When you think of people with ‘wealth’, what are the first things that come to mind? A big house, lots of cars in the garage, and exotic vacations? Do you think of those with wealth as sending their kids to ivy league colleges, investing in huge chunks of property, and running enormous businesses? While all of this may be true of some with wealth, the truth of the matter is, I think ‘wealth’ is more of a mindset than anything. What ‘wealth’ means to one person could be completely different for another depending on priorities, personality, lifestyle, and background.
I have many clients who I consider to be ‘wealthy’, and I’ll be the first to tell you that I don’t base that on the size of their portfolios. What I’ve found is that the truly wealthy people I work with tend to cultivate healthy habits that make them genuinely happy, fulfilled people. Yes, they may have built up some actual wealth, but they realize that it is a means to an end and not an end goal. Here are the four healthy habits I’ve observed most often that make people wealthy in both bank account and spirit.
Those who know how to use their money for important things like wellness and learning tend to make their money work for them instead of the other way around. This leads to contentment instead of the need to always accumulate more. Those who are truly wealthy know that everything they need in their lives, they already have. They can stop and enjoy what they’ve built and how it enhances their relationships instead of constantly striving for that mythical ‘next level’.
According to many studies, in areas where wealth is concentrated (as it is throughout much of the United States), those who possess the majority of it tend to feel entitled and are less likely to give to others. Those I know who truly embody wealth, though, feel none of this entitlement. They understand they are lucky to be in a good financial position and share freely with others, whether that means giving to friends and family members, charities, or getting involved in the community through giving of their time.
A Humble Heart
Have you ever met someone who you know is incredibly wealthy, yet you’d never know it by talking to them? They probably dress like everyone else, have a normal-sized home, and never brag about their accomplishments. In my opinion, the truly wealthy have no need to make sure everyone knows about their wealth. They honestly do not see what makes them different from everyone else and, if you were to ask them about their success, you would probably be genuinely surprised.
Wealth is not just about money. When someone with money uses that wealth to isolate themselves or judge others or feel superior, they lose the essence of what it means to live a wealthy life. The wealthiest people I know have lives rich with connection. They use their money to reach out and deepen their relationships with friends, family, and colleagues. Instead of using it as a barrier, they use it as bridge, creating lives that are full of meaningful and multi-layered relationships.
Creating healthy habits is crucial to developing a wealthy lifestyle that affects much more than just your portfolio. Are you working with a financial advisor who understands what a wealthy lifestyle means to you? If not, please feel free to reach out so we can chat more.
Patrick Tucker, the owner of True Measure Wealth Management, has over 20 years experience in the industry and has spent the last 15 years learning the ins and outs of the fee-only advisory business. He focuses on client behaviors and what ‘wealth’ means for each individual client to provide caregiving plans that lead to a mindful fulfillment of financial goals. A lifelong learner, Patrick uses his continued knowledge to become a valued partner for his clients and help them explore the wisdom of true wealth.