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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

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Redefining the meaning of “wealthy” and creating a mindful relationship with money

By Emma Mumford.
Emma is an award-winning life coach & business mentor, blogger, YouTuber, speaker, and best-selling author of ‘Spiritual Queen’. Emma is also the host of the popular podcast ‘Spiritual Queen’s Badass Podcast’ available on iTunes, Spotify and Acast. @iamemmamumford
www.emmamumford.co.uk

Why did I have to redefine my version of wealth at twenty-five?

After running two successful businesses over the last six years I achieved it all – a book deal, being self-employed, recognition and financial freedom. My view of wealth has changed greatly since being a teenager, I always aspired to be self-employed but had no idea of ‘how’ it would happen and viewed financial wealth as the ultimate goal in life.

Yet.. when I sold my first business which was the final tick on my goals list, I didn’t feel very wealthy at all. Although I had life-changing money and an incredible career I realised that the ‘wealth’ I thought I wanted wasn’t my version of wealth at all. This sparked a deep journey within myself to redefine my version of wealth and help others to feel truly fulfilled.

 

What does wealth mean to you?

So let’s look at your current version of wealth. It might help to write this down so you can look back on your answers. Normally when I ask people this question, they answer ‘money, a big house and a successful career’. There is absolutely nothing wrong with that answer but it’s important to get clear on what wealth truly means to you.

When I achieved all my life goals at twenty-five and had the ‘wealth’ I thought I wanted, I realised this wasn’t my version of wealth at all and that having a family and being fulfilled was really what I wanted. So my questions for you today to help you explore what wealth truly means to you are ‘what do you want to be written on your gravestone?’ and ‘If you were to die tomorrow what is one thing you’d be sad you didn’t create or achieve in this life?’. It may seem a bit morbid but asking yourself honest questions like this helps you to be able to see the bigger picture and re-evaluating the value of money in your life.

 

How to redefine your version of wealth

My top tip for redefining your version of wealth now that you’ve hopefully established what wealth truly means to you is to start by writing down your answers to these questions.

Go through each of your goals and ask yourself – ‘Am I hoping this goal will fill avoid or will this simply add to the joy and happiness I already feel in life?’

What is a non-negotiable for you off your goals list? 

What areas of your life do you currently not feel wealthy in?

Are you aiming for someone else’s version of wealth and goals or are your goals your true version of wealth?

What wealth do you currently have in your life?

 

How to create a more mindful relationship with money

The most important part of creating a positive and wealthy lifestyle is to create a mindful relationship with money. This can be done by setting regular goals and targets with money and by also feeling grateful for what you currently have. It can sometimes be hard to simply feel grateful especially if you’re in a difficult situation financially, but gratitude attracts more reasons to be grateful. The more positively you can choose to look at your current situation, you will be more likely to attract more positive situations and money.

Another great tip for being mindful is when purchasing anything ask yourself ‘does this feel good to me?’ When spending money on luxuries if it doesn’t feel good do you really need it and will it bring joy into your life? This is key when creating a positive relationship with money that every monetary exchange feels good to you and isn’t going to put in you in a worse position. If it’s bills you’re paying and you can’t feel happy about parting with the money I would suggest repeating this affirmation ‘Thank you for the money to pay this bill each month’. Switching your fearful feelings to gratitude will help you to focus on the money you do have instead of the lack. Finally, rewrite your story with money – how do you currently view your relationship with money? I hear a lot of people say ‘I’m really bad with money’ or ‘I never have enough’. Change this story to and affirm ‘I’m really good with money’ and ‘I always have more money than I can spend’. These positive statements will help you to change your relationship and interaction with money.

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Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.