Money Isn’t Your Goal, So Why Do You Think It Is?
Money represents many things—wealth, joy, security, advancement, opportunity, and more. While it can embody these traits, it isn’t inherently any of the ideals above. Money is simply money. It’s paper, metal, a number on an account, or a figure on a balance sheet. It isn’t the secret to unlock your wildest dreams.
Money isn’t the destination, rather it’s a tool to encourage the discovery and nurturing of your goals. Way too often people think that money is the answer, but this narrow perspective limits rather than opens your view and application of money.
When money takes center stage, your goals, values, and priorities can fall to the wayside leading to a mindset of always craving and chasing more. Today, we are going to explore intentional ways to broaden your perspective about money and all the wonderful places it can lead.
What is ‘enough’?
Money plays an essential role in life. It’s how you pay your mortgage, put food on the table, and engage in the activities you enjoy. While money enables your lifestyle, it doesn’t dictate how you build your life.
Let’s put this in perspective. We can start by asking a question,
What would you do with more money?
A litany of items likely flew into your mind whether it be a house project, vacation fund, new clothing, a trendy piece of technology, etc. Given the means to do so, people can find ways to spend money.
But what is enough money? Is enough money when you can finally upgrade your car? What about when the latest model is released or a different brand has more high-end finishes? Your idea of ‘enough’ shifts to accommodate your current wants.
By chasing the idea of attaining enough money, you find yourself in dangerous territory because enough money doesn’t exist. There will never be enough. Once you move past searching for enough money, you can dig into the true value that money can bring to your life.
Adopt a new money mindset
Your money mindset is the unique attitude you have about your finances. It impacts nearly every financial decision you make and can inform your habits.
You may think you know how you approach your finances, but a little introspection can tell a different story. Here are a few questions to get you thinking about your current money mindset.
- How do you feel about your financial life?
- What comes to mind when you think about managing your finances?
- Do you have confidence in your financial plan?
- Are you comfortable talking about your finances with your spouse? How about with family members or close friends?
- Do you take a more active or passive approach in your finances, and why?
These questions can be telling for how you view your finances in both the short and long term. Perhaps you earmark all of your money for the future or maybe you spend your paycheck the second it hits your account.
It’s critical to address both the positive and negative ways you view your money because knowing both can inform your choices moving forward. Someone who operates under a scarcity mindset, for example, never believes they have enough money, which can bring about stress, fear, and anxiety.
This type of mindset can hold you back from realizing financial flexibility, freedom, and joy. Simply shifting your money mindset can have a significant impact on your financial health.
When you aren’t afraid to manage your finances, you could make a more sophisticated investment plan. Added confidence in your finances can help you have more open, honest conversations with your spouse. Maintaining a positive outlook for your finances can lead to healthy choices that enhance rather than detract your goals both now and in the future.
Quality over quantity
You’ve heard this saying countless times before, and usually, the quality of something is more important than the quantity. Money is no exception to the rule. The more money you have doesn’t translate into a higher-quality life. Rather it’s what you do with your money that begins to define quality.
When you stop thinking about money as the end-all-be-all of happiness, you can start to see the things you value most.
- What brings you joy?
- Where do you find peace and contentment?
- How do you find fulfillment and meaning?
These answers can act as a window, letting you see the ways you can use your money to fulfill your deepest hopes and dreams.
Re-define your goals
If money isn’t the goal, what is? It might be to build a career you are passionate about, giving back to your community, or deepening your relationships with yourself and others. The idea here is to transition your goals away from money to the things that truly matter in your life.
It’s important to know that money doesn’t have to be entirely absent from your goals. You might have a goal to retire early or start your own business or buy a new house for your family or take some time to travel the world and broaden your horizons. All of these goals are exciting and involve money. But as you can see, money itself isn’t the goal.
It’s less about making money the goal and more about structuring your financial life in a way that bolsters your goals. Take some time to define what your true goals are and the role money plays to help you achieve them.
Money is a crucial part of life, but when it goes slightly out of focus, your true values, priorities, and meaning come in crystal clear.
Our goal at Legacy Wealth is to help you define and achieve your goals. How can we do that for you? Schedule a 15-minute call with our team to find out more. We can’t wait to learn what matters most to you.
