having a lot of money free you from worrying about the details of life?
No. Let’s say you’re a worrier. If you worry about vegetables when you’re poor, you’ll worry about yachts when you’re rich. Having a lot of money only amplifies who you are.

What’s the most common misconception people have about money?
That it won’t change them. Money tempts people to forget that we have a limited life span. That we’re meant to love and serve, not just get.

How can wealth change people?
Having a lot of money can be like a drug. It can make you feel powerful and giddy, and convince you that life is going to be nothing but smooth sailing. However, it can also have the opposite effect, making you feel humble. Then it can be useful.

How can someone keep from being overwhelmed by money?
Find someone to talk to, someone who can help you see past the drive to simply get and spend.

One of the benefits of saving for retirement over decades is that it gives you time to gain a healthy perspective on money. It’s not easy to accumulate money and so should be managed wisely.

With the help of your trusted financial advisor you can have the conversations and follow the plan that will ensure your money is working for you and not the other way around.

If you ever have any questions about your investments or retirement plans, please feel free to give me a call at 801-545-0696.

Regards,
Mark Lund
Stonecreek Wealth Advisors, Inc.
11576 S State Street, Bldg. 1002
Draper, UT 84020

Sources:
1. “Money and the Meaning of Life,” Fast Company, June-July 1997

Disclosure:
This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. All information is believed to be from reliable sources; however we make no representation as to its completeness or accuracy. All economic and performance data is historical and not indicative of future results. Market indices discussed are unmanaged. Investors cannot invest in unmanaged indices. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This material was prepared by Efficient Advisors, LLC (“EA’) for Mark Lund, Mark is a Financial Advisor in Utah. He is known as a Wealth Advisor, The 401k Advisor, Investor Coach, Financial Planner, Investment Advisor and author of The Effective Investor. Mark offers investment advisory services through Stonecreek Wealth Advisors, Inc. a fiduciary, independent, fee-only, Registered Investment Advisor firm providing investment management and retirement planning for individuals and 401k consulting for small businesses. Mark’s newsletter is called The Effective Investor Newsletter. Cities served in Utah are: Salt Lake City, Salt Lake County, Utah County, Park City, Murray City, West Jordan City, Sandy City, Draper City, South Jordan City, Provo City, Orem City, Lehi City, Highland City, Alpine City, American Fork City. The views expressed herein are exclusively those of Efficient Advisors, LLC (‘EA’), and are not meant as investment advice and are subject to change. All charts and graphs are presented for informational and analytical purposes only. No chart or graph is intended to be used as a guide to investing. EA portfolios may contain specific securities that have been mentioned herein. EA makes no claim as to the suitability of these securities. Past performance is not a guarantee of future performance. Information contained herein is derived from sources we believe to be reliable, however, we do not represent that this information is complete or accurate and it should not be relied upon as such. All opinions expressed herein are subject to change without notice. This information is prepared for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. You should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. You should note that security values may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Investing in any security involves certain systematic risks including, but not limited to, market risk, interest-rate risk, inflation risk, and event risk. These risks are in addition to any unsystematic risks associated with particular investment styles or strategies.

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