Monthly Economic Update – June 2019

admin • July 30, 2019

In this month’s recap:

Stocks, gold, and oil all surge, a door opens for U.S.-China trade talks to resume, and the Federal Reserve suddenly sounds dovish.

 

THE MONTH IN BRIEF

You could say June was a month of highs. The S&P 500 hit another record peak, oil prices reached year-to-date highs, and gold became more valuable than it had been in six years. (There was also a notable low during the month: the yield of the 10-year Treasury fell below 2%.) Also, a door opened to further trade talks with China, and the latest monetary policy statement from the Federal Reserve hinted at the possibility of easing. For most investors, there was much to appreciate.1

DOMESTIC ECONOMIC HEALTH

On June 29, President Trump told reporters, gathered at the latest Group of 20 summit, that he and Chinese President Xi Jinping were planning a resumption of formal trade negotiations between their respective nations. Additionally, President Trump said that the U.S. would refrain from imposing tariffs on an additional $300 billion of Chinese goods for the “time being.” A six-week stalemate in trade talks had weighed on U.S. and foreign stock, bond, and commodities markets in May and June.2

The Federal Reserve left the benchmark interest rate alone at its June meeting, but its newest policy statement and dot-plot forecast drew considerable attention. Among seventeen Fed officials, eight felt rate cuts would occur by the end of the year, eight saw no rate moves for the rest of the year, and just one saw a 2019 hike. The policy statement also removed reference to the Fed being “patient” about its stance on interest rates, and it mentioned economic and political “uncertainties” that may affect its near-term outlook. Stocks climbed after the announcement, and futures traders saw increased chances of a rate adjustment in either the third or fourth quarter.3

Fed Chairman Jerome Powell also moved the market on two other occasions during June. On June 4, stocks had their best day since January after he noted that the Fed was keeping a close eye on trade and tariff issues and would “act as appropriate to sustain the expansion” of the economy. Stocks had their poorest day of the month on June 25 after Powell commented that there was no need to “overreact” to a “short-term swing in sentiment” or incoming data.4,5

Some of the latest data seemed to hint at economic deceleration. The much-watched Institute for Supply Management Purchasing Managers Index for the factory sector fell to a 19-month low of 52.1 in May. The latest Consumer Price Index showed less inflationary pressure; it had advanced 1.8% in the 12 months ending in May, falling short of the Fed’s 2% target. The annualized pace of wholesale inflation dropped from 2.2% in April to 1.8% in May. Perhaps, most importantly, the economy added only 90,000 net new jobs in May, down from 205,000 a month before. (The main unemployment rate stayed at 3.6%; the U-6 rate, a broader measure which includes the underemployed and those who have dropped out of the job market, descended 0.2% to 7.1%.)6,7

Additionally, consumer confidence slipped. The Conference Board’s monthly index went from 131.3 in May to 121.5 in June (admittedly, the index had climbed higher for three consecutive months). The University of Michigan’s Consumer Sentiment Index treaded water, ending June 0.3 points above its previous reading.8,9

There were also encouraging signs, however. Retail sales rose 0.5% in May, according to the Census Bureau, and the Department of Commerce recorded a healthy 0.4% May advance for personal spending. The ISM’s non-manufacturing PMI rose 1.4 points to 56.9 in May.7,9

Early in the month, it seemed that trade negotiations between China and the U.S. were stalled. At the start of the month, President Trump proposed assessing tariffs on $300 billion more of Chinese imports (and he also talked of imposing a 10% tariff on all imported goods from Mexico, though this did not happen in June). Some optimism returned for investors when a meeting between President Trump and Chinese President Xi Jinping was scheduled for the month-ending Group of 20 summit in Japan.8

REAL ESTATE

Mortgage rates fell in June. By the June 27 edition of the Freddie Mac Primary Mortgage Market Survey, the average interest on a 30-year, fixed-rate home loan was 3.73%, compared with 3.99% on May 31. Rates for 15-year, fixed loans also descended in this timeframe, from 3.46% to 3.16%.17

30-year and 15-year fixed rate mortgages are conventional home loans generally featuring a limit of $484,350 ($726,525 in high-cost areas) that meet the lending requirements of Fannie Mae and Freddie Mac, but they are not mortgages guaranteed or insured by any government agency. Private mortgage insurance, or PMI, is required for any conventional loan with less than a 20% down payment.

The latest data on home buying came from May. Existing home sales rose 2.5%, according to the National Association of Realtors – a nice change from the 0.4% decline in April. New home sales, unfortunately, slid 7.8% during May, and that followed a 3.7% April retreat.7

Home prices flattened in April, according to the S&P/Case-Shiller 20-City Composite Home Price Index. (Data for May arrives in July.) In year-over-year terms, prices were up 2.5%.7

Lastly, housing starts weakened 0.9% in May, according to the Census Bureau, but the pace of building permits issued increased 0.3%.7

LOOKING BACK AND LOOKING FORWARD

The S&P surged 6.89% in June. The Dow Jones Industrial Average added 7.19%; the Nasdaq Composite, 7.42%. As the closing bell rang on the last market day of the month (June 28), the S&P settled at 2,941.76; the Nasdaq, at 8,006.24; the Dow, at 26,599.96.18,19,20

Prices of longer-term Treasuries rose in June, and correspondingly, their yields fell. On the first market day of the month (June 3), the yield on the 10-year note dipped under 2%; that had not happened since November 2016.21

All this greatly improved the year-to-date performance for these benchmarks. At the June 28 close, the S&P 500 was at +17.35% on the year; the Dow, +14.03%; the Nasdaq, +20.66%.18,19,20

This month, the current U.S. economic expansion became the longest on record. The economy grew 3.1% in the first quarter, by the assessment of the Bureau of Economic Analysis; the BEA’s initial estimate of Q2 economic growth is scheduled to appear July 26. The Federal Reserve’s next monetary policy meeting concludes on July 31.5,9

 

 

Disclosures

Securities and advisory services offered through Centaurus Financial, Inc. Member FINRA & SIPC, Registered Broker Dealer and a Registered Investment Advisor. Centaurus Financial Inc. and Five Pine Wealth Management are not affiliated. This is not an offer to sell securities, which may be done only after proper delivery of a prospectus and client suitability has been reviewed and determined. Information relating to securities is intended for use by individuals residing in (OR, OH, ID, CA, WA, MT, UT, NY). Centaurus Financial Inc. does not provide tax or legal advice. A portion of this material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. The information herein has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All market indices discussed are unmanaged and are not illustrative of any particular investment. Indices do not incur management fees, costs, or expenses. Investors cannot invest directly in indices. All economic and performance data is historical and not indicative of future results. The Dow Jones Industrial Average is a price-weighted index of 30 actively traded blue-chip stocks. The NASDAQ Composite Index is a market-weighted index of all over-the-counter common stocks traded on the National Association of Securities Dealers Automated Quotation System. The Standard & Poor’s 500 (S&P 500) is a market-cap weighted index composed of the common stocks of 500 leading companies in leading industries of the U.S. economy. NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange (the “NYSE”) and NYSE Arca (formerly known as the Archipelago Exchange, or ArcaEx®, and the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. The New York Mercantile Exchange, Inc. (NYMEX) is the world’s largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals, with trading conducted through two divisions – the NYMEX Division, home to the energy, platinum, and palladium markets, and the COMEX Division, on which all other metals trade. The MERVAL Index (MERcado de VALores, literally Stock Exchange) is the most important index of the Buenos Aires Stock Exchange. The MSCI World Index is a free-float weighted equity index that includes developed world markets and does not include emerging markets. The MICEX 10 Index is an unweighted price index that tracks the ten most liquid Russian stocks listed on MICEX-RTS in Moscow. The FTSE Straits Times Index (STI) is a capitalization-weighted stock market index that is regarded as the benchmark index for the Singapore stock market. It tracks the performance of the top 30 companies listed on the Singapore Exchange. The Bovespa Index is a gross total return index weighted by traded volume & is comprised of the most liquid stocks traded on the Sao Paulo Stock Exchange. The FTSE TWSE Taiwan 50 Index is a capitalization-weighted index of stocks comprises 50 companies listed on the Taiwan Stock Exchange developed by Taiwan Stock Exchange in collaboration with FTSE. The CAC-40 Index is a narrow-based, modified capitalization-weighted index of 40 companies listed on the Paris Bourse. The Hang Seng Index is a free float-adjusted market capitalization-weighted stock market index that is the main indicator of the overall market performance in Hong Kong. The Korea Composite Stock Price Index or KOSPI is the major stock market index of South Korea, representing all common stocks traded on the Korea Exchange. The DAX 30 is a Blue-Chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. The SSE Composite Index is an index of all stocks (A shares and B shares) that are traded at the Shanghai Stock Exchange. The Nifty 50 (NTFE 50) is a well-diversified 50-stock index accounting for 13 sectors of the Indian economy. It is used for a variety of purposes such as benchmarking fund portfolios, index-based derivatives and index funds. The BSE SENSEX (Bombay Stock Exchange Sensitive Index), also-called the BSE 30 (BOMBAY STOCK EXCHANGE) or simply the SENSEX, is a free-float market capitalization-weighted stock market index of 30 well-established and financially sound companies listed on the Bombay Stock Exchange (BSE). The U.S. Dollar Index measures the performance of the U.S. dollar against a basket of six currencies. Additional risks are associated with international investing, such as currency fluctuations, political and economic instability and differences in accounting standards. This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. MarketingPro, Inc. is not affiliated with any person or firm that may be providing this information to you. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. CITATIONS: 1 – cnbc.com/2019/06/21/it-was-a-monumental-week-for-markets-with-major-milestones-in-stocks-bonds-gold-and-oil.html [6/21/19] 2 – bloomberg.com/news/articles/2019-06-29/xi-trump-agree-to-restart-trade-talks-china-says [6/29/19] 3 – bloomberg.com/news/articles/2019-06-19/fed-scraps-patient-rate-approach-in-prelude-to-potential-cut [6/19/19] 4 – foxbusiness.com/markets/us-stocks-wall-street-june-4-2019 [6/4/19] 5 – apnews.com/36e95b56e88e444bb67d997b47b046d6 [5/29/19] 6 – bloomberg.com/news/articles/2019-06-03/asia-factories-feel-trade-war-pain-led-by-south-korea-and-japan [6/3/19] 7 – investing.com/economic-calendar [6/28/19] 8 – thehill.com/policy/finance/450322-consumer-confidence-fell-in-june-amid-trump-tariff-threats-report [5/28/19] 9 – marketwatch.com/tools/calendars/economic [6/28/19] 10 – global-rates.com/interest-rates/central-banks/central-banks.aspx [6/25/19] 11 – bloomberg.com/news/articles/2019-06-27/ecb-seen-cutting-rates-in-september-as-draghi-reloads-stimulus [6/27/19] 12 – reuters.com/article/us-britain-eu-johnson/boris-johnson-says-he-is-serious-about-no-deal-brexit-threat-idUSKCN1TP2SR [6/24/19] 13 – markets.on.nytimes.com/research/markets/worldmarkets/worldmarkets.asp [6/28/19] 14 – msci.com/end-of-day-data-search [6/28/19] 15 – money.cnn.com/data/commodities/ [6/28/19] 16 – marketwatch.com/investing/index/dxy/historical [6/28/19] 17 – freddiemac.com/pmms/archive.html [6/27/19] 18 – money.cnn.com/data/markets/sandp [6/29/19] 19 – money.cnn.com/data/markets/dow [6/29/19] 20 – money.cnn.com/data/markets/nasdaq [6/29/19] 21 – treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=yieldAll [6/28/19] 22 – markets.wsj.com/us [12/31/18]

Join Our Newsletter


Plan smarter with our monthly financial tips + insights

What’s the Best Way to Leave Money to Your Children?

June 17, 2026
Key Takeaways Teaching financial literacy and family values is often just as important as passing down money. A thoughtful estate plan can help reduce family conflict and support future generations. Starting your estate planning early, before you feel like you need to, puts you in the best position to protect your family and your legacy. A trust can help you control when and how your children receive inherited assets. At some point, the question stops being "do I have enough?" and becomes "what do I actually do with all of this?" For a lot of families, that includes figuring out how to pass wealth to their kids without creating a mess. Leaving money to your children doesn't have to be an all-or-nothing decision. A thoughtful estate plan can help you transfer wealth in a way that reflects your values while giving your children the support they need at different stages of life. The most effective plans usually combine smart legal structures with ongoing conversations about money, responsibility, and family goals. Will vs. Trust One of the first decisions many families face is whether to use a will or a trust. A will outlines how you want your assets distributed and who will oversee the process. It’s an important estate planning document and serves as the foundation of many estate plans. A trust, however, can offer additional control and flexibility. Assets held in a trust can often pass to beneficiaries more efficiently and allow you to establish specific instructions for how and when assets are distributed. Depending on your goals, a trust may also help provide privacy and additional protection for heirs. For example, rather than leaving a child a large lump sum at age 25, a trust could allow distributions over time or for specific purposes such as education, housing, healthcare, or starting a business. That doesn't mean a trust is automatically the right solution for everyone. Some families have relatively simple estates and may find that a will adequately accomplishes their objectives. If you have younger children or adult children who aren't quite ready to manage a large inheritance on their own, a trust gives you options that a will simply does not. The important thing to remember is that estate planning isn't just a decision about who gets what. It's an opportunity to decide how wealth is passed on and what guidance, if any, accompanies it. Structured Inheritance Strategies Many parents are uncomfortable with the idea of leaving a significant inheritance all at once. That concern is understandable. Most people can think of examples where a sudden influx of money led to poor decisions, strained relationships, or unrealistic expectations. Structured inheritance strategies can help address those concerns while still providing meaningful support. Some common approaches include: Distributing a portion of assets at specific ages, such as 30, 35, and 40. Allowing distributions for education, healthcare, or home purchases. Creating incentives tied to employment, entrepreneurship, or other personal goals. Establishing trusts that provide ongoing oversight from a trustee. Funding educational accounts for grandchildren as part of a multigenerational plan. These approaches allow wealth to be transferred gradually rather than all at once. There is no universally correct formula because every family is different. A child who is financially responsible at age 25 may require very little structure, while another may benefit from additional oversight for many years. Whatever structure you choose, the goal should be the same: to give your children a foundation, not a crutch. Legacy Planning is About More Than Money When people hear the phrase "legacy planning," they often think about legal documents, account balances, and beneficiary designations. Those items matter, but many families discover that the most valuable inheritance isn't financial. Your values, family traditions, work ethic, charitable priorities, and approach to money often have a greater impact on future generations than the dollars themselves. Consider this question: If your children received your wealth tomorrow, would they also understand the principles that helped create it? Many parents spend years teaching their children how to drive, prepare for college , choose a career, and raise a family. Yet conversations about investing, taxes, budgeting, and responsible wealth management are sometimes delayed until much later. Financial education doesn't need to be complicated. It can begin with simple discussions about spending decisions, saving goals, charitable giving , investing, and how money supports the life you want to live. The earlier those conversations begin, the more prepared future heirs often become. Preparing Heirs for Financial Responsibility Heirs are often better prepared when they understand both the opportunities and responsibilities that come with inherited assets. That preparation can happen gradually over time. Parents might involve adult children in family financial discussions, explain the purpose of trusts and estate plans, or share the reasoning behind major financial decisions. Some families even hold annual meetings where children learn about family values, charitable priorities, business interests, or long-term planning goals. These conversations are not about revealing every financial detail. Rather, they help create context and understanding. When children know why wealth exists and what it represents, they are often better equipped to manage it responsibly. For families with substantial assets, introducing adult children to trusted advisors can also be beneficial. Building relationships before an inheritance occurs can make future transitions smoother and reduce confusion during an already emotional time. Generational Wealth Transfer A successful generational wealth transfer involves much more than moving assets from one generation to the next. It requires balancing financial support with personal responsibility. Some parents worry about giving too much, while others worry about not giving enough. Most fall somewhere in the middle. The answer is rarely found in a single document or account balance. Instead, successful wealth transfers often combine: A well-designed estate plan. Appropriate use of wills and trusts. Clear communication among family members. Financial education for future heirs. A shared understanding of family values and priorities. When those elements work together, wealth has a much better chance of creating opportunity rather than confusion. Start the Conversation Now Many parents want their children to enjoy greater financial security than they had growing up. That's a worthy goal, but providing an inheritance is only part of the equation. The structure of the transfer matters, but so do the conversations surrounding it and the values passed along. A thoughtful plan can protect family relationships, reduce uncertainty, and increase the likelihood that your wealth will continue supporting future generations in meaningful ways. If you'd like help evaluating your estate plan, discussing inheritance strategies, or creating a comprehensive legacy plan, the team at Five Pine Wealth Management would be happy to talk it through with you. Call (877) 333-1015 or email us today to schedule a conversation.  Frequently Asked Questions (FAQs) Q: At what age should I leave money to my children? A: There is no universal answer, but many families use a staged distribution approach, releasing funds at specific ages or milestones, such as completing college or reaching age 30, to give heirs time to build financial maturity before managing larger sums. Q: How can I prepare my children to manage an inheritance responsibly? A: Start having age-appropriate conversations about money, investing, saving, and family values. Introducing adult children to your financial advisors before an inheritance occurs is also worth considering; it makes the transition smoother and gives everyone more time to prepare. Q: Do all families need a trust? A: Not necessarily. Some families can accomplish their goals with a will and beneficiary designations alone. A trust is worth considering if you want more control over how assets are distributed, if your estate is more complex, or if your heirs would benefit from some structure around when and how they receive inherited funds.

When Saving Money Starts Getting in the Way of Living

May 21, 2026
Key Takeaways Saving money is important, but constantly postponing meaningful experiences can leave you financially secure and personally unfulfilled. Fear, habit, and identity often play a bigger role in spending decisions than numbers do. A healthy financial plan should support both your future security and your ability to enjoy life along the way. Imagine you’ve saved diligently for decades. You have a healthy income, growing retirement accounts, manageable debt, and investment balances that continue climbing year after year. Yet, somewhere in the back of your mind, a voice keeps saying, “Not enough.” So you hold off on the vacation or skip the kitchen renovation. You tell yourself you will spend more freely later, once things feel more certain. You keep asking yourself the same question, “Can we really afford this?” Sometimes the answer is yes by every objective financial measure, but emotionally, it still feels uncomfortable. For years, personal finance advice has focused heavily on the dangers of overspending. Save more. Spend less. Delay gratification. Avoid lifestyle creep. That advice absolutely matters. Many people would benefit from stronger saving habits. But there is another side of the equation that does not get discussed enough. Some people become so good at saving that they forget what the money was for in the first place. Am I Saving Too Much?  This question sounds almost absurd, and many people feel uncomfortable asking it. In our culture, saving is viewed as responsible and disciplined. Spending often gets framed as careless or indulgent. So when someone continues accumulating wealth year after year, nobody really raises concerns. But over-saving can create its own problems. We have worked with people who consistently save large percentages of their income while postponing almost everything meaningful to them. They delay vacations. Put hobbies on hold. Continue working in stressful jobs long after they financially need to. They keep waiting for some future point where they will finally feel safe enough to enjoy what they built. The challenge is that “enough” can become a moving target. As portfolios grow, lifestyles usually grow too. Concerns about inflation, healthcare costs, market volatility, taxes, and longevity all start competing for attention. Even financially successful people can develop a persistent fear that one wrong decision could jeopardize everything. That fear is often emotional rather than mathematical. In many cases, the numbers support far more flexibility than the person believes. The Psychology of Saving Money Saving behavior is deeply tied to emotion, identity, and the stories we tell ourselves about security. Understanding why you save the way you do is the first step toward making more intentional choices. Fear of running out is one of the most powerful drivers. Even people with substantial assets can feel that their wealth is fragile, particularly if they grew up without financial stability or lived through a major market downturn. The brain tends to overweigh dramatic losses compared to equivalent gains, which means the emotional pain of imagining a depleted account is often disproportionate to the actual probability of it happening. Habit reinforcement plays a significant role as well. If you spent 30 years in accumulation mode, consistently saving and reinvesting and growing, your financial behaviors became deeply ingrained. Transitioning from saving to spending, even intentionally, and when the numbers support it, can feel wrong at a gut level. The habits that built your wealth can work against you when the time comes to use it. Societal pressure adds another layer. High-earning professionals are often surrounded by messages that equate financial discipline with virtue. Spending on yourself can feel indulgent or even irresponsible, even when it’s neither. There is a difference between careless spending and deliberate investment in your own well-being, but the cultural script often blurs that line. For business owners and dual-income households, there is also the identity piece. When so much of your sense of self is tied to building, growing, and accumulating, shifting toward enjoyment requires a genuine psychological reorientation, not just a new budget line. Values-Based Spending Over-saving isn't fixed by spending more randomly. What actually helps is spending with intention — putting money toward things that genuinely matter to you. This is what we mean by values-based spending : aligning how money flows with what you care about. The exercise starts with a conversation about what you want your life to look like. Not the life you think you should want, and not the life your parents had or your colleagues' project, but the experiences, relationships, contributions, and comforts that would make your days feel meaningful and full. From there, a good financial plan becomes a permission structure. When your advisor can show you, concretely, that your goals are funded and your risks are managed, spending stops feeling like a threat to your security. It starts feeling like money doing what money is supposed to do. Values-based spending also helps you stop spending on things that don’t matter to you. Many high earners discover that their default expenditures have drifted away from their priorities over time. Redirecting those dollars toward what genuinely matters often feels better than a raw increase in spending. Signs You May Be Under-Living Financially A few patterns tend to show up repeatedly among chronic oversavers: You feel guilty spending money even after careful planning. Your savings goals continue increasing without a clear reason. You postpone experiences you deeply want because you “might” need the money someday. You struggle to define what financial freedom would look like for you. Your net worth keeps growing, but your day-to-day life feels largely unchanged. You continue working at a pace that negatively impacts your health or relationships, despite already being financially secure. None of these automatically means you are saving too much. But they are often signals worth examining more closely. Practical Steps to Align Your Money With Your Life Making the shift from over-saving to purposeful living does not require a dramatic overhaul. It starts with a few honest conversations and a willingness to examine some long-held assumptions. Start by revisiting your retirement projections with a financial advisor. Ask specifically what your models say about your ability to spend, not just your ability to accumulate. Many clients are surprised to find that their plan supports significantly more lifestyle spending than they had assumed. Build a "permission budget" for discretionary spending. This is not a ceiling on enjoyment but a deliberate allocation toward experiences and priorities you have identified as meaningful. Giving yourself explicit permission to spend in certain areas, backed by a sound financial plan, reduces the guilt that often accompanies even well-deserved expenditures. Consider what you are waiting for. If the answer is a number that keeps moving, or a level of certainty that financial markets will never provide, it’s worth exploring whether the hesitation is financial or psychological. A good advisor can help you separate the two. A Healthy Financial Plan Should Support Your Life A strong financial plan should create confidence, not permanent deprivation. Saving diligently is important, but there is also value in recognizing when enough may already be enough. The goal is for your spending to reflect your values, your priorities, and where you are in life right now. Because eventually, there has to be a point where the money begins serving you instead of the other way around. If you’ve been wondering whether your saving habits still align with the life you want to live, we’d love to help you think through it. At Five Pine Wealth Management , we help clients build financial plans that support both long-term security and meaningful living today. Call us at 877.333.1015 or email us at info@fivepinewealth.com to start the conversation. Frequently Asked Questions (FAQs) Q: Why do I feel anxious spending money even when I can afford it? A: Spending anxiety is often tied to the psychology of saving money. Past financial stress, market downturns, family experiences, and years of disciplined saving can condition people to associate spending with risk, even when their financial plan supports it. Q: Can over-saving negatively affect your quality of life? A: Yes. Constantly delaying travel, hobbies, family experiences, or personal goals in pursuit of “more” can lead to burnout, stress, and missed opportunities. Financial security matters, but so does enjoying the life your money was meant to support.