What’s Your Financial “Why” for the New Year?

With wealth comes an expansive list of financial opportunities: paying down debt, upgrading homes, maximizing retirement savings, or supporting future generations. The real question isn’t what’s possible, but what’s most important.

This is where clarity and intentionality come into play. Financial planning, done properly, helps you make choices in alignment with your values.

Establishing the “why” behind your wealth can provide a helpful foundation. What does financial success mean to you? Is it about flexibility and independence? Generational legacy? Giving back to your community? Your “why” serves as your guidepost, helping you prioritize and sequence your financial goals.

For example, if leaving a legacy is what drives you, focus your resources on estate planning and financial education for your heirs. By rooting your decisions in your core values, every action you take aligns with the life you envision for yourself and your family.

If you’re unsure where to start, consider the “5 Whys Technique.” Start with a goal (e.g., "Save more for retirement") and ask yourself "why" five times to uncover the deeper motivation. For example:

• Why save more? To retire early.

• Why retire early? To travel with family.

• Why travel? To create lasting memories together.

  
  

With these drivers in mind, it might help to envision yourself in a future state…10, 20, or 30 years from now. What accomplishments do you want to celebrate? What regrets do you want to avoid? Write these things down with as much detail as you can muster.

When you have a clear vision, every financial decision feels intentional, reducing the stress that can come with managing wealth. It fosters a sense of control, allowing you to focus on what truly matters—whether it’s spending time with loved ones, building a legacy, or giving back to your community.

This coming year, resolve to approach your financial decisions with intentionality. Reconnect with what drives your financial goals, refine your plan with professional guidance, and take steps that move you closer to your vision. With a strong sense of purpose, this can be the year you achieve meaningful progress—and set the stage for an enduring legacy.

All investing involves risk including loss of principal. No strategy assures success or protects against loss in a declining market. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

This material was prepared for Bob Chitrathorn’s use.

Simplified Wealth Management and LPL Financial do not provide legal or tax advice. Please consult with your tax or legal advisor regarding your personal situation.