Someone told me, “I wish your emails and columns would sometimes relate to people with average income or meager means. Everybody’s not rich, you know! What about us? What can WE do to live better?”
Here’s how I responded…
I have met multi-millionaires with no time, love, or peace in their lives.
I have met others who could list all their possessions on the back of a napkin…yet their families, friendships, communities, and simple lifestyle made them feel ultra-wealthy.
So, let’s begin with the realization that money alone can’t make anyone truly rich, and a lack of great material wealth doesn’t have to mean a miserable life.
Lest I get too idealistic about all this, let me quickly add:
- I know plenty of truly happy people who are wealthy.
- I don’t know too many folks of lesser means who would turn down a big inheritance or windfall.
Having said that, I want to share six wise lessons about true wealth I’ve learned from people who don’t always have a lot money.
- Appreciate simplicity. I knew a hard-working man who once said, “I sleep good at night! Because I don’t have a lot, I don’t have a lot to keep up with. I’m free!” He understood that when your life is less cluttered with stuff, it leaves time and space for more important things…like people.
- Activate sharing. You don’t have to buy and own every gadget and tool. I’ve heard cool stories of friends and neighbors (of more modest means) who share items they need, but use infrequently (e.g., garden tillers, pressure washers, etc.) This practice can be a way to build stronger bonds in your circle of friends.
- Broaden your definition of wealth. If we define wealth as “something of value,” then wealth is about so much more than money. Visit with older folks on fixed incomes. Many will become animated talking about their faith and family (especially those precious grandkids and great grandkids). They’ll light up and laugh when recounting favorite memories and remembering life’s simple pleasures. Leaving their presence, you realize, “I’m wealthier than I thought!”
- Begin planning. If financial planning is important for the wealthy, it’s critical for those with less. I get inspired when I see folks of modest means create a simple spending plan, a plan to get out of debt, or a habit of saving (even if the amount saved is small). Good plans well-executed can lead to better outcomes.
- Conquer comparison. The quickest way to forget what matters and to fall into bitterness is to start comparing your situation with someone else’s. Don’t do it! “Comparison,” Teddy Roosevelt rightly pointed out, “is the thief of joy.”
- Cultivate contentment. The cure for the comparison trap? Cultivate contentment. And the best way to do that? Practice thankfulness.
It’s hard to grumble and be grateful at the same time…one always crowds out the other in your heart. So just make sure thankfulness gets the upper hand. Wise old Socrates put it like this: “He who is not contented with what he has, would not be contented with what he would like to have.”
Whether you consider yourself poor, wealthy, or somewhere in between, here’s the good news: You can be rich in the things that matter most.
That kind of wealth has nothing to do with luck, talent, or being born into a certain family. It’s available to all.
I’ll close with this…
If you’re starting to think about retirement, I’ve got a helpful, free tool. It’s called the RISA (i.e., Retirement Income Strategy Assessment). In less than 10 minutes, it can show you what kind of retirement income plan best aligns with your personality, goals, and lifestyle. There’s no obligation, and you can access it by emailing me (bmoore@argentadvisors.com).
Afterwards, if you want to discuss your RISA results further, reach out.
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