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In a society where blatant wealth is displayed on every media and social media platform, discovering what financial security means is a challenge for many. You need only look at Facebook, Instagram, TikTok, Twitter, or any TV show for that matter, to see displays of wealth beyond reach.
It’s no wonder that for too many there are feelings of being "less than" or of being too far away from ever being “successful."
Feelings of stress, helplessness, and depression are common for those who measure themselves against others, including colleagues, neighbors, friends, and relatives. It’s a formula for misery and despair. What is better than being able to put your head on the pillow at night knowing that you’re on the right path, for the right reasons?
A rational definition of financial security must be grounded in reality and not someone else’s ideas, experiences, or circumstances. Here are a few ideas that might help you devise a working definition and building the framework for getting there:
- The first and most important step is to decide what is most important to you. Your values, if properly engaged, will guide your spending, saving, and investing decisions.
- Determine what ‘enough’ means to you. Accumulating enough wealth that allows you to live your values provides peace of mind and a great starting point.
- Alongside that definition are the actions necessary to actually understand your current financial reality — for example, what’s coming in (income), where your dollars are being spent, and how much of your income is being saved and invested. Spending on goods that you don’t value is a giant sinkhole that too many people drive into.
- Knowing what not to do is key. For example, buying lottery tickets or gambling is not a path to wealth. The odds are simply stacked against you and a mindset of “someone is going to win, why not me?” is a poor rationale to dump hard-earned dollars into such endeavors.
- Being patient is a positive attribute in building financial security. A wall is constructed one brick at a time. The magic of compound interest and time will get you closer to your goal.
- Gaining mastery or control over bad habits or a destructive mindset is vitally important to building a financially secure life.
- Understanding your money history is also of utmost importance. For example, if you grew up feeling denied, you might have a tendency to spend on those things you were once denied. If you grew up in a family where money was not respected, you might need to delve into a deeper understanding to rewire your thinking about what money means to you.
Remember, being financially secure begins with a decision to take control over your actions, mindset, and beliefs about money. You will need to create the right goal matched with positive actions, a properly aligned mindset, and the patience to stay on the path to financial security.
