What is important about your wealth goal? (c) R Dennison November 2013

Part one of the stock take series of posts touched on work.  Part two concerned well-being.  Inevitably part three draws those strands together somewhat by addressing wealth.

According to a recent ‘Better Life Index’ report for the Organisation for Economic Co-operation and Development (link to the OECD’s research is below), increasing the amount of money we possess is an important means to achieving higher living standards and greater well-being.

That may be a particularly important notion for the bottom 20% of the UK population whose annual disposable income, the OECD says, is the net equivalent of approximately £5700.

There is quite a disparity between the bottom 20% and the top 20% equivalent (net annual income of approximately £27,800).  That gap may also underpin the current party political and media conversation around the: ethics of payday loan organisations; senior executive salaries; growth of low-cost retailers’ profits.

Wealth related goals can touch many primal emotions depending on the individual’s upbringing.  Some people are encouraged to view money not as a neutral store of value – but as a commodity about which to feel shame, guilt, or fear.

Once the client’s orientation towards wealth is established the coaching proper can start.

The coaching questions that spring to my mind around managing wealth seem particularly relevant to those on the lower end of the income scale:

–       What is the most important aspect of your wealth-related goal?

–       What progress do you want to have made toward that goal in 12 months’ time?

–       How will you know you are making progress in 6 months’ time?

–       What else could you do to attain your goal?

These are just a handful of the questions which might generate illuminating answers.  I believe if the client can get some specifics down on paper they are increasing their likelihood of success.  Tackling their goals, especially their wealth goal, can definitely make their life seem brighter.

http://www.oecdbetterlifeindex.org/countries/united-kingdom/

Related articles

• UK a great place to live and work, says OECD (theguardian.com)