[By Tom Warburton] Our view for a working definition for Financial Wellness has been forged as a result of discussions with hundreds of folks. We start our discussions with this question:

• What Is Important To You About Money?

This leads to a variety of responses, and, frankly, there appears to be a strong correlation between age (or maturity or wisdom or whatever) and the answers our question solicits.

• Youngsters Often Say Things Like:
  • I Like Money So I Can Buy Stuff
• Older Folks Often Say Things Like:
  • I Don’t Want To Outlive My Money
  • I Want To Take Care Of My Family
  • I Like To Give It Away
  • Money Gives Me Freedom
  • Money Lets Me Live The Way I Want To Live
  • Money Represents Security…However Illusory

So – when it comes to defining Financial Wellness, permit us to synthesize the responses of folks as the following:

• Financial Wellness Exists When A Family Or Person Can ‘Live Worry Free The Way They Want To Live For As Long As They Live‘

Let’s think about that for a minute.  We live for an indeterminable period of time, so, throughout that life period – be it 5 more years or 50 more years – Financial Wellness implies a reality where:

• At Some Point In Your Life Work Is Optional
• You Are Free From Financial Worries
• Living The Way You Want To Live Is Practical
• You Won’t Outlive Your Money

FANTASTIC.  Work Is Optional!  No Financial Worries! Your Lifestyle Is Sustainable!  It Doesn’t Matter How Long You Live!