One of the worst things that can happen to you in wealth building is for you to have a wrong mindset and definition of what wealth is. Many people have set financial targets, achieved it, and still ended up feeling empty and unfulfilled. When your definition of wealth is wrong, you will keep moving from one financial target to the other frustrated, unhappy, bored and unfulfilled. While money might be the commonest means by which wealth is measured, it is not completely accurate. There are thousands of people who have enormous amounts of money and still do not feel wealthy. Therefore, the way you define wealth has a huge impact on whether you feel wealthy, fulfilled, or disappointed. The definition you give to wealth will also affect what you do to achieve wealth. For example, if your definition of wealth is synonymous to having only material things, you might end up doing both moral and immoral things to attain it, risking your freedom and peace of mind.
One of the ways to know how you currently define wealth is to ask yourself the question: why am I passionate about wealth? Understanding the reason and knowing where and how you developed your wealth mindset from, will reveal a lot of things about your attitude and definition of wealth. Most of our definitions, attitudes, and mindsets about wealth were derived from our childhood experiences and the environments we grew up in. So, most of what currently forms our belief system about wealth is built from raw material, innocently obtained from biased sources. Thankfully, we can change, unlearn, and reinstall new and positive wealth mindsets and wealth definitions to kickstart our journey to true wealth.
If you built wealth for the wrong reason you will lose wealth for the wrong reasons.
Many people have defined wealth in different ways based on their life experiences and perspectives and frankly, wealth is personal. It is like happiness and it means different things to different people. It is important, however, to know that your definition of wealth whether positive or negative will affect how you relate to and handle wealth. Here are some of the ways wealth has been defined:
Wikipedia: “Wealth is the abundance of valuable resources or valuable material possessions.”
Robert Kiyosaki: “Wealth is measured in time, not dollars. Wealth is how long you can survive at your current standard of living if you quit your job today. That is, your ability to sustain your existence without working.”
Roger James Hamilton: “Wealth isn’t how much money you have. Wealth is what you are left with if you lose all your money.”
Buck Joffrey MD: “I do not measure wealth in dollars. I measure wealth in time. The more time you have to do the things you want to do, the wealthier you are. Wealth = Time.”
Mahatma Ghandi: “Health is the real wealth and not pieces of Gold and Silver.
You are exactly where your current wealth definition and mindset has led you to. If you are not happy with your result, you need to alter your mindset and definition of wealth. After several years of assessing wealth through different lenses, I have come to the conclusion that solid wealth is a five-anchored structure. The first anchor is to have good health (Health (H). The quality of your health is determined by the number of positive things you do for your body minus the number of negative things that you do to your body. If it is not taken care of, it can distort your ability to achieve all your other wealth goals. The second anchor is having the freedom of time and money through the acquisition of diversified financial assets (Asset (A). Having the right mix of financial asset is more important than having a few great investments.
The third anchor is having valuable and meaningful relationships (Relationship (R). There is strong evidence that valuable relationships increase our personal resilience and contribute to a long, healthy, happy and wealthy life. The fourth anchor is continuous personal development (Personal development (P) and it focuses on you knowing and acquiring skills in the areas of wealth where you lack them. The fifth and final anchor is giving (Giving (G) and it involves giving your talent, gifts, potentials and finances for the service of humanity. Together, I call them the ‘HARP G’ of solid wealth.
These five solid wealth anchors have the power to turn any ordinary, temporary, exposed, sporadic or fragile wealth into a solid and irreversible wealth that will transcend generations. Wealth is NEVER the goal for a person with a solid wealth mindset. The goal is to BECOME rather than to HAVE. Becoming a person of value, impacting the lives of the people around you, and transforming the world is the goal. Monetary wealth is only a result of achieving the goal. When you create wealth based on a process of becoming rather than having, you become fulfilled and enjoy peace.
Becoming a person of value first to yourself, to the people around you and to the world, is the noble and guaranteed way of creating solid wealth.
You have the power to create solid wealth by cultivating and developing the correct wealth mindset that will replace the previous negative mindset you may have. This new mindset will move you towards peace and happiness and will be the difference between a life of emptiness and a life of fulfillment.
If Wealth is your end goal, then what after wealth?.
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Keep building solid wealth.
Grace Agada-The Senior Wealth Advisor and Founder Create Solid Wealth. Article was First Published in The Business day Newspaper.