What it means to be genuinely wealthy.
“I think this is the start of something really big. Sometimes that first step is the hardest one, and we’ve just taken it.”
– Steve Jobs
By Shawn Perkins | Wealthy Living
4 minute read
I wouldn’t call myself a writer. However, I’ve learned that writing forces the organization of my thoughts in a way that can be beneficial to me and hopefully others.
Writing allows us to communicate our opinions and methods in a way that showcases not only our knowledge but also our personalities through creativity and maybe a little bit of wit.
My hope is that with each post, you’ll get to know me and my views on finance, investing, and other odds and ends. And, for your sake, I also hope my skill as a writer will continue to improve.
Until then, your patience is appreciated, and your time even more so.
The center of it all.
It felt right that my first post should be focused on what I believe wealth means. You will understand from here, at the beginning, that no matter what topic we explore, my galaxy of finance revolves around this center that holds everything else together.
The common thread
I’ve been a financial planner for 8 years now. I’ve worked with just about every type of individual that you can think of. From high net worth, and in some cases, high-profile individuals, all the way to the recent college graduate ready to take on the world with a six-figure negative net worth.
On the surface, you may think that these individuals and everyone in between have very little in common. And in certain aspects, you would probably be right. They are on different levels in many respects.
However, if we peel away money, status, and possessions, all of these individuals had one thing in common. One thing that most of us have in common on a day-to-day basis. They were facing uncertainty.
And uncertainty left unaddressed leads to concern, stress, and anxiety.
And worse, it robs us of our most valuable possession, time.
Our desire to control time
Time, or more specifically, the control of time, is what most everyone really wants.
The reason most people want to retire isn’t just because they’re tired of working (although that certainly is a component). They want to be in control of their time.
They want to travel; they want to visit family; they want to have a 9 a.m. tee time on the weekdays instead of the mind-numbing commute to work. They want their independence.
What is genuine wealth?
According to a recent study, in order to have a successful retirement, over half of Americans will need to make significant changes to their lifestyle. (Fidelity)
And over 70% reported feeling stressed about money within the past 30 days. (APA)
That doesn’t sound like control or independence to me.
freedom from uncertainty
Uncertainty doesn’t care how much you have in your retirement plan or how big or how little your pay stub is every other week. It affects everyone. But it can be overcome.
Genuine wealth is freedom from uncertainty and the purposeful control of your time.
Uncertainty cannot be eliminated. It will always exist in the markets, in the world, or in our personal lives because we cannot predict what will happen a year, a month, or an hour from now. However, we can free ourselves from uncertainty.
Addressing the things that could happen and taking steps to either prevent or prepare for the unexpected will almost always result in a better outcome than the alternative.
Having a plan and strategy transforms uncertainty into confidence. And confidence gives us the freedom to not only accomplish our goals but also to enjoy doing them.
Our unique perspectives on money
We are all different. We all have different backgrounds, beliefs, priorities, and aspirations. We all have different things that make us happy, sad, excited, or anxious.
These experiences and differences shape our views of the world, and in particular, our views and relationship with money. And that’s okay.
But ultimately, I think we all just want to be able to do what we want to do and be happy doing it. If that resonates with you, then your focus should be on the accumulation and use of your money to take back control of your time and be able to accomplish the things that are most meaningful to you with the freedom that comes from being confidently prepared for an uncertain future. Then, and only then, will you be truly financially free.
The essence of genuine wealth
Be in control. Be purposeful. Be present.
That’s genuine wealth.