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What is True Wealth?

Intelligent Investing

What is True Wealth?

Being wealthy is as much a mindset as it is a measure of what you have in your bank account. It is about understanding that money is about giving you the freedom and security to live the life you want while enjoying good health, strong relationships, and having a sense of purpose.

Practically, that means being committed to living below your means, setting aside sufficient emergency savings, and investing in assets that will grow and compound over time. More than that, it’s about appreciating that money is an enabler that should work for you and should not dictate how you live your life.

Financial freedom

Living a wealthy life is therefore actually about how you use your money to support your wellbeing. This is true financial freedom – the ability to live the life you want without being constrained by financial concerns.

That doesn’t necessarily mean having so much money that you never have to work for more. You can have financial freedom while still earning an income, provided you know that your earnings more than cover your expenses and you have enough emergency savings to bail you out if things go terribly wrong. Put another way, financial freedom means not constantly worrying about money. Margins of Safety, in financial terms, will contribute to a general feeling of wellbeing.

The lessons for anyone who wants to achieve real worth are, therefore:

  1. Put more emphasis on experiences and relationships than material possessions. Have a clear sense of what you want to use your money for, rather than just accumulating money for its own sake.
  2. Live within your budget. You cannot accumulate wealth if your expenses are greater than your income as you will never be able to build up emergency savings and you will have no financial security.
  3. Have clearly defined financial goals. Understand your motivation for building financial wealth, and that it is not an end, but a means to achieve true wellbeing.

Contact your client liaison at Silverspoon Wealth or email info@silverspoonwealth.co.za for enquiries.

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