Personal Health, Leisure Spending, and Solid Relationships (#5) — Transcript
THE PICTURE OF WEALTH · EPISODE 5
Dustin Serviss discusses the place of health, leisure and strong relationships in a financial plan. He explores the parts of a successful life that are not captured by numbers alone.
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Transcript
[00:00:01] Show announcer: Welcome to the Picture of Wealth, a podcast all about living more of your life now yet being responsible for your future. Lifestyle experimenter, wealth scientist, and financial coach, Dustin Service, shares life hacks, wealth tips, and interviews successful entrepreneurs on how they're thriving in happiness, purpose, and prosperity.
[00:00:25] Dustin Serviss: This is mini series number two. Building off of the bottom of the pyramid we talked about in mini series one, the next level up and the next building block is ensuring that your financial plan has something very non traditional in it. Personal health, leisure spending, and solid relationships. There's an element to financial planning that is, you know, maybe not in textbooks and not so money or not so numbers driven. It's more of the soft facts that, you know, one would say that, you know, you could sacrifice everything, be overweight, unhealthy, you know, using vices to keep yourself fictionally happy.
[00:01:01] Dustin Serviss: But, you know, there's an element that if you are building a retirement plan or you are trying to be responsible for your future, part of that is taking care of your health. If you don't have health, you don't really have anything. I can't remember who said it. It might have been, Confucius. It was a Chinese either warrior or I might have butchered that. But he said, an able-bodied person wants ten thousand things, and a sick person wants one thing. So if a person has all the money in the world and no health, it kinda doesn't matter. So in our pyramid or our, you know, life clarity summit,
[00:01:39] Dustin Serviss: having personal health in the form of physical health, nutrition, and being mindful and intentional of keeping your health at the forefront of your financial plan is very important. Leisure spending again, you know, most traditional financial plans talk about save, save, save. Like, if you wanna get ahead, then you gotta, like, you know, be thrifty and, you know, just cut all expenses and, you know, the people who are the happiest are the ones that script the most and... Because they've got the most money. I think that's wrong. I think that a well planned out cash flow makes it very easy to see that, you know, we need to spend money
[00:02:15] Dustin Serviss: on Bam or what we call bare ass minimum. But at the end of the day, there should be money left over if you're living within your means. If you've got your goals laid down, then you know that you can spend your money on things that make your life more fun or make your life better now, which could include a failure budget. That is the budget that, you know, says that maybe you try something and don't like it and, you know, it was a complete waste of money. It could be a sports item. Or maybe you're gonna try a sport that you've never played before. Maybe it's mountain biking and, you know, yeah, you're gonna have to spend two
[00:02:44] Dustin Serviss: thousand dollars on a new mountain bike. And if you don't like it, well, fine. That is part of the journey of wealth. Solid relationships, I I love the Japanese sort of, you know, culture of, you know, the the Okinawa region. Again, lots of books being, written on that region where it has the most per capita people who are over age one hundred. And those people have something called a moai, m o a I. And a moai is a group of people and a group of solid relationships that actually you're from birth, you know, around and that moai is a group of people that watches out for you. They even put money in a pot and every month the
[00:03:28] Dustin Serviss: pot of money goes to one family that's part of the moai. Now, that also leads to retirement where they don't even have the term in their language retirement because they never really retire. And so they don't really even have retirement savings. They all just help each other. Now in Western culture, it might not be that extreme. But if you think about it from a standpoint of friendships and the investment in time and the investment in energy that friendships are that require... They're required, that does need to be part of your wealth plan because that is an investment. People who are around other people get perspective, they get
[00:04:10] Dustin Serviss: human connection, they get a chance to share positives, negatives, and everything in between. They learn things. They share things and experience things together. I often talk about my webinars, Maria, and, you know, it's two fictional characters and how they go through life. But fast forward to Maria, you know, Maria didn't sell her business for the most she possibly could compared to the other business owner, but Maria was intentional with her spending and on, you know, investing in time with friendship, and she had a diverse portfolio of memories, yet maybe didn't sell her business for the most.
[00:04:43] Dustin Serviss: This, I think, is often overlooked or maybe understated because we're so focused on grow, grow, grow, more, more, more money will make you happy. And that concludes mini series number two.
[00:04:59] Show announcer: If you found this episode valuable, share it with a friend. If you found this episode super valuable, leave us a review on iTunes. It will help us continue to bring you top quality content. For more information on anything discussed on this show, visit w w w dot service wealth dot com. That's service spelled s e r v I s s. Any investment topics covered on the show are not investment recommendations, and you should seek professional advice before making any investment decisions. This show was produced by Podgy podcast. Thanks for listening.