Developing Your Philosophy Of Wealth

We live in a culture influenced by main stream media hype. Unfortunately, often times this media hype is centered on wealth creation, feeding us with a false sense of what wealth should be like in today’s society and providing us with a false hope of how we supposedly can obtain unrealistic amounts of overnight wealth.

Within a society that worships at the altar of wealth creation, many of us are left with an unclear definition of what wealth truly is (or should be). In this same sense, many of us have not taken the time to consider what wealth means to us (or to our families), nor have we developed a “system of thought” for our own personal wealth. 

As such, two important questions to consider are: How do you define wealth? And do you have, or do you follow a particular philosophy of wealth?

I am not here to make a case for any one particular philosophy of wealth, rather, I would merely like to challenge you to think about your own “system of thought” related to wealth, and how these ideas may or may not impact you and your spouse’s or your family’s finances.

Chances are, no matter what type of family you grew up in, you likely were influenced to feel one of three ways about money:

That there was never enough, that where was just enough, or that there was more than enough. Depending on your experience, these influences have likely driven you in a certain direction regarding your creation of personal wealth.

I know that for many entrepreneurs, who may have grown up in an environment where there was never enough money, their experiences influenced them to create a “problem solving” philosophy of wealth.  That is, their system of thought regarding wealth includes ways to make lots of money, not just for themselves, but for others in need as well. They became entrepreneurs because they never had enough growing up. Some of these entrepreneurs are wildly successful and end up having much more money than they ever dreamed of; however, many of them still are likely (and constantly) driven by the need to insulate themselves from that underlying feeling of not having enough.

It is difficult to live life feeling like there will never be enough. The other end of the spectrum of living with a feeling like there will never be enough is the development of a basic assumption that they will never be able to make enough money in order to provide for themselves or their family. For these individuals, this overall philosophy of wealth usually results in them taking on jobs or a certain lifestyle in which they cannot possibly support themselves or their families in even the most basic ways.

For an individual that grew up in a family where they felt like there was enough money, they likely internalized a sense of security with money. Not necessarily reliance or dependence but rather that when needed and important they could go out and get a job that would pay at a level appropriate to their level and type of education. This person is aware of the importance of money, but often does not feel anxious in the absence or abundance of money. Rather they recognize the balanced role that money plays in life.

I could provide more examples to draw distinctions between how individuals might react based on their childhood experiences with money; however, the reality is this: There is great nuance for every person regarding their philosophy of wealth. Everyone defines value and wealth differently. Some define wealth just by the numbers on the balance sheet; while, others are more comprehensive and include time, family, faith, and health as parts of their overall wealth picture.

Regardless of whether or not you have taken on a formal philosophy of wealth, money influences you and those around you. Without realizing it, you currently, probably live-out a system of thought related to money which affects you every day, in every decision you make, based on how you grew up. Just as everyone defines wealth differently, there is no one common definition of “wealth” to go by. This is why I challenge you to evaluate your own, or your family’s philosophy of wealth. Chances are, as you first start out on this journey, you will use other people's (likely your parent’s or caregiver’s) definitions of wealth until you can formulate your own.

To get the most out of this process, it would be best to first spend time working through your understanding of wealth. Then, you can engage in a conversation with your spouse or loved ones about their particular definition(s) of wealth. As you gain clarity, you and your spouse (or those around you) will likely reach a place where you share a somewhat similar philosophy of wealth. From here, you will be able to evaluate where you have room to grow, how you can collaboratively plan your future based on similarities in thought regarding what wealth is to you and your spouse or family, and where you can hold solid within your own system of thought regarding wealth creation. Only then will you be able to start making sound decisions together. Such conversations will be difficult at first, but if you stick with it over time, you will create shared meaning and purpose in your marriage and money.