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"THIS DECADE..."

("Why this decade is so different from the '80s and '90s that it invalidates much of the conventional wisdom of how to save and invest")

Why Be Wealthy When You Can Be Rich?

By William L. Valentine IV, CFA

(As appeared in the Cascade Business News)

STOP RIGHT THERE! What if you follow everything you're reading about money and investing, amass a fortune, retire, and find that you're unhappy with your life? Some might say, "Give me the fortune, and I'll show you how happy I can be!" I say, I've known hundreds of millionaires and too many share the unique features of being financial wealthy but personally and emotionally bankrupt.

Sound too touchy-feely for you? Consider that the "Golden Years" often aren't—the highest suicide rates of any age group occur among persons aged 65 years and older.¹ And you don't need to be Dr. Phil to accept the idea that financial concerns are a leading cause of stress and depression. More than 16% of Americans will be treated for depression in their lifetime.²

What if the old formula—work/save/retire—isn't the key to living a rich life? What if the key to a rich life isn't amassing money, but rather surrounding yourself with things of value to you? And what if the pursuit of money—on the job and in the investment markets—actually conflicted with your ability to be rich?

As a long time investment manager and financial columnist, I would suggest that all of aforementioned is true. In fact, I'm reorienting my practice to foster the mutual objectives of wealth accumulation and helping individuals to develop a lifestyle rich in the things money can't buy.

So instead of giving you "My Favorite Stock Picks," I offer up a new set of principals to add to the wealth-accumulation debate.

1)  Money is good – Money is the key to having maximum personal flexibility and the pursuit of money is a virtuous one. Prudent planning and intelligent investing help you get there. This is the easy part and what I've worked my entire career to perfect. However...

2)  Money is only a small part of living a rich life – Life's riches are those things of value to you. Often, they cannot be bought, and the pursuit of money can conflict with efforts to achieve many of the most important aspects of living a rich life. They are distinctive to each of us.

3)  The definition of "work" is "being paid to do something you'd rather not" – Your goal, therefore, is to minimize work. If you love your occupation, it's not work--and this doesn't apply. But work for the sake of money that comes at the cost of those things of value needs to be rethought.

4)  Financial independence occurs when living standards are met by investment yield – The gap between the money you need to retire, and a rich life in retirement, can be narrowed through redefined ideas about retirement, lifestyle, and the role of money.

5)  Living a rich life entails maximizing your experiences and living in the present – While living within your means, it's important to enjoy the fruits of you labor now, and allocate your time towards living in the moment. This entails surrounding yourself with the people and activities most important to you, today.

It's not an easy process for anyone. However, I can't think of a better time to design a rich life and break out of the system. Many are learning to reorient their lives to create more joy and meaning—often without amassing a fortune ahead of time—using non-traditional approaches to work, money and life.

I challenge my fellow Central Oregonians to balance their worthy pursuit of wealth with a similarly noble pursuit of a life rich in those things of value: health, family, hobbies, friends, spirituality, and philanthropy. Starting now, anyone can be rich...

For what's the point in a life filled with many dollars but little sense?

William L. Valentine IV, CFA is the President of Valentine Ventures, LLC, a private money management firm investing on behalf of high-net-worth individuals. He is the host of "The Rich Life with Bill Valentine," Saturday mornings on News/Talk 1110 KBND.

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