Redefining Wealth: The People, Work + Money Pillars
This week, we’re doing another rewind here at Redefining Wealth. If you missed us last week, go back and have a listen because this week’s episode builds on the three pillars we covered last week.
At Redefining Wealth, we believe becoming wealthy has 100% nothing to do with money – IT has 100% to do with your mindset toward money. What is in your mind, as well as what happens in every aspect of your life plays a part in your financial goals.
If you’re living in a cluttered space, most likely your finances will reflect that. If you’re not fulfilled in the work you do, your finances will reflect that, too. It’s a vicious cycle, but one you can break if you’re willing to do the mindset work that goes with it.
So many of us were raised to chase money, but chasing money is not enough. I’m living proof of that. I’ve made a lot of money and then lost it all in the Great Recession. Through that experience though, I’ve learned it’s not about the money. This week we review how and why it’s about tapping into the other areas of your life and making sure those moments are just as fulfilling and in line with your vision.
“The more you become fulfilled in other areas of your life, the easier time you’ll have with money.”
So often I get asked how I went from sleeping on my brother’s couch to giving expert money advice on the Steve Harvey show.
The short answer: It was never about chasing the money. It was not by knowing every item on my credit report. It was about understanding the six pillars, especially the people pillar, and knowing that relationships matter.
“Relationships are a key part to building wealth – you need allies and advocates to connect you to opportunities.”
Surprisingly many people don’t value relationships. They don’t make wise decisions when it comes to how they interact with people. I’ve been in these relationships before, especially in business.
For instance, I’ve hired someone who I thought was great to work with. However, that person ended up disregarding timelines, the contract and failing to acknowledge the breakdown. All of these things ultimately damaged our relationship.
I believe in the golden rule – treat people how you want to be treated. You don’t reach out to someone ONLY when you want something, and when there is breakdown, you don’t run and hide, you talk to them and figure out a way forward together.
“If we thought more deeply about our relationships, it would change our conversations, attitudes and the way we do business.”
This pillar is all about living out your life’s purpose, which I see as the key to wealth.
For me, I’ve always gone well beyond the normal budgeting and couponing conversation. If you look at Real Money Answers for Every Woman, you’ll notice in the book – before I ever talk about a budget or a savings account – I talk about mindset and creating wealthy habits, and the importance of giving yourself permission to earn more money.
I know when I lost everything, it wasn’t about cutting coupons or using reward cards. It was about using the gifts and talents I’d been born with to produce wealth.
When you’re not excited or fired up by the work you’re doing, then you’re looking for ways to fill the void, and to me, this lack of fulfillment is the number one reason people mismanage money. In other words, they’re unfulfilled and they think buying things or using their money on x, y and z is going to provide the fulfillment they need, but it never does.
When you’re working in your purpose, you bring a sense of enthusiasm and energy to your work. You want to operate in excellence. You want to be known for greatness. It naturally puts you in a space where you attract more because people want to work with you and they want to bring opportunities your way – that does not happen to someone who is working merely to get by.
You know by now that I’m not a fan of chasing money, that’s true. What I am a fan of is attracting the prosperity you desire, and I think when you bring all of these pillars together, it becomes more of an attraction thing than a running-after-and-chasing thing.
My sweet spot has been showing people how to make and manage their money masterfully. That’s what I’m good at. I can talk to you about budgets and debt elimination, but if you don’t have some of these pillars mastered, you’ll never do what needs to be done because you won’t have the right mindset. You won’t have the right behaviors yet.
People often ask me, “What’s the greatest lesson I can know about money?” And I say, “It’s not about savings or your 401k, it’s that what you respect will become what you perfect.”
In other words, we’ve been conditioned to jump into a relationship with money without ever being trained on how to properly acknowledge and respect money.
Think about it. What you have with money is a relationship, and any relationship that’s rooted in acknowledgment and appreciation, is bound to be healthier. It’s bound to be healthier than a relationship where there’s no communication or a lack of interest.
“You have to check in and show respect in order to have the best relationship you can with your money.”
So, how do you do this? Block time on your calendar each week or each month to check in with your money. Look at what’s coming in, what’s going out and find areas where you can do better.
Reserving the time to have that conversation nurtures the relationship and gets you on better ground with your money.
These last two weeks, we’ve looked at all aspects of the six pillars because I’m convinced this journey is not only about money. The successes we have with money and wealth are based on our well-being and happiness in all the other areas of our life.
Did you find this rewind helpful? Which pillar are you committed to working on first?
PEOPLE Pillar Faves
Charreah Jackson: Go Hard AND Go Home
Boundaries Are Necessities
Sheri Riley: The Value of Being Present
WORK Pillar Faves:
Finish Strong: Determine What's Important Now
Lyn Talbert: Why Making Time for You Is Mandatory
Mikki Taylor: You Can Keep Your Makeover
MONEY Pillar Faves:
Dr. Dennis Kimbro: Wealth is a Choice
Dr. Daniel Crosby: The Best Thing You Can Do is Nothing
Dr. Brad Klontz: The Truth About Savings
And if you’re specifically struggling with a pillar and need additional support, go
to www.patricewashington.com/watch and choose a pillar in the dropdown.
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