In the first installment of our Refocus Your Wealth series, we challenged the conventional notion that wealth is purely financial. Instead, we reimagined wealth largely as a lifestyle of joy, purpose, and meaningful connection. We encouraged readers to look beyond account balances and consider whether their daily lives reflect what they truly value. In this second piece, we turn our attention to how freedom lays the foundation for a flourishing life.
True wealth isn’t just about having more; it’s about having enough of the right things to live well. And that begins with security. When our basic needs are unmet or when life feels constrained by stress and scarcity, it’s tough to thrive, no matter how much money we have. Flourishing requires space to breathe, grow, and live both authentically and intentionally. In this blog, we’ll explore the four pillars that create that space—and invite you to reflect on how they impact your life.
Wealth: A Lifestyle Where One Flourishes
Wealth is not solely about accumulating assets; it’s about cultivating a lifestyle where one thrives in relationships and activities that bring joy and purpose. However, since Maslow (if not before), we’ve known that true wealth is elusive when lower-level needs remain unmet. This concept extends beyond the paycheck-to-paycheck existence that even high earners endure. Stress on these needs can arise at any life stage, but with the right tools and mindset, one can appreciate the good alongside the bad.
As you define your wealth, it’s essential to begin with the fundamental pillars of security:
Social Well-Being: The Wealth of Connection
Our connections and experiences with family, friends, and community are invaluable. Strong social ties not only enhance emotional well-being but also contribute to physical health and longevity. Research indicates that individuals with robust social networks have a 30% higher chance of living longer compared to those who are socially isolated.
Moreover, social connections can reduce the risk of heart disease, stroke, and depression. Identifying our interests and nurturing these bonds leads to fulfillment. Engaging in community activities, joining clubs, or simply spending quality time with loved ones can significantly boost our sense of belonging and happiness.
Health: Prioritizing Physical and Mental Well-Being
Physical and mental health are cornerstones of a flourishing life. Engaging in regular exercise, eating well, and practicing self-care energizes our bodies and minds. Studies have shown that regular physical activity is associated with improved mood, reduced anxiety, and enhanced quality of life.
Furthermore, mental health plays a pivotal role in life satisfaction. Subjective mental health has been found to contribute significantly to overall life satisfaction, more so than other factors. Prioritizing mental well-being through mindfulness, therapy, or stress-reducing activities is essential.
Freedom of Time: Valuing Our Most Precious Resource
experiences and fulfillment. Prioritizing time for loved ones, personal interests, and self-care enhances our wealth. Recognizing the value in each moment allows us to engage intentionally in activities that provide the most significant value to our lifestyle.
Achieving time freedom often requires deliberate choices, such as setting boundaries, delegating tasks, and aligning work with values. This autonomy not only helps enhance life satisfaction but also provides the space for creativity, rest, and personal growth.
Financial Confidence: Building a Stable Foundation
Having adequate financial resources to support one’s lifestyle, meet obligations, and withstand financial emergencies is crucial. Financial confidence helps reduce anxiety and provides greater stability for anticipated obligations and the flexibility to adjust to unforeseen costs. Having the right professionals and a wealth plan empowers you to make educated financial decisions that purposefully bring value to your lifestyle. All told, striving toward financial confidence is an investment in yourself, as it can significantly lower stress and improve your mental well-being.
Take Action: Prioritize and Plan
Determine which areas require immediate attention and which are currently stable. Establish clear, achievable objectives for improvement in each area. Engage with professionals, such as wealth professionals, health coaches, or counselors, to guide your progress. Regularly review and adjust your plans to stay aligned with your evolving goals and circumstances.
By intentionally focusing on these pillars, you can start to create a balanced and fulfilling life that embodies true wealth. Not sure where to start? In our next installment, we’ll explore steps to make goal setting manageable and ways to implement concrete goals to help create a life of fulfillment.
Sources:
- Social Determinants of Health (CDC, 2024)
- The Importance of Connections (Harvard Chan School of Public Health, 2024)
- Role of Physical Activity on Mental Health (Cureus / Springer Nature, 2023)
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. Magellan Financial Inc of Heirloom Wealth Advisors is a separate entity from WFAFN.