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Defining Wealth - What is enough?

Defining Wealth - What is enough?


?July 2023 - Your "Enough" vs Your Neighbors "Enough"

"average" is the new "below Average"

?" A genius is the man who can do the average thing when everyone else around him is losing his mind." - Napoleon


Be honest, no one wants to be average, right? In reality, being "average" will keep you away from problematic thinking. The follow up question to the quote above is, "What is the average thing?"


Here are some questions for self-evaluation:


1. Do you think you can save?

2. Do you think you NEED to save?

3  Do you think your income has to grow in order for you to build wealth?

4. Do you think your investment returns have to be above average to build wealth?


Consumers often focus on the 'sexy' and forget what they can control. In The Psychology of Moneyauthor Morgan Housel connects the relationship between our emotions, behaviors, and finances. He delves into the idea that money is not just about numbers and logic, but is influeced by our psychological biases, values, and life experiences.


Housel explains, "building wealth has little to do with your income or investment returns, and lots to do with your savings rate," hence what you can control. He goes on to explain, "since you can build wealth without a high income, but have no chance of building wealth without a high savings rate, it's clear which one matters most." What we are highlighting is, YOUR BEHAVIOR and YOUR CHOICES matter.


Give yourself a pay raise by evaluating your spending habits and eliminating or repricing those expenses that aren't necessary.


If you would like to engage our team, reach out at (865) 379-8200 or email us at



Defining wealth - What is enough?

How much is enough?

It??s a simple question that we can apply to almost every facet of life. How much time should we spend exercising each week or how much should we spend on the new car we??ve been eyeing? How much should your kids practice sports each week or study each night?

And when it comes to your net worth, how much is enough to be considered wealthy? According to a recent Schwab survey, you??ll need at least $2.2 million to be considered wealthy in the U.S. Yet despite that large number, 48% of those surveyed said they feel wealthy with a net worth of $560,000. Also, the younger crowd, 57% of millennials and 46% of Gen Z individuals feel rich in today??s time.

According to Claire Ballentine, 2/3rd of those surveyed described having healthy relationships with their loved ones describes the meaning of wealth to them better than simply having a lot of money. A whopping 70% said that wealth is not having to worry about money rather than having a large bank account. I have seen that in working with our clients over the years. Our happiest, most content clients are those that have enough, not the most. They are financially independent, not worrying about the stock market movements, but rather how to spend time with their family, plan a bucket list trip, or work on their pickleball game.

While it??s important (and necessary) to save for retirement, understanding your purpose is the paramount question. Enough is a variable number to each individual. Your enough is unique to your goals, dreams, and what you want to accomplish.   

So, the big question is how much is enough and how do you get there?

Kevin Painter
Managing Partner
LeConte Wealth Management


Robert Moore reaches 9 years with Leconte

Happy 9th Work-A-Versary, Robert!


Robert's dedication and commitment over the past nine years have been invaluable to our team. His passion and diligence for providing exceptional service to our clients have made a significant impact. We appreciate his unwavering professionalism, collaborative spirit, and the positive influence he brings to our workplace. Here's to (hopefully) many more!! 


Help us congratulate him!

anchoring bias and its hidden impact on Your Financial decisions

In our journey to make informed decisions, it is crucial to understand the influence of biases. Biases, whether conscious or unconscious, shape our perceptions and lead to one-sided views based on personal experiences and societal influence. In my previous blog post, ??The Hidden Influence: Navigating (Confirmation) Bias,? I explored how confirmation bias impacts our financial decisions. Investors tend to favor information that aligns with their existing beliefs while disregarding conflicting evidence. Now, let??s delve into another bias that significantly affects our financial choices: the Anchoring Bias.

Anchoring Bias: What is it and how it impacts

Have you ever purchased a home and focused on a specific price range, say $450,000-$500,000? When you do this, you may have subjected yourself to anchoring bias.

Anchoring bias is a cognitive bias where individuals rely too heavily on initial information during decision making. The initial information acts as an anchor, shaping subsequent judgments and evaluations. In the context of financial decisions, anchoring to the initial information can distort value perception, limit consideration of alternatives, and affect negotiations, often leading to suboptimal outcomes.

Let??s consider a scenario where an investor intends to purchase a property.

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Alex Willard, EA

Client Advisor
LeConte Wealth Management

Recently published on financial friction

 >The First Cut Is The Deepest


Hoy Grimm
Managing Partner
LeConte Wealth Management


>Diversification of Investments, Not Financial Advisors


Wes McNeillie, CFP
Tax and Planning Specialist
LeConte Wealth Management

Leconte in the news

?Sara Kate spends summer with LWM

?We want to thank our summer intern, Sara Kate White, for spending some of her summer with us by helping our team accomplish a multitude of projects.


Here is what she had to say about her time with us this summer:


"While serving as an intern at LeConte Wealth Management I was able to gain valuable insight into both the financial and accounting industry throughout the summer. The guidance and leadership from each advisor only expanded my desire to pursue a future career in one of these fields. Moreover, I learned how to put my knowledge and skills into practice. Having a hands-on experience with the variety of software used, participating in client meetings, and being the first line of communication with clients all helped me accumulate valuable skills that I will carry with me throughout the rest of my professional career.


One aspect of LeConte Wealth that particularly stood out to me was the family-oriented culture that the company embodies. From the work environment to the core values of the company, a friendly, engaging, and collaborative environment was always put forth. Overall, I was able to gain a new sense of professionalism and a clearer understanding of what it would be like to work in this industry throughout my internship."

?Grimm Emcees FFC Event

??Managing Partner, Hoy Grimm, had the opportunity to emcee the first annual Freedom Fest hosted by The Faith and Family Coalition.The event was one where people of the Blount County community showed up to celebrate their faith, family, and freedoms.

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Advisory services offered through LeConte Wealth Management, LLC. an SEC registered investment adviser.