By Craig Morningstar, Chief Operating Officer

After a nearly four-decade career, Craig Morningstar is retiring at the end of 2023 to embark on bucket list trips and weekend rides to enjoy the open road. He looks forward to catching up on Federal Reserve reports, writing books and movie scripts, returning to ASU’s Osher Lifelong Learning Institute, consulting with nonprofits and nurturing his personal library. Craig is grateful that in retirement, he’ll have more time for family weddings and grandkids!

Over my journey of nearly four decades in financial services, the better part spent working closely with wealth advisors, it would be an understatement to say I’ve learned more than a few powerful lessons in financial wisdom along the way.

Here, I’ve narrowed them down to my enduring five. They underscore the importance of early financial empowerment, the breadth of investments in one’s life journey, the subjectivity of financial planning, the strategic management of diverse forms of capital and the potency of intentionality in shaping financial outcomes:

1. The Power of Money at Work: One of the foundational principles I’ve come to understand is the pivotal distinction between working for money and having your money work for you. The timeliness of this realization plays a crucial role in determining the potential for early retirement. By grasping this principle early on, individuals can expedite their journey towards financial independence.
2. Comprehensive Investment: The second key lesson revolves around the importance of comprehensive investment, extending far beyond the realm of financial assets. It encompasses investments in oneself, lifelong learning, careers, relationships and the myriad facets of life. Recognizing that investments extend beyond the financial realm empowers individuals to enrich their holistic life portfolio.
3. Diverse Notions of Financial Planning: Another invaluable insight I’ve gleaned pertains to the multifaceted nature of financial planning. This lesson underscores the fact that, “Financial planning means different things to each person.” This profound perspective emerged from an IDS sales script (the financial planning division of American Express) employed by countless financial planners and advisors in myriad client interactions. It highlights the deeply personal and subjective nature of financial planning, emphasizing the need to tailor strategies to individual aspirations.
4. Tripartite Capital Management: The fourth lesson delves into the concept of capital management, elucidating that there are three distinct types of capital: Knowledge capital, relationship capital and dollar capital. The key to sustainable success lies in nurturing and managing these forms of capital in a deliberate sequence. By prioritizing knowledge capital, followed by relationship capital and then dollar capital, individuals can cultivate enduring and prosperous outcomes.
5. The Power of Intentionality: The fifth and final lesson underscores the profound impact of intentional efforts over happenstance. It asserts that purposeful actions and strategic planning yield superior results compared to relying on serendipitous circumstances. This principle champions the idea that individuals possess the agency to shape their financial destinies through purposeful choices and deliberate actions.

These five lifelong lessons in financial wisdom offer a comprehensive framework for navigating the intricate terrain of personal finance. Embracing these lessons can pave the way to enduring financial prosperity and fulfillment.

See Craig’s An Insightful Journey through Financial Planning and Enduring Life Lessons – Unlock Knowledge and Intentionality with 16 Invaluable Books

Craig Morningstar is the Chief Operating Officer at Dynamic. Having served Dynamic since its founding in 2009, Craig is instrumental in the development of the firm’s advisory platform, service model and investment management. His industry experience spans custodians, turnkey asset management providers (TAMPs) and registered investment advisors (RIAs). He also has extensive experience as a business owner and consultant, wealth advisor and financial planner. An avid reader, Craig has a personal library with book collections on investment management, sales and marketing, business management, and other hobby topics such as planes, trains, cars and engineering.

Investment advisory services are offered through Dynamic Advisor Solutions, LLC, dba Dynamic Wealth Advisors, an SEC registered investment advisor.