So, why is it important to ask and answer this question?
Have you ever stopped to think about what the concept of wealth, or being wealthy, means to you?
Confession time: Until recently I had spent an inordinate amount of time ‘worrying’ about finances, money or lack thereof, and how to make enough money to feel secure, but not nearly enough time answering this question.
Because unless you do, you could find yourself regurgitating the latest rhetoric you have been exposed to. Even worse, you could find yourself just ‘following the crowd’ mindlessly. A recent survey by the Financial Services Council revealed Kiwis are concerned about affording retirement. It showed that around 70% of NZ adults think they may need to work past retirement age. Even more concerning, 65% are worried they aren’t on track to have enough money to enjoy the retirement they dream of, or to be able to afford where they want to live. Source listed at the bottom of this article.
The Merriam-Webster dictionary definition for wealth is “an abundance of valuable material possessions or resources.” But interestingly, how do you measure abundance? For a homeless person, their measure of abundance could be more than 2 meals a day, a warm, dry bed and feeling safe. For a middle aged, serial CEO, abundance could be having more than $4 million in their bank account and more than 2 homes.
And how do you define ‘valuable material possessions or resources’? More questions you say! What I have decided is that when it comes down to it, each person’s definition of wealth is as unique as they are themselves.
Wealth for me is now defined by my mindset. And my mindset is a ‘valuable resource’. How I used to ‘think’ about wealth has flipped a full 180degrees:
Our mindset is simply a set of beliefs that form our identity. It is our identity that ‘drives’ our actions which in turn ‘drive’ our results in life.
As my identity around wealth, money and finances has changed, so have my actions and my results in life. I feel lighter, I feel in control and I feel content. This did not come from an inheritance or winning the lotto. Simply, as I changed the way I looked at things, the things I looked at changed.
I would answer now that wealth to me is all about mindset. And with my current wealth mindset, everything is possible and everything is exciting.
How would you describe your wealth identity? How do you feel about your wealth identity?
If you do not feel light, in control and content, let’s talk.
Survey by the Financial Services Council. Source: https://milfordasset.com/insights/the-retirement-gap-is-growing-and-65-of-kiwis-are-worried-about-having-enough