Financial Discernment the Drexel Day Way
I approach my financial examen process differently as an exercise to find out what is really important to you and how to make that a reality. Pope Francis’ recent Weekly Audiences inspired me. It got me thinking about how I think about financial planning, which is very similar to the spiritual life.
Pope Francis describes discernment as such. “Discernment — as I’ve said — involves hard work. According to the Bible, we do not find set before us, pre-packaged, the life we are to live. No! We have to decide it all the time, according to the reality that comes. God invites us to evaluate and choose: He created us free and wants us to exercise our freedom. Therefore, discerning is demanding.”[i]
Finances make us uncomfortable; We often believe money is something it is not. I want to help remove those misconceptions and help you build a financial plan that helps you serve God better.
I have broken the process down into four steps.
Step One – Reflection
The first step is to Reflect on what your ideal financial life would look like. I’m going to let Pope Francis share the story of Saint Ignatius and then offer some quick commentary.
Ignatius was at home convalescing after injuring a leg in battle. To dispel the boredom, he asked for something to read. He loved tales of chivalry, but unfortunately, there were only the lives of the saints at home. Somewhat reluctantly, he adapted, but in the course of reading, he began to discover another world, a world that won him over and seemed to compete with that of knights. He was fascinated by the figures of Saint Francis and Saint Dominic, and felt the desire to imitate them. But the world of chivalry also continued to exert its fascination on him. Thus, he felt within himself this alternation of thoughts — those of chivalry and those of the saints — which seem to be on par with one another.
Ignatius, however, also began to perceive some differences. In his Autobiography — in the third person — he wrote: “When he thought of worldly things” — and of chivalrous things, of course — “it gave him great pleasure, but afterward he found himself dry and sad. But when he thought of journeying to Jerusalem, and of living only on herbs and practising austerities, he found pleasure not only while thinking of them, but also when he had ceased” (Chapter 8); they left him a trace of joy.[ii]
Reflecting on the future is helpful in these moments. This can be done with finances as well. Imagine you are looking to move to a new position. By imagining each scenario, you can see how you feel when you think about the future.
The question then becomes, how do I know if this is from God? The questions you can ask are.
Does this bring me peace?
Will this hurt my Neighbor?
Does it help me grow in holiness?
This is the first step because it lays the groundwork for everything else. This would be done after we decided it would be good to work together. I would ask you to imagine that you got a magical card that always allows you to do what you want without money. What would that look like? All your money stress is gone, and you no longer have to work. What kind of work would you do? Would you travel?
This exercise is designed to show you what is important to you. Then, you can fill around it to create your life. This exercise is not easy, but it is designed to give you self-knowledge which Pope Francis says, “Knowing oneself is not difficult, but it is laborious: it entails patient soul-searching. It requires the capacity to stop, to “deactivate the autopilot”, to acquire awareness of our way of acting, of the feelings that dwell within us, of the recurrent thoughts that condition us, and often unconsciously.”[iii]
Step Two– Desire
After we have taken the time to know ourselves, which is a hard step, we move on to an even more difficult task. The Pope, when he discusses desire, mentions “Desire, then, is the compass to understand where I am and where I am going, or rather it is the compass to understand if I am still or if I am moving; a person who never desires is a person who is static, perhaps ill, almost dead. It is the compass to know if I am moving or if I am standing still. And how is it possible to recognize it?”[iv]
In this step, we have permission to determine what we really desire. Starting with the exercise of imagination to find out what an ideal life would look like. This allows us to get ideas for what life looks like now and in the future. Taking time to get bold in dreaming and discovering the adventure God has for us.
Step Three – Gratitude
In this step, We finally look at financial statements and find out where we are at. Because, like during an examen, it is essential to take time out of the process to be thankful for not only the financial considerations but also, even if the finances are not where you think they should be, you are taking steps to create the life that God is calling you to. After completing this step, we use the previous step’s data and create a One-Page Plan.
Step Four – Journey
We have finally arrived at the point in the relationship where we take the previous data and start to look for roadblocks and obstacles that are part of the journey. Again, I want to take a page out of Pope Francis’ book because he says
Let us think, a sincere desire knows how to touch deeply the chords of our being, which is why it is not extinguished in the face of difficulties or setbacks. It is like when we are thirsty: if we do not find something to drink, we do not give up; on the contrary, the yearning increasingly occupies our thoughts and actions, until we become willing to make any sacrifice in order to quench it, almost obsessed. Obstacles and failures do not stifle the desire, no; on the contrary, they make it even more alive in us.[v]
This process looks much like what you would see with other financial advisors. We look at Investment, Insurance, tax, estate planning, and charitable giving.
This can be done by yourself without the help of a guide, but It could be helpful to have a financial planner in your corner to help you dream and keep you accountable. A financial planner can also see blind spots that you may not be able to see on your own.
The spiritual life is not designed to be done alone; it is a journey to be done in communion.
Click Here to schedule some time to discuss your Financial Examen.
[i] General Audience of 31 August 2022 – Catechesis On Discernment: 1. What does it mean to discern? | Francis (vatican.va)
[ii] General Audience of 7 September 2022 – Catechesis On Discernment: 2. An example: Ignatius of Loyola | Francis (vatican.va)
[iii] General Audience of 5 October 2022 – Catechesis On Discernment: 4. The elements of discernment. Self-knowledge | Francis (vatican.va)
[iv] General Audience of 12 October 2022 – Catechesis on Discernment: 5. The elements of discernment. The desire | Francis (vatican.va)
[v] General Audience of 12 October 2022 – Catechesis on Discernment: 5. The elements of discernment. The desire | Francis (vatican.va)