The New Year is often a time of reflection and goal setting. As we start 2024, we are being inundated with information, the pace of life and of change continues to accelerate and life seems to be more complicated than ever. 

In a world constantly driven by ambition, success and the pursuit of wealth, it’s easy to get lost in the mirage of material riches. Money undeniably holds power and enables a certain level of comfort and security. Yet beneath the surface, there lies a deeper truth: the essence of life transcends just the accumulation of wealth. Our firm is focused on helping people live their best lives — not just accumulate wealth. 

Wealth provides access to opportunities, comforts and a sense of stability. It’s the means to fulfill desires, experience new things and provide for oneself and loved ones. A correlation has been shown between net worth and health. However, pursuing wealth as the sole objective often leads to a tunnel vision that blinds us from the richness of life’s other facets. 

A study conducted jointly by Princeton University and the University of Pennsylvania and published in 2023 found that, on average, higher incomes are associated with ever-increasing levels of happiness. However, the research team found that within that overall trend, an unhappy cohort in each income group shows a sharp rise in happiness up to $100,000 annually and then plateaus. 

The researchers concluded that for most people, higher incomes are associated with greater happiness. The exception is people who are financially well-off but unhappy. In other words, if someone is miserable, more money won’t help. For the least happy group, happiness rises with income until an annual income of $100,000 and then shows no further increase as income grows. For those in the middle range of emotional well-being, happiness increases linearly with income, and for the happiest group, the association actually accelerates above $100,000. 

I have worked in the financial services industry for more than 35 years, with a focus on making people’s lives better. Over these decades, I have seen that in general, when people have a level of wealth that enables them to be free from worry about their cost of living, it creates peace of mind. Beyond a certain level of wealth, however, it’s clear that the happiest people are not the ones with the most material possessions or money.  

True fulfillment emerges from the richness of experiences, relationships, personal growth and the contribution we make to the world. 

1. Experiences Over Possessions

The memories we create, the experiences we cherish and the moments that take our breath away weave  the true tapestry of our lives. While possessions can bring some joy, what really matters are the experiences that remain with us, and often who we share the experiences with.  Travel, learning, hobbies and adventures offer a wealth of memories and personal growth. 

This is why we started hosting client trips and fun events each year. Our goal is to help people have unique experiences and see new places.  We are building a community of people so that clients meet new friends and enjoy experiences they haven’t had before. You can see full list of upcoming trips and events on our website. 

2. Relationships and Connections

The depth and quality of our relationships often define our happiness and well-being. The time we spend nurturing friendships, fostering family bonds and building connections within our communities creates a sense of belonging and purpose. These relationships serve as pillars of support during challenging times and amplify our joy during moments of celebration. 

At Carver Financial, we help connect people every chance we get, from Travel Buddies to the parties and trips just mentioned. You can read about the upcoming events on our website, and I am always happy to discuss these with you. 

3. Personal Growth and Fulfillment

Life’s journey is a canvas for self-improvement and growth. Personal development, pursuing passions and exploring new interests contribute to a sense of fulfillment that transcends just monetary gains. Achieving goals, overcoming obstacles and discovering your true potential add a sense of fulfillment that money alone can’t replicate. 

It’s never too early or too late to acquire new hobbies, interests, or friends.  This is one of the reasons we host unique events and experiences.  

4. Contributing to a Greater Good

The act of giving, whether through time, resources or expertise, carries immense value. Making a positive impact on the lives of others and contributing to causes larger than oneself creates a profound sense of purpose and fulfillment. The joy derived from helping others and making a difference in the world extends far beyond the boundaries of personal wealth. 

We could not fulfill our firm’s core value of making people’s lives better without the support of our clients. Four initiatives we have launched and maintained to contribute to the greater good are: 

• In 1990, we launched our initial food drive. Thirty-three years later, the initiative has provided more than 400,000 meals to families in need. 
• In 1997, we founded the Annual Tim Groves Memorial Charity Golf Event. To date, the event has raised more than $400,000 for local charities, with a focus on helping match those who need bone marrow transplants with donors. 
• In 2013, we began an initiative called Carver Cares to highlight and support local charitable organizations. The goals are to raise awareness about the services available to the community and to help support the organizations monetarily. At selected events throughout the year, local organizations will provide a brief overview of their mission and services. Our company matches any donations to the highlighted organization — up to $4,000 — made in the month following the event. 
• In 2023, we launched the New Beginning Initiative. The previous year, I had reflected on the fact that donating food can and has made a difference, yet we were treating only the symptom, not the root cause of hunger or homelessness. The question was, how to do we fix this? The answer was the New Beginning Initiative. 

The New Beginning Initiative is focused on permanently eliminating hunger and homelessness in Lake Country by helping individuals who want to help themselves. This effort focuses on those who want to work rather than giving handouts. This initiative is here to help those individuals work; earn an income to support themselves and their families; and provide dignity, independence and financial freedom. In turn, employment increases in our county. It benefits all of us with better property values, a more robust community and a higher tax base. 

5. Health and Well-Being

A priceless asset often taken for granted is health — both physical and mental. No amount of wealth can guarantee good health. Investing in self-care, nurturing mental well-being and maintaining a healthy lifestyle are key components of a fulfilling life. Even though a correlation has been shown between better health and net worth in general, there is no guarantee that more wealth will lead to a longer life or better health. Ultimately, it is up to the individual to pursue a healthy lifestyle. 

For most wealth serves as a facilitator rather than the ultimate goal. The pursuit of wealth should ideally align with the pursuit of a life well-lived — one brimming with experiences, meaningful relationships, personal growth, contributions to society and a focus on well-being. This is not easy — if it were, everyone would be happy. 

Life’s true essence lies in finding balance between financial stability and the richness derived from non-material aspects. It’s about appreciating the intangible wealth that surrounds us — the laughter shared, the lessons learned, the love received, and the lives touched. 

Our firm was founded with the idea of making lives better. Our mission involves far more than simply financial planning or growing wealth. We seek to help build a strong, vibrant, well-connected community and enhance each person’s life with experiences, relationships and planning based on their personal vision and values. 

So, as we look forward to the year ahead and navigate an increasingly complex world, let’s remember that while wealth has its place, it’s the richness of life’s other treasures that truly defines the essence of our journey. My team and I wish you all the best for a healthy, happy and fulfilling 2024 and life. Please reach out any time we may be of service in helping you achieve your personal goals or vision and focusing on what’s important. 

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Randy Carver, CRPC®, CDFA®, is the president and founder of Carver Financial Services, Inc., and is also a registered principal with Raymond James Financial Services, Inc. Carver Financial Services, Inc., was established in 1990 with the vision of making people’s lives better — clients, team and community. With this mission, Carver Financial Services has grown to be one of the largest independent financial services offices in the country, managing $2.5 billion in assets for clients globally, as of  December  2023. You can reach Randy directly at randy.carver@raymondjames.com and in the office at (440) 974-0808. 

Any opinions are those of Randy Carver and not necessarily those of Raymond James. This material is being provided for information purposes only and is not a complete description, nor is it a recommendation. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete.

Please note, changes in tax laws may occur at any time and could have a substantial impact upon each person’s situation. While we are familiar with the tax provisions of the issues presented herein, as Financial Advisors of RJFS, we do not provide tax or legal advice. You should discuss tax or legal matters with the appropriate professional.