What is “Savoring” and How Can it Help You Build Wealth?
If you’re reading this, the odds are you have thought about building wealth for yourself or for your family. I have spent years working with clients who all share the goal of becoming wealthy and one of the biggest blocks to doing so is not distinguishing between what money can do and what money can’t do. We all know that money doesn’t equal happiness, but it can certainly contribute to it. Have you considered the other benefits?
Time is the most precious commodity there is. Many of us don’t seem to understand this until it is too late. Time is what allows investments to compound, and it is also what allows us to enjoy each passing moment. What happens when you can’t control your time because you are spending it working? You can’t spend it with the people you love or spend it doing what you really want. Wealth can buy you time because once you reach a level of wealth where you can make money without trading your time for it, you are free to use that time to do what you love. Even if what you love is making money.
There are a few different definitions of self-actualization, but simply put in my own words- it is the fulfillment of one’s potential. Wealth allows you to reach this status because once you are no longer focused on meeting your basic needs such as housing, food and security- you are free to now focus on your “self”. Without the worry of money, you can ask yourself what truly makes you happy and focus more on what you believe to be your purpose.
Of course, this isn’t a given. You actually need to be a generous person but being wealthy can help you in this regard. You pour more freely from an overflowing cup and since wealth can give you more money and time- you are free to give more of both as well. Many people are generous regardless of the amount of money that they have. However, wealth allows you to expand your generosity and provide for causes and people that you care about. Imagine how good it must feel to send underprivileged kids to school for free? Or to volunteer your time to help animals in need. Now imagine that you have ample money and time to do so.
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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.