What is “Savoring” and How Can it Help You Build Wealth?
Building wealth isn’t all about making more and spending less. In fact, without even knowing it, many of us make financial decisions based on emotion. If you are ready to start building wealth or continue a journey that you have already started, here are five non-financial ways to build wealth:
If you aren’t already wealthy, chances are there are some mindset shifts that are needed. When it comes down to reaching any goal, mindset is very important. Your mindset will govern the way you respond to challenges, how ambitious you set your goals and most importantly, it will drive your behavior. Start by asking yourself if you set goals based on fear or love? Do you believe in abundance or scarcity? Most importantly, what do you believe about yourself and your ability to be wealthy? (Check out our goal setting template for some inspiration on how to take your goals and turn them to smaller milestones!)
“If you don’t sacrifice for what you want, then what you want becomes the sacrifice.”- Jay Shetty.
Wealth is rarely built overnight. This means that you will likely experience many ups and downs on your journey to building wealth. To stay focused, you must play the long game. So, what does it mean to play the long game? It means to make short term sacrifices in the name of your long-term goals. This may be driving your old car longer or leaving a comfortable salaried position to venture into entrepreneurship. Playing the long game is about taking the necessary steps now to set yourself up in the future.
“Formal education will make you a living; self-education will make you a fortune”- Jim Rohn.
There is value in obtaining degrees and furthering your formal education. However, if you want to build wealth you will need to focus on thinking outside of the box and learning as much about yourself and the world around you as you can. This will help you build wealth because there is also value in understanding different people, different cultures and more importantly, different perspectives. We cannot be what we cannot see. This year, see new things and read as much as you can. If you are looking for some good book recommendations, check out The Psychology of Money by Morgan Housel or Atomic Habits by James Clear.
It will be hard to truly enjoy your wealth if you don’t have your health. Besides, being unhealthy is very expensive. This year, make it a point to invest in your mental and physical health. Eat foods that give you energy so that you can make the right decisions. Think positive thoughts that allow you to build the best life for yourself. Get and keep your body moving.
“Choose people who will lift you up”- Michelle Obama
The importance of strong relationships can not be understated. Whether romantic, familial, friendly, or business-related, relationships are the glue to wealth building. We all need a team of people to support and guide us on our journey to building wealth. (Join our money building community, here!). You can not and should not do it alone. Create a tribe of support and you will flourish.
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Anna Paul, CFP® is an Investment Adviser and Certified Financial Planner. She currently serves as money coach for Snowball Wealth providing personalized financial guidance in areas such as budgeting, building and maintaining credit, estate planning, debt management, and money mindset. Most importantly, she believes in coaching clients to adapt their mindset to their goals. She specializes in helping individuals identify financial goals and take actionable steps towards achieving them. Anna volunteers with Carolina Youth Coalition as a mentor and serves on the Volunteer Income Tax Association. When she isn’t giving financial education presentations, she can be found hiking, couponing, or trying new recipes.