Gibson

Over lunch today I listened to Jim Doty talking about what he wanted when he was young.

To become a doctor. Live in a mansion. Drive a Porsche. Wear a Rolex.

Not necessarily because he valued those things, but because he thought they would give him the external validation he craved.

It made me think about some of my own spending.

About 15 years ago, I attended my first conference for Accredited Financial Planning firms.

I’d just achieved the CFP designation and, if I’m honest, felt a little out of my depth.

Two slightly older advisers at my table both wore Omega Seamasters and wrote with Mont Blanc pens.

I had a Seiko and a Parker.

It’s probably no coincidence that, in the years that followed, I bought a Seamaster and a Mont Blanc.

Would I buy them again?

Possibly. Possibly not.

I’ve always appreciated things that are well made. I treasure my grandfather’s Rolex, which is still going strong 75 years later. I like the thought that Tobin might wear my Seamaster someday.

But I’d be kidding myself if I said there wasn’t also an element of wanting to belong. A little signal that I’d made it into the club.

I’ve definitely spent money for the validation of other people.

These days I’m much more conscious of it, both in myself and in conversations with clients.

And I find the motivation behind spending fascinating.

This morning I met new clients. He’s planning to buy a very expensive camper van (I had no idea motorhomes could cost this much!)

I know it has absolutely nothing to do with impressing anyone.

It’s about him and his wife travelling in comfort, seeing places they want to see and making memories together in the years ahead.

There is nothing wrong with owning beautiful or expensive things if they genuinely matter to you.

But spending money to impress other people is a game with no finish line.

Spend it on the things you truly value.