I had a clever idea a few years back, that clever idea was to kill my debt because I was sick and tired of not having control of my finances. The truth is that my make believe world of having money led me to this financial mess. I came to the realization that money is not wealth.
So what is wealth? What does wealth mean to me? On a previous post, I wrote about wealth and steps to creating a wealthy mindset in order to take control of our money and start living. Wealth is value, a mindset to me.
I'm not talking about net worth. I am talking about wealth, wealth to me is more than dollars and cents. It's about living and enjoying life without stressing over money (if that makes sense).
Let me give you an example: when I worked and was a single mom, I made good money; very good money. I bought things (some I didn't even need), but I also worked a lot of hours. Working tons of hours, I didn't get to enjoy my things; but most importantly, I didn't get to enjoy time with my daughter as much as I wanted to.
All because I wanted to make that money and have money. I wanted to be wealthy. I didn't enjoy much of my time, nor did I use my money wisely. That wasn't wealth at all.
If you are reading this post, you might know of one or more individuals who sees money as wealth. Look at our society for example: we crave money and blame others for not having it. We want the wealthy lifestyle, but not realizing that this is not what wealth is about.
We are in debt because we want to be wealthy. We have good jobs and can't seem to keep food on our table. We blame and envy others for not being able to live that wealthy lifestyle we all so crave. The reality is that money is not wealth.
Money Is Not Wealth: 6 Reasons You Have It Wrong
- Having money in the bank but have debt – I get that the majority of us have a mortgage and other loans, but if you have credit card debt and you are not making any attempt to paying it off, you are not wealthy. You owe money, and the reason why you owe money is because you are living above your means.
- You are living paycheck to paycheck – Over 70% of Americans live paycheck to paycheck. Can you believe that? No matter how much money you get paid each week or what your income is, if you are living paycheck to paycheck, there is NO WAY you have wealth.
- You depend on, and are content with, the income you have- Many people just simply think that one income is enough. This is something that I learned recently. Why do we have to settle for one income when we can make money from other sources? Make extra money. I know I do with my blog and other creative ways.
- You have a high paying job but you can't pay your bills – You find any excuse in the book as to why you can't pay your bills on time. You have a wonderful job, but somehow the cable company or the electric company seems to be “cheating” you and making you pay more than what you owe. This leads you to under pay your bills. Being irresponsible doesn't mean you are wealthy.
- You are seeking comfort, not freedom – This is something that many of us don't see, or care to see. We are comfortable with having debt, lots of debt. We are not seeking that freedom that comes with being debt free and having control of our finances.
- You are neither living nor enjoying your life – If you are working and busting your behind without no financial goals just to pay your bills and maintain what you have, then you have this wealth thing wrong. Earning that extra dough for the purpose of enjoying it in the future, then you have it right. But if you are working long hours, missing your family, and worrying about your bills, you have no wealth.
Do I love money? Yes, I sure do; but living the way we are living and enjoying our wealth motivates me to keep going. Saving for what we need and enjoy, instead of splurging to show off for others.
When you work hard and enjoy life without the stress of finances, then you have true wealth. It's not always about the money. It's how you make that money work for you.