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What wealth means to me

Value Hunting / Markets

Mar 01 2019

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To me, wealth means feeling emotionally vibrant, empowered, healthy, happy; having time to spend freely doing things that fill me up emotionally, having strong relationships with friends and family and the people I love; being challenged, having a sense of achievement; giving back to the community, having a positive impact; having good hair and great shoes (!) and leaving a legacy. 

To me, a legacy is some sort of meaningful and positive impact or a reminder that is left behind as evidence of your life and your presence here on this earth, long after you are gone. It could be a business, an investment portfolio, a school, some sort of creative work, children, grandchildren, or it could be as simple as a piece of jewelry, a story, or sentimental item that’s left behind.

My grandmother on my mother’s side was Ukrainian and came to Australia as an orphaned refugee during the war. In one of the camps, when she was about 20 years old, there was an older man who tried to indecently get his way with her. Moving forward when she walked about the camp doing her daily errands, she started to carry a small cast iron frying pan around with her and the next time he advanced his unwanted physical contact, she hit him with the frying pan! My granny gave this frying pan to my mother, and we still to this day use that frying pan to cook and when we do, we laugh at her tenacity and fierce spirit that shone through in very difficult circumstances.  

That little iron frying pan is part of my grandmother’s legacy and has such meaning to our family's history.

Practically speaking, one of the most interesting things that I think about when I think about the essence of wealth is having a sense of empowerment, having time and having a choice. Most of us trade our time for money because that is what we have been taught and conditioned to do and what most of us do whilst we build up a nest egg. One of my goals as an investor is to have enough capital invested so that my capital works for me and so that I have control and choice over how I spend my time. 

Spend less earn more invest wisely and value yourself.

My personal goal for 2019 and over the next few years is to create an investment portfolio that will generate enough income to cover my living expenses with enough surplus to re-invest.

I think for women who want to have a family, specifically, this is incredibly important to focus on early in life because having a family, and dependent children can mean that there is less time in the workforce and a diminished earning capacity as a result. 

For me, ultimate financial independence is having the income from your investments cover all of your comfortable living expenses and costs with a surplus.

When I think about wealth, time is the most valuable currency we have and how we spend that time, our habits and attitudes is ultimately what creates rich experiences, fulfilling relationships and enriched life experience. 

Being financially independent is a major factor of what wealth means to me because it enables choice over how you spend your time, and from a practical perspective having choice is an empowered position to be in.

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