Creating your definition of wealth
When you hear the word ‘wealth’ what are the words, images, and meanings that come to mind? Does your mind flash to a lifestyle of the rich and famous? Luxury yachts, mansions, vacations to remote destinations? Or maybe your mind starts to conjure up a different meaning, one of security, legacy, and stability?
According to Merriam-Webster wealth is defined as an “abundance of valuable material possessions or resources.” Scroll through a Google search and you will find that most of the definitions on wealth revolve around material or asset possessions. The more vacations home you have, whether you drive a luxury vehicle, own a boat, the outward appearance of social status; these are all what the definition of wealth focuses on. And while all of this is true, this definition alone is lacking; lacking what humans need at our core. From a hierarchy of needs, safety and security are at the foundation…not luxury items and multiple homes. And before anyone starts to think I’m bashing folks who have these items, hear me now: It’s not about whether you have them, it’s about WHY you have them. What do those material possessions represent to you?
Wealth is an individual subjective experience. What wealth means to you and your partner may differ from what it means to your family, your friends, or your neighbors. When it comes to creating your Wealthy Marriage, it’s important to focus on what YOUR definition of wealth is and not someone else’s. Understand what is at your core that you are really seeking and pursue that financially.
So how does one go about creating their definition of wealth? I like to think of this as both a ‘me’ and ‘we’ exercise. Before coming together as a couple, each of you take some time to think about the following questions:
‘What does wealth mean to me?
What does financial wealth look like from day to day, week to week?
How would I feel if I had wealth?
After answering these questions come together to see where the overlap is. For many couples, they may both answer that they would feel “secure” or “at peace” if they had wealth. As a couple, part of your definition of wealth would be having these two emotional experiences! By defining your individual and relational definition of wealth you are then able to structure your saving, spending, and giving in a way that works in alignment with what you really want out of life.
