The Final Question: Part III
by Gerald Townsend, Financial Editor

In prior months, I have discussed the term “financial life planning” and a three-question approach developed by George Kinder, a pioneer life planner, to help dig deep into yourself and discover your truly important goals. This month we will focus on the final question, but for those who came in late, a recap of the first two questions will help.

The first question: Imagine that you are financially secure and have enough money to take care of your needs, now and in the future. How would you live your life? What would you do with the money or with your time? Would you change anything? Let yourself go and don’t hold back on your dreams as you describe a life that is complete and richly yours.

This is a powerful question. We often put unnecessary or imagined constraints on ourselves. We hold back and don’t allow ourselves the freedom to dream. Timidity or prior disappointments condition us to think small instead of big. The first question
opens our eyes and imagination to possibilities.

The second question: On a visit to your doctor you learn that you only have five to ten years left to live. Fortunately, he tells you that you won’t ever feel sick, but that you will have no notice of the moment of your death. What will you do in your remaining time? Would you change anything in your life? How would you change it?

Once you’ve walked through the fire of family tragedies, financial struggles, health challenges or perhaps a near-death experience, your perspective on life changes. We all know life has its difficulties. We know we will die – we just don’t know when. It is easy to get so caught up in chasing the big dreams that we forget to live and enjoy each day. The second question reminds us to focus on the important things.

Now, it’s time for the final question: This time, your doctor shocks you with the news that you have only one day left to live. Notice what feelings arise as you confront your very real mortality. Ask yourself: What dreams will be left unfulfilled? What do I wish I had finished or had been? What do I wish I had done? What did I miss?

Once you honestly answer the final question, you know what is most meaningful in your life. Perhaps nothing changes from your answers to questions one or two. However, for many of us, the first question opens the window of ideas; the second question helps us avoid the tyranny of the urgent and concentrate on the important; and the final question pierces us like a laser, penetrating into our very soul and making our choice of which path to walk very clear.

I am reminded of the movie, City Slickers, in which the comedian Billy Crystal played a character undergoing a mid-life crisis who vacations on a western dude ranch in an effort to “find himself.” The rangy trail boss on the cattle-drive shakes his head, holds up his index finger and informs Crystal that he has seen many similarly confused people searching for the same answer – but that ultimately only one thing was really important, and once you knew that one thing, nothing else mattered. When Crystal asked what that one thing might be, the cowboy grinned and replied, “That, you will have to discover for yourself.”

Gerald A. Townsend, CPA/PFS, CFP®, CFA® is president of Townsend Asset Managment Corp., a registered investment advisory firm. Email: Gerald@AssetMgr.com.