Does it mean being rich?
Does it involve having a big house in multiple cars?
Does it mean never having to borrow again?
Or is there a deeper meaning for you?
For me, wealth is less about the dollar amount in my bank account and more about how I manage my money & what I'm doing to grow it. I'd like to encourage you to journal your thoughts on this question today. Spend 15 minutes processing the following:
1. What wealth means to you?
2. How do you feel about wealth?
3. How does wealth affect your family?
4. What ways you are managing wealth/
5. What are your wealth goals?
6. Anything else that comes to mind.
Be open & creative if desired.
I'd also like to encourage you to bring your family in on the reflection process. Talk to each other about where you see yourselves now & where you would like to be in the future. Having money conversations with your family has been known to decrease money fights in marriages and set children up for success in their future financially.
Speaking of that. I'm wondering, do you have money conversations with your kids regularly?
Part of our legacy as parents is ensuring the financial success of our children.
Some ways to help this process starts with the following:
Talk to them about money. Teach them the benefits of having money & what habits are ineffective.
Take them along on your shopping experiences and include them in the process. Allow them to help make the list & explain how much you have to spend. Share with them if you stayed on budget or not.
When age-appropriate, take them to open a bank account & teach them about managing a checkbook.
Encourage them to work odd jobs around the neighborhood to earn money.
Teach them about money management. Explain what happens if we don’t follow this process.
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