Are you living your 'why'? Quit spending time and money on things that don't matter and begin turning money into wealth.
Last post we talked about the importance of of knowing, and living your why. Today we want to take that further, we want to give you a reason to start turning money into wealth. You see real wealth is intrinsic, it's all about a life that you are living on purpose, a life that takes you in the direction you want to go, and takes you in a direction that provides fulfillment. Unfortunately we often know which way we want to go, but all too often we let life get in our way, or we fall back into our normal patterns of behaviour, allowing ourselves to be buffeted by the currents of life that can push and pull us in any direction.
Have you ever looked back over the year that was and wandered where it went? What did you achieve? Perhaps that was the last few years, perhaps you woke up one day and asked yourself what have you been doing with your life? We all make mistakes, we all get our priorities wrong and it is ok! We need to keep trying to live that life we want to live though, we need to try to identify our weaknesses, and identify how to overcome them. The goal is never to be perfect, that's just not possible, but to be better, to simply do more of what we want with our lives. We want to change our personal finances by turning money into wealth. You see wealth, is to have an abundance. And it is not necessarily an abundance of money. It may be an abundance of time, an abundance of happiness, or an abundance of experiences. Money is just the tool that can help us to create that abundance, but if we use on things that we truly don't value, then we are wasting the opportunities that it brings us.
One of the biggest weaknesses that I see, and let's be honest, I am guilty of too, is trying to keep up with the Joneses. You know exactly what I mean here. The world tells us that to be happy, to be considered successful, we have to have all the status things, the biggest house, two new cars, holidays overseas, fancy clothes, boats, bikes that cost more than my car, you name it. Do you know why we think that? Marketing. It is someone's job, to determine how to convince us that we need these things. They design campaigns to get us to buy, and they are pretty damn good at it. But does it make us happy? Does it move us towards our why? Does it help us by turning money into wealth? One of my 'why's' is to travel the world. It is important to me, and it drives me. Eventually I want to take my kids overseas and live in Vietnam to show them how good they have it here (ok I don't know if they will get that, but it is worth a shot). Are those new cars part of my why? Honestly, not really. But I really like cars too. So here is the kicker, do I buy a new car or do I go overseas. In my case I bought a cheaper car (and you know what it is awesome!) and elected to take the overseas trip but it fulfills me more than a $60,000 car. And here's the kicker. No one cared. No one person. Not my neighbour, not my family. They don't care that the car I drive is worth maybe $20,000 on a really good day. I cared, and I thought that people cared. Marketers have got us all tied up, so our values are based on what we have, rather than who we are.
Economist James Dusenberry, described this phenomenon back in the 50's. We judge ourselves based on the living standards of others, and hence will spend our income to live to that aspirational standard. The problem with this is certainly that it is unconcious. If we don't actively try to break ourselves from this, then we won't even know that we are doing it. The other problem I see, is that we drive ourselves in the wrong direction but trying to live up to someone else's standard of success. We have been led to believe that success is having everything, yet are we happier for it? No. Of course not, as that success is materialistic and don't meet our intrinsic needs. We should be driving in the direction of our why as this is what will give us true fulfillment. By turning money into wealth, we can start to place more value on the things that make us happy, give us meaning and create the life we want to live.
Next time you go to buy something, stop and think. Who are you buying this for? Is it for you? Or is it because you think that people will judge you if you don't have it? Or is because society defines success as having this item? If it is the latter let it go. Your happiness depends more upon you doing what is intrinsically important as opposed to what have been told will make you happy. So if your 'why' is not having the fancy cars, the huge house, why are you aiming for that? If you aim is to live your 'why' we need to start turning money into wealth.
Are you ready to start your journey? We would love to hear from you.