NUTURING TRUE WEALTH
Written by Nila Mistry
31/03/2023
What does it mean to be truly wealthy?
When we think of creating wealth, it’s easy for our minds to jump straight to income, earnings, and savings. Perhaps the word ‘wealth’ conjures images of excess, large houses, fast cars, tax havens and fancy lifestyles.
Financial wealth is undoubtedly significant because it gives us options, but it’s not the only type of wealth we should strive to create. It’s important to remember that money alone can’t bring us true happiness or a sense of purpose.
A rich life
We thrive when we live fully and authentically.
Physical, mental, emotional, and spiritual well-being enrich daily life. Healthy, loving relationships bring us life-enhancing warmth. We all need friends. Those who focus solely on accumulating financial wealth may feel unfulfilled if they have no purpose.
The time we give to nurturing ourselves and our relationships is always well-spent. Our dreams may be to travel the world, start a business, or write a book. Pursuing these passions can bring a sense of purpose and meaning to our lives.
Love and strong family relationships are also critical to our overall well-being. Prioritise simple pleasures. Spend time with your loved ones. Foster open and honest communication and, where you can, show appreciation and support.
Spirituality is another aspect of life that can bring richness and depth. Connecting with something larger than ourselves can help us feel more grounded and at peace. Meditation is a powerful way to tap into our spirituality. It can help us cultivate inner peace and calm.
We must cherish our time with our parents and older relatives. Spending quality time with them, listening to their stories, and showing them love and appreciation can bring us closer. Use the time you have together to create lasting memories.
To live authentically, we need stable financial foundations. A financial plan and authentic living have synergy. They go hand in hand.
Creating a stable foundation
With a stable foundation, you’ll have the freedom and flexibility to pursue what matters most to you. Your most passionate dreams and goals will always be one step away if you spend time worrying about financial instability or debt.
Building a stable financial foundation requires a proactive approach to managing your money.
Your first step is to establish a budget that reflects your income, expenses, and savings goals. Creating a budget helps you align your spending with your goals. Prioritise paying off high-interest debt, such as credit cards and personal loans.
Next, build an emergency fund covering at least three to six months’ expenses. A safety net for coping with unexpected expenses or a loss of income will give you peace of mind.
Finally, investing for the long term can help you achieve your goals for retirement while also building wealth over time.
Building stable financial foundations takes discipline and patience. You may need to make difficult choices. Financial security and peace of mind are well worth a little effort.
A diversified portfolio
Diversification is a crucial concept in both financial and personal wealth creation.
Financial advisers often talk about diversification. This means spreading your investments across different asset classes, sectors, and regions. The aim is to reduce risk and increase returns.
In your personal life, diversification means expanding your interests, relationships, and experiences to create a full and well-rounded life.
Do your financial and life plans align? Here’s my simple one-page financial plan to download to help you get started. Remember, regular reviews will your financial planner are essential to success.
Leaving a legacy
We all have the opportunity to leave a positive and lasting impact on the world.
When you think about your legacy, does your mind run immediately to money and possessions?
It’s true that leaving an inheritance may be a significant part of your legacy. But remember, money, property, and assets aren’t all you will leave behind.
The truth is that our legacy doesn’t have to be all about money.
“The true meaning of life is to plant trees under whose shade you do not expect to sit.”
Nelson Henderson
Whether through volunteer work, a daily kindness or community service, we can all feel our lives have made a difference. Your actions and the way you live your life are your legacies.
If you are kind, compassionate, and giving, those qualities will be remembered long after you are gone. Think about the people in your life who have had a profound impact on you. Chances are it wasn’t because of their wealth but rather because of how they treated you and others.
Another way to leave a legacy is by contributing to causes you care about. Supporting organisations that work towards making the world a better place can be a powerful way to leave a lasting impact. Your contributions will make a difference in the short term but can also inspire others to get involved and continue the work that you started.
Sharing your knowledge and skills is another way to leave a legacy. Passing on your expertise and experiences can have a ripple effect. An impact that extends far beyond your lifetime. Think about the people who have helped you along the way. By sharing your own knowledge and skills, you can pay it forward.
If you live a fulfilled life that aligns with your values and beliefs, your legacy will reflect everything that is most important to you.
It’s not (only) about the money
Building true wealth is about more than simply accumulating financial assets. Money is an enabler. It can help you reach your goals but shouldn’t be your sole focus.
As your financial planner, I’ll help you build stable foundations. Together, we will give our attention to what truly matters. I’m not a traditional transactional financial adviser. Pensions, investments and mortgages, life cover and protection policies are merely building blocks. Carefully arranged and aligned, they form a basis for financial security.
With a clear financial plan, you’ll have a pathway to a rich and meaningful life that brings you joy.
If you want to embrace the energy and optimism of spring, book a call with me today. Let’s explore the opportunities for growth together.
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