{"id":914,"date":"2013-02-05T20:26:47","date_gmt":"2013-02-05T20:26:47","guid":{"rendered":"http:\/\/vhfinancialmanagement.com\/?p=914"},"modified":"2013-02-05T20:26:47","modified_gmt":"2013-02-05T20:26:47","slug":"lessons-from-lefty","status":"publish","type":"post","link":"https:\/\/vhfinancialmanagement.com\/2013\/02\/05\/lessons-from-lefty","title":{"rendered":"Lessons from Lefty"},"content":{"rendered":"
Tweet<\/a><\/div>\n

This past weekend marked Phil Mickelson\u2019s (AKA Lefty) 41st<\/sup> PGA tour victory. He confidently won the Phoenix Open by four strokes over Nashville native Brandt Snedeker.\u00a0 Interestingly enough, Phil had not played well leading up to this event, but Phil\u2019s poor play was not the only topic the media was discussing prior to last week\u2019s victory.<\/p>\n

A couple weeks ago, Phil made some comments about not playing as much golf or keeping his homestead in California due to high tax rates. \u00a0This, obviously, caught my attention.\u00a0 Phil was slammed by the media and certainly didn\u2019t receive any sympathy for his thoughts.\u00a0 But, again, the incident gave me pause to think.<\/p>\n

To most folks Lefty\u2019s loaded. He\u2019s got plenty of money, so why should he care about paying more in taxes? \u00a0Does it really matter if he brings home 10-15% less this year?\u00a0 Heck, he just won a little over $1.1M for his work last week\u2026.not bad.<\/p>\n

After some thought on the topic, I found there are three lessons we can take away from Phil\u2019s situation.<\/p>\n

Everyone cares about money (even when you have a lot!)<\/strong><\/p>\n

It\u2019s all relative. Some folks would say Phil\u2019s selfish and shouldn\u2019t be crying about paying more in taxes because of what he does have.\u00a0 But, what if he wants to earn more to have the ability to give more to charity? My point is not to debate the political, socio-economic, or wealth side of the issue. It is simply to say everyone has money problems to some degree.\u00a0 Those who make $50K a year may feel folks earning $200k are really knocking it down, while those earning $200K a year may feel strapped.\u00a0 Again, it\u2019s all relative.<\/p>\n

Taxes and planning always matter<\/strong><\/p>\n

It\u2019s not what you have, but what you do with it, right?\u00a0 Whether you earn $500 a week or $500,000 a week, it\u2019s important to plan how to handle what you do have.\u00a0 One of the most common issues I see with new clients is simply a lack of proactive planning.\u00a0 I\u2019ve said it before, and I\u2019ll continue to say it: Taxes are the single largest recurring expense that most of us will face in our lifetime. Yet, most of us simply ignore it and hope for the best when it comes time to prepare a tax return. \u00a0That\u2019s a recipe for disaster at any income level.<\/p>\n

Money doesn\u2019t always equal happiness<\/strong><\/p>\n

We\u2019ve all heard it before: money can\u2019t buy happiness.\u00a0 A study published in 2010 by Princeton University showed that happiness from everyday experiences didn\u2019t improve once income reached $75,000.\u00a0 Interesting?\u00a0\u00a0 You can read a full version of the study here<\/a>.<\/p>\n

While I\u2019m not implying that Phil is unhappy, I do think we can learn from his situation. Do you think Phil\u2019s happiness revolves around how much money he has? \u00a0Do you think Phil plays more golf because he needs more money?\u00a0 I would bet no. While I certainly can\u2019t speak for him, I would imagine that Phil has many things he still wants to check off of life\u2019s to-do list. \u00a0Those items on Phil\u2019s list are what keep him going. I doubt it\u2019s about the money itself.\u00a0 There may be a component to his goals that money connects to, such as giving more to charity or his foundation.<\/p>\n

It\u2019s all relative to how we think.\u00a0 More money doesn\u2019t always equal more happiness. \u00a0By focusing on areas that bring happiness, we can strive to reach a fulfilling life while keeping a healthy relationship with our money.<\/p>\n

The next time I stand on the 18th<\/sup> tee and contemplate that $2 Nassau bet with my buddies up at the club, I\u2019ll try to keep it in perspective.\u00a0 If I hit it in the bunker on the left or stripe it down the middle, the end result is always the same. It\u2019s always about the connection (or as my buddy says, the fellowship) with those I care about and not about the money\u2026..well, maybe that\u2019s not entirely true. I\u2019m much happier if I can take a couple bucks off of my friends\u2019 hands\u2026.more importantly, it\u2019s about beating the snot out of \u2018em\u2026.just like Lefty!<\/p>\n

 <\/p>\n

 <\/p>\n

<\/div>