Psychospiritual Aspect in Financial Planning

Nov 1, 2009
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(copyright by Jeff Liando)

Some people believe that money is energy that can give them some power to do anything what they want. They earn money and then spend it for something in some way. All their expenses may include mortgage instalments or rent payments, regular basic living costs, insurance premiums, regular savings, holiday costs and life style assets (car and furniture).

However, according to Maslow, at the highest level of needs hierarchy, people would reach the stage of transcendence. The stage when people are willing to help others finding self-fulfilment and realising their potential. This may be giving money to charity or providing "seed money" or "start-up fund" in venture capital world.

The psychospiritual aspect of financial planning inevitably takes place as clients deeply rely on their financial planners' care and expect too much from them. This is fairly seen as the impact of financial planners' effort to build a strong and ongoing relationship.

We define a psychospiritual aspect as a view in searching a client's psychospiritual issues in relation to valuation of a client's ongoing peace of mind. Ongoing peace of mind is a remarkable main outcome of the financial planning relationship, therefore this can be taken as a main goal in providing this service.

The goal of maintaining a client's ongoing peace of mind can be stated in objectives on which each of them is specified, measurable and possible to result an appropriate outcome in a period of time. All of the outcomes are simultaneously used to achieve the goal.

We propose concept, method and process of setting the objectives, appraising the psychospiritual aspect based on the money consciousness concept through a method of defining the key factors of prosperity and a process of qualitative valuation.

The objectives are specified by defining four key factors, i.e. safer, happier, richer and benevolent. These are measurable on the critical values determined with a client's concerns, and possible to achieve with a planner's recommendations with respect of the financial ratios as the outcomes.

All the outcomes are used to prejudge a client's psychospiritual aspect condition whether prosperous or scarce condition in the process of qualitative valuation.

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