There are a million resources out there about how to become wealthy. Everyone (whether on good authority or not) has a view. Invest in property. Invest in the stock market. Invest in bitcoin. Sell on Ebay. Create an Amazon Store. Start your own business.
There is nothing wrong with wanting to become wealthy – it means you can provide for yourself, your family, your community and for future generations. One thing we have recognised, however, is that jumping straight to wealth-building activities without being in the right space mentally and financially means that not only is it a risk, it can cause massive stress on our lives.
You’ve all read the books about the entrepreneur who went bankrupt first before making millions, or the start-up that was funded on credit cards. Hats off the those people and the determination and mindset they must have had. But you don’t easily remember the tales they tell of the stresses and heartbreak along the way, and you never hear a TED Talk from the failed entrepreneur or investor (who probably never fully recovered, financially and/or mentally).
Now this is not an anti-entrepreneurialism blog post. We are pro-investing and believe that small businesses are the backbone of the economy today. We want business ventures to thrive and investing to succeed, and not become a burden on the founder or investor and their families.
This is why we promote the goal of becoming financially well, not wealthy.
Financial wellness is not a new concept in the world, but it is generally unknown in our society. The Minimalists launching their documentary on Netflix brought a side of it to the mainstream – teaching people to live meaningful lives with less. A favourite instagrammer of ours is Annie from @thelaminimalist, who regularly highlights a link between the practice of minimalism and its impact on our mental health and our finances.. Generally, our consumption economy and intensive product-marketing drowns out the voice that says you don’t need all this stuff to be happy and well.
Financial wellness, like minimalism, is a concept that is entirely subjective. It is personal to you. And before you embark on an investment or wealth-building journey – you need to know what it means to you. What is it you are looking for? What is it that you are trying to achieve? When you know that – you can build your personalised and bespoke plan to becoming financially well.
The actual stages to a plan tend to follow a similar pattern: focussing on what you need first and then what you truly want rather than passively consuming; removing debt from your life so that you are not at the mercy of situations outside of your control; building financial stability through high income, low outgoings and having solid savings pots.
When you reach this point, you have reached a state of financial wellness and stability which means you can take on the vast majority of challenges the world throws at you. You may also feel more prepared to go out and take on investing, launching a business or making a risky career move. Financial wellness can also mean that you don’t need to stay in a toxic environment due to finances, whether that be a job or relationship – because ultimately you are in control and can be the master of your own destiny.
We are running a free webinar: Building Your Strategy to becoming Financially Well on Friday 8 May at 7:30pm BST Instagram LIVE – where we are going to talk through this in further detail and help you build your personalised strategy to becoming financially well.