In a world that often measures success in financial terms, the Japanese concept of Ikigai offers a refreshing perspective. Transcending the boundaries of culture and geography, this philosophy loosely translates as "a reason for being." Ikigai is a convergence of what you love, what you're good at, what the world needs, and what you can be paid for. It's an approach that represents a broader view of prosperity, encompassing joy, purpose, and contentment. As financial advisers, we find this particularly compelling. This article delves deeper into how Ikigai can not only enrich your life but also inform your financial decisions for a more fulfilling journey.
What is Ikigai?
Ikigai lies at the heart of Japanese longevity and happiness, a concept deeply embedded in their daily life. It's the intersection of four primary elements: What you love (your passion), what you are good at (your vocation), what the world needs (your mission), and what you can be paid for (your profession).
When these elements align, they create a sense of purpose, fulfillment, and balance. This framework is about discovering multiple aspects that contribute to a well-lived and fulfilling life. It is deeply rooted in Japanese culture, dating back centuries. It is tied to the Japanese longevity and their renowned work ethic, where work isn't just a means to an end but a path to self-fulfillment.
Ikigai and Holistic Wellbeing
The pursuit of Ikigai encourages a balanced lifestyle that nurtures the physical, emotional, and financial aspects of life. It encourages us to find harmony in our relationships, health, hobbies, and work. It’s about finding joy in everyday activities, fostering relationships, and pursuing lifelong goals – principles that can significantly impact one’s financial health and stability.
Integrating Ikigai with Financial Planning
How does Ikigai relate to financial advice? Subtly, yet profoundly. Here are a few ways to integrate this concept into your financial planning:
Investment and Passion Alignment: Go beyond traditional investment strategies; consider impact investing or ESG (Environmental, Social, and Governance) funds that reflect your personal values and passions.
Skills and Savings: Reflect on what you're good at and how it can be channeled into augmenting your income or savings. Perhaps a hobby could turn into a side income, contributing to your financial goals.
Contribution and Spending: Align your spending with what the world needs. This could mean supporting community projects. Such spending not only contributes to a greater cause but also brings personal satisfaction.
Practical Ways to Implement Ikigai
Ikigai is not just a lofty goal; it’s about daily practices. We can explore simple daily routines or habits that can help align your life with the Ikigai philosophy, such as mindful spending, regular reflection, and community engagement.
Self-Reflection: Start with introspection. What are your core values? What brings you joy? Understanding these can guide your financial decisions. Journals, workshops, or even counseling can facilitate this process.
Create a Balanced Life Plan: Ikigai is not just about financial gain; it's about balance. Draft a life plan that incorporates your financial goals, personal aspirations, and wellness strategies. Regularly review and adjust this plan as your life evolves and ensure your financial goals don’t overshadow your personal well-being. Unsure where to start? At Lifetime, we’re all about creating life plans, reach out to Michelle Blacktop who can align you with one of our Financial Advisers to get started.
Adopt a Long-Term Perspective: Japanese culture values long-term benefits over short-term gains. Apply this to your financial planning – think long-term investments, retirement plans, career planning, personal development, and sustainable spending habits.
Lifelong Learning and Adaptability: Embrace new skills and knowledge, both in your personal and financial life.
Community Engagement: Involvement in community activities can enhance your sense of purpose and a greater sense of belonging.
Embracing Change: The Lifelong Journey of Ikigai
Ikigai evolves as you move through different stages of life. Ikigai offers a holistic approach to life and financial planning, one that emphasizes balance, purpose, and sustainability. It’s a journey of discovering what truly matters to you and how you can align your financial strategies with these values. By finding your Ikigai, you’re not just planning for a prosperous future; you’re also creating a fulfilling present.
At Lifetime, our purpose is “To create greater financial certainty through all life stages.” Connect with our team for personalized advice that aligns your financial planning with your life's passions and goals. Let's explore how your financial decisions can be a reflection of your unique Ikigai, creating not just wealth but a life rich with purpose and joy.
Disclaimer: This article has been prepared for the purpose of providing general information, without taking into consideration any particular person's objectives, financial situation, or needs. Any opinions contained in it are held by the author as at the report date and are subject to change without notice.