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Your Financial Definition of Wealth

Insights
By Sarah Carlson, CFP®, CLU®, ChFC®

Wealth is often thought of as money, but your financial definition of wealth may be different. Perhaps you consider wealth to be your ability to retire comfortably or being debt-free. Regardless of your definition, there are steps you can take to help build your wealth. 

Investing regularly is one of the best ways to grow your wealth, but it's not the only thing you can do. You also need to change your mindset around wealth.

Your financial definition of wealth is key to your financial planning

Here are 5 ways to change your mindset and achieve your financial definition of wealth:

1. Stop Comparing Yourself to Others

One of the quickest ways to sabotage your financial success is to compare yourself to others. When you compare your financial situation to someone who is doing better than you, it can make you feel bad about yourself and your financial situation. This can lead to negative thinking and a defeatist attitude, which will only hold you back from achieving your financial goals.

Instead of comparing yourself to others, focus on your own financial situation and what you can do to improve it. This will help you to stay positive and motivated to achieve your financial goals.

Focus on what you can do to improve your own financial situation instead of comparing yourself to other people.

2. Focus on What You Have

Another way to change your mindset around wealth is to focus on what you have, not what you don't have. It's easy to get caught up in all the things you want in life, but this can only lead to financial frustration.

Instead, focus on all the things you already have. Be grateful for your financial situation, no matter how small it may be. This will help you to see the abundance in your life and open up the possibility for more wealth to come your way.

3. Understand that Wealth is Not Just about Money

Many people believe that wealth is solely about money, but this is not true. Wealth is also about:

  • Your relationship with money
  • Your mindset around money
  • Your financial habits

When you understand that wealth is not just about personal finances, you can begin to change your relationship with money. Instead of seeing it as the root of all evil, start to see it as a tool that can help you achieve your financial goals. This shift in thinking will help you to attract more wealth into your life.

4. Set Financial Goals

One of the best ways to change your mindset around wealth is to set financial goals. When you have specific financial goals, it gives you something to focus on and work towards. This can help to keep you motivated and on track to achieving your financial definition of wealth.

Not sure where to start? Try setting a goal to save X amount of money each month, or to pay off your debt within X years. These are just some examples, but the important thing is to start setting financial goals that are specific and achievable.

5. Seek Professional Help

If you're struggling to change your mindset around wealth, or if you're just not sure where to start, seek professional help. Our team of Spokane Financial Advisors can help you to understand your financial situation and give you advice on how to improve it.

Working with us is a great way to get started on the path to wealth. We can help you:

  • Set financial goals
  • Create a budget
  • Invest your money according to your goals

If you're serious about achieving your financial definition of wealth, our team of Spokane Financial Advisors are here for you.

Our Spokane financial advisors will help create a plan around your financial definition of wealth

Conclusion 

Changing your mindset is the first step to achieving your financial definition of wealth. In my upcoming book, Facing Financial Fears, we'll explore together more ways to transform your money mindset to serve you. With the right mindset, you'll be well on your way to building the wealth you've always dreamed of.

Facing Financial Fears

Learn how to transform your money-fears into money-loves! Be one of the first to know about my book launch.

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Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.

All investing involves risk including loss of principal. No strategy assures success or protects against loss.