"Stuff," Money, and Music
I think it is safe to say that for anyone who has spent time cleaning out someone’s house after a life changing event the words “I wish [Mom and Dad/Grandma/Aunt Mildred, etc.] had more stuff!” have never been uttered. I know those were not the exact words I have used during the clean-out process for my family members and some clients as well. There were perhaps other, less diplomatic, words used but nothing that indicated I wished there was more stuff to be dealt with!
I have had occasion to revisit this idea with even more mundane activities such as moving or cleaning out a garage or basement. We all have stuff, and we all keep accumulating stuff, and occasionally we sell, donate, recycle, or dispose of stuff, but over time there is generally more input than outflow. So we end up with lots of stuff – maybe even things we need and use pretty regularly.
But what about the other stuff that we have and don’t seem to need or use? We, or someone else if it was a gift, spent money on the stuff. Maybe it seemed like a good idea at the time but even with that it still involved the use of a limited resource – our income and assets. This is not an uncommon phenomenon by the way. All you have to do is see the many ads for shelving, storage bins, and other resources, not to mention the booming business of new storage unit facilities, to help us manage our stuff and you know that accumulation is a part of our culture. But someday it is very likely that someone you love is going to have to deal with your stuff and I am pretty confident that they will not be wishing you had even more of it!
Which brings us to the third element of the story – music. No, I am not talking about the collection of vinyl records or, even worse, cassette or 8-track tapes(!), found in the stuff in the basement or attic or storage unit, but some lessons that can be learned from some songs I enjoy.
The Zac Brown band has a couple of entries here. First is the sentiment that is the antithesis of accumulation: “I've got everything I need and nothing that I don't.” In another song they touch on a theme which is a core tenet of my (non-Delaware) estate planning practice and Safe Harbor Financial Advisors: “There's no dollar sign on peace of mind.” Finally, Sheryl Crow summed up what could be a motto for those who are considering getting more stuff: “It's not having what you want but wanting what you have!”
We all need “things,” but we don’t necessarily need more “stuff.” Knowing the difference between these two is the key to keeping accumulation under control – and just think of the money you’ll save not buying storage bins (or renting a storage unit!) for other stuff you are buying and probably won’t use much (or at all) and will simply be left as part of the “treasure hunt” for family at some point down the road. Wouldn’t it be so much better to hear your loved ones say something like “Wow, there really is not much for us to go through” when it is time for the big clean-out? I know that I would have been very happy to say that!
Beyond the issues relating to collecting “stuff,” there is another thing you can be doing that will help those who may need to step in to help you or take care of things on your behalf. This is the other part of what I refer to, and not in a good way, as the “Treasure Hunt.” This relates to organizing your personal finances and legal readiness documents in a way that would allow your trusted agent, whether that is your spouse, partner, child, sibling, parent, friend, etc., to be able to step in and help you or act for you if necessary due to injury, illness, incapacity, or even untimely death. My tool for doing this is something I call the Peace of Mind Plan Roadmap Organizer and in my attorney hat in Virginia, Maryland, and Washington, DC, I offer it to my clients as part of their estate planning package. But I also offer it free of charge to my financial planning clients who work with Safe Harbor Financial Advisors.
You can request your own complimentary Roadmap Organizer by emailing me at Info@SafeHarborFinancialAdvisors.com, or using the contact me feature at www.SafeHarbor.financial, or simply by calling and leaving me a message at 302-313-6644. Just put Roadmap Organizer in the subject line or tell me where to send it.
I think you that you will find the Roadmap Organizer valuable as part of your own “Spring cleaning” effort. And the good news is that you don’t have to wait until it’s officially Spring to get started. This is a great activity to take on during the long, and really cold Winter we are having this year!
