What is your first memory of work? How is that memory affecting you, your kids or your grandkids? Is that perspective helpful? Do you need to move past it? Are you overlooking the purpose and meaning found in the work you are doing? How can you positively influence this memory for those you care about? Listen in for more of my thoughts here!
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JOSH KLOOZ, CFP®, MBA
WEALTH ADVISOR
Phone 281.719.0036
Text 281.699.8691
Fax 281.719.0156
jklooz@carsonwealth.com
1780 Hughes Landing | Suite 570
The Woodlands, TX 77380
Music by bensound.com
What is your first memory of work? How is that memory affecting you, your kids or your grandkids? Is that perspective helpful? Do you need to move past it? Are you overlooking the purpose and meaning found in the work you are doing? How can you positively influence this memory for those you care about? Listen in for more of my thoughts here!
Please check out and subscribe to my Youtube Channel and Newsletter!
JOSH KLOOZ, CFP®, MBA
WEALTH ADVISOR
Phone 281.719.0036
Text 281.699.8691
Fax 281.719.0156
jklooz@carsonwealth.com
1780 Hughes Landing | Suite 570
The Woodlands, TX 77380
Music by bensound.com
Welcome in again to another edition of Wisdom of Wealth. Thank you so much for joining me again today. From time to time, people will ask me about my discovery process and how I came to develop it. In full transparency I’ve tweaked it over time based off experience and also based off of things I’ve heard of, read and seen from others. For those of you that are reading this wondering what a “Discovery Process” is, forgive me! It is simply the process used to get to know a prospective client and how to continue getting to know an existing client. For me, it revolves around a series of questions that I find helpful for digging deeper with clients and understanding who they are and what makes them tick spiritually, psychologically, and so on. I’m not a big fan of advisory practices that keep each other in the dark about what they believe. Odds are we are going to disagree on many things, so if we are worried about not surviving an “honest disagreement” before we ever work together, that probably doesn’t bode well for longevity!
What is your “First Memory of Money”?
One of the best ways of starting this process is simply asking someone about their first memory of money. What is the first memory of money you have? It’s uncanny, but I'm yet to find the first person who doesn't have a memory of money. It's always there and I’ve found that for better for worse, that memory of money can have a huge impact in how we view the future. Some of us have struggled with the influence of that first memory long into adulthood. If you doubt this, think back to some of the stories that were told to you by your grandparents or your parents that grew up during the Depression era. I can remember a couple or three stories specifically where those stories had a lasting influence intellectually for a generation or two.
Personally, my first memory of money didn't happen until probably the age of six or seven. I did some yard work for someone from our church. As I remember, I pulled dandelions, which the gentleman in question made the mistake of giving me a small hand shovel, and I think there are still divots to this day in that yard! For myself and for others, my memory of work and money are inextricably linked. But another thing that is linked to these memories is also one of being depended on. I say this because one of my first memories of work was that of driving a tractor. This memory stands out because I drove without anyone else in the cab of the tractor with me. I was seven years old, and I drove a tractor from a feed yard back to a shed. Again, this was done without dad’s assistance. So, I stomped on the clutch, put the sucker in gear, probably revved the throttle way too much so that the engine wouldn’t stall…but I did it. I probably could have done back flips at the time as I was walking on air. My other memory of this is that my mom came running from the house convinced that someone had been hurt…because there was no other reason that I should have been driving!
But the reason I bring that up is that our memories of money and our memories of work can shape how we view our careers, and future endeavors such as even how we lead our homes. My parents and friends gave me the gift of challenge at an early age and because of that I earned a fair and maybe even “over healthy” sense of self-confidence. But frankly I’m glad for it. More times than I care to count, I’ve needed it. It’s one of the reasons my first ever Ranger Tab went to my dad. He’s the reason I couldn’t quit.
As I’ve grown older, I’ve come to realize and more fully appreciate the gifts that were given me. Many people I’ve come across struggle with their negative memories. Sometimes people's first memory of money is losing a home, being evicted, losing a business, a divorce, an illness or seeing their parents cutting up a credit card.
If you are reading this, and I’m too close to home, my question is this. Are there beliefs that you hold today because of a memory that are not real or true? Are there beliefs that cause you to fall prey to a scarcity mentality that you simply need to leave behind and move past? Maybe you’ve achieved a certain level of success financially but are not able to fully enjoy the benefits of that achievement because of your mentality. Are you being called upon to reset the next generation’s expectations?
More often than not, people make the mistake of thinking that the wealth management industry is all about high -powered asset allocations and selections. More often than not, a better use of time is spent trying to figure out and understand who you are, and why you were put on this earth. If your financial wealth isn’t helping you move towards that objective, what is the point of having it? What are you exchanging your time and creativity for? Yes, I believe that we derive purpose and meaning from our work which gives us a spiritual reward…but I also believe that our first memory of money can short circuit that process if we are not careful.
Another common misconception that I've seen around memories of work and money is that we forget the amount of joy and purpose that are associated with those memories. Like I just shared, personally, I felt amazing that I was being depended on. I felt amazing that I had been trusted but the person who I respected most in the world…My Dad. Being depended on and trusted is something I’ve been addicted to ever since. Unfortunately, our society tells us far too often that our work is something to be endured, and that real life happens out there in the future when we don't have to work. I'm one of these crazy people that believes that we're put on this earth to work, and that we were put on this earth for a purpose. Personally, one of the primary ways I fulfill the command to “love my neighbor” is through work! There is simple and profound joy that comes from that.
Because of this concept I’ve outlined above, you will never hear me sell the idea of “retirement” ever, not once. Yes, once someone is financially independent, they may choose to change how they “work”, but this doesn’t change their “need to be needed and depended on.” My desire for those I come in contact with is that they continue deriving purpose and meaning from the time freedom that they have. I want them to fill that newfound freedom if they leave a career or a business behind with something that keeps their mind and their heart active.
So, I’ll close with the following questions.
1. What is your first memory of work?
2. How is that memory affecting you, your kids or your grandkids?
3. Is that perspective helpful? Do you need to move past it?
4. Are you overlooking the purpose and meaning found in the work you are doing?
5. How can you positively influence this memory for those you care about?
I'm going to leave things here for now. If you have any questions, please, as always, reach out. Please like, rate, and subscribe to the podcast as this helps me reach and serve additional listeners. Lastly, please respond in the comments with your first memory of money and first memory of work!
As always, remember that I'm wishing you and your family continued truth, beauty, and goodness on the road ahead. Have a great day.