Intention is defined as “a mental state that represents a commitment to carrying out an action or actions in the future.”
But before reaching the commitment stage, intention entails developing goals and planning.
Intention is the heart of any matter – it’s the central organizing principle.
Where allocating money is concerned, it’s critical to be clear on one simple question: what is the money for? Without the answer to the question as a guiding light in all decisions that follow, it’s too easy to get off track.
Having a clear intention for the money in place before making investment decisions directs action for the wealth holder and advisor. Also, the intention makes those decisions easily understandable for the rest of the family.
Intention creates a why, which is the basis of purpose. In turn, that creates an inspiration to work from. Inspiration drives action more cleanly than motivation in most cases.
However, as much as intention creates direction, it can create conflict, unless each person in the family is allowed to have their own dreams and wishes. Everyone’s “why” deserves an airing.
When intention is not present while investing or deciding how to allocate money, unrealistic expectations can crop up. Sometimes people think their advisor is an all-knowing and all-powerful mind reader. In that situation, the outcome will never be quite what the wealth holder expected, and the relationship between them can suffer.
When intention is present, a wider variety of possibilities open up for creating more with the money. Here are some examples:
• Room for creativity and growth
• More energy for things beyond the money
• When you invest with intention you have a more comprehensive measure for growth, both personal and financial.
• You feel you have accomplished something; more room for celebration
• Creates individual confidence, empowerment and self-worth.
In short, taking the time to carefully consider goals and set corresponding intentions before committing to a plan of action helps ensure an outcome that is wanted.