July 2021 Issue: The Biological Imperative of Financial Planning-The Biological Imperative of Financial Planning by Nathan Gehring

The Biological Imperative of Financial Planning by Nathan Gehring

Pdf Summary

Financial planning typically focuses on individual financial decisions that benefit the individual alone. However, there may be a biological imperative for financial planning to consider the broader social impact of those decisions. Sharing food and resources has been a crucial behavior for human development, and money has replaced food as the primary means of sharing in today's society.<br /><br />Conversations about financial decisions can be a simple way to incorporate the social element of money. By inviting clients to explore their values and visions for the world, financial advisors can help them make decisions that not only benefit themselves but also have a positive impact on others.<br /><br />The author offers a personal example of creating guidelines for participating in ultramarathons while considering family time, finances, and environmental impact. By having deliberate conversations, individuals can find ways to share the money required for their personal endeavors with others, such as supporting race organizations or offering services to the communities where races occur.<br /><br />The importance of sharing in our society goes beyond individual interests. It is a fundamental aspect of being human and has opened doors for our species. Additionally, there is evidence that many clients are interested in using their money to support causes they believe in, such as ESG investing and social movements. Therefore, by recognizing the biological imperative and value of money and financial decisions, financial advisors can better serve their clients' desires to make a positive impact in the world.<br /><br />Overall, financial planning should not ignore the individual, but it should also consider the social aspect of money and the desire of clients to contribute to a better world. By incorporating conversations about these broader implications, financial advisors can help clients make financial decisions that align with their values and have positive impacts beyond themselves.

Keywords

financial planning

individual financial decisions

broader social impact

sharing food and resources

money as primary means of sharing

conversations about financial decisions

exploring values and visions

positive impact on others

supporting race organizations

ESG investing