Today is International Redefine Wealth Day, a day dedicated to reshaping the understanding of wealth and discovering what it truly means to you.
Of course, we all have our stereotypical understanding of what being wealthy means - having a lot of money. And there’s no denying that having ample wealth makes life easier. It's not about the bigger home or the better vacation. Financial stability helps people escape the everyday hassles of life. But do you feel wealthy in other aspects of your life? Whether it be your mental and physical health, relationships, passions, community involvement, etc. it’s important to feel fulfilled, especially as you near or reach retirement.
As we dive deeper into International Redefine Wealth Day and what it means, we’ll also discuss ways in which you can find more enrichment in every aspect of your life so you can feel content and secure well into your golden years.
When we think about whether money can make us happy, we often think about the nice things it can buy, like tropical vacations, new cars, and second homes in the mountains. However new research suggests that money is also important because it helps us deal with everyday problems that cause stress.
The study suggests that having more money means experiencing less pressure overall. It gives us more control over our lives and makes us feel more satisfied. Plus, we might not realize how much stress comes from not having enough money to deal with everyday problems. For example, constantly asking friends and family for help can strain relationships.
So, when life throws challenges our way, having ample wealth can make a big difference in how we handle them. What’s more, while money provides many social advantages that may not be as readily available without it, money won’t solve all of your problems. Nor will it be able to heal your psychological wounds. That’s where Redefining Wealth Day comes into play.
International Redefining Wealth Day challenges conventional notions of wealth, urging individuals to expand their definition beyond mere financial assets. It emphasizes holistic well-being encompassing health, relationships, personal development, and community involvement. By embracing a broader perspective, we can cultivate a more balanced and fulfilling life.
Here are some ways you can start to work to redefine your wealth:
1. Reflect on Your Values: Take time to identify your core values and priorities. What matters most to you beyond financial success? Is it spending quality time with family, pursuing personal passions, or making a positive impact in your community? Reflecting on these values can help guide your definition of wealth.
2. Assess Your Relationships: Evaluate the quality of your relationships with family, friends, and colleagues. Invest time and effort in nurturing meaningful connections. Strong social ties contribute significantly to overall well-being and are an essential aspect of true wealth.
3. Health = Wealth: Your health is your greatest asset. Prioritize physical activity, nutritious eating, and mental well-being. Consider incorporating mindfulness practices, such as meditation or yoga, into your daily routine to help enhance overall wellness.
4. Cultivate Personal Growth: As the saying goes, “You only live once”. How can you make the most out of the short time we’re gifted in this lifetime? Continuously seek opportunities for personal and professional development. Set meaningful goals that align with your values and aspirations. Whether it's learning a new skill, pursuing further education, or exploring creative endeavors, investing in self-improvement helps enhance your sense of fulfillment and expands your opportunities.
5. Give Back to Society: Engage in acts of kindness and service to others. Volunteer for causes that resonate with you or donate to charitable organizations. Contributing to the well-being of others not only enriches their lives but also brings immense satisfaction and fulfillment to your own.
For those nearing retirement, it can also be a day to look at where you’re heading.
Are you on the path you thought you’d be at this age? Do you feel prepared for what the future may hold? According to a study, 85% of Americans say retirement finances make them stressed, and yet only half of Americans have enough savings to retire. As we touched upon earlier, while money isn’t everything, it can definitely make life easier.
A good-sized nest egg allows you to do more of the things you enjoy in retirement, ultimately bringing more fulfillment and happiness to your life. But how can you be sure you’re on the right track?
NJM Wealth Preservation Strategies understands that true wealth encompasses more than financial assets. Our team of experienced professionals offers personalized financial planning services tailored to your unique circumstances and goals in mind.
Here's how we can assist you in redefining your wealth:
Ready to start your retirement journey? Contact us today for a complimentary consultation.
On International Redefining Wealth Day, let's embrace a broader perspective on prosperity and well-being. By redefining wealth to include all aspects of our lives, we can cultivate a more fulfilling and balanced existence.
“Seek further education in the mindset that could bring you wealth and happiness - and work on them each day. Consistent action toward your goals over time yields positive results!” - Nic J. McLeod
Ready to take actionable steps to prioritize health, relationships, personal growth, and community involvement? Partner with NJM Wealth Preservation Strategies to navigate this journey toward a more meaningful and prosperous future.
We look forward to hearing from you to answer any further questions you may have about our firm, our experience, our values, our people, and our customized wealth management services.