We spend a lot of time discussing what the best strategies and tips are for growing your wealth position, but one thing we need to get clear on is why you're building or preserving wealth in the first place? This is a really important question - What does money mean to you? What's important to you about money?
When we lift the lid on these issues, we find that everyone has a different position on what they really want from their finances. Depending on your early relationships with money and how you were raised, you may hold "accumulating" as your main priority. This is not uncommon at all, and this mindset assists with creating a sense of security as well as achievement. On the other hand, some people are more disconnected from the idea that money can buy you nice things and therefore happiness.
At Schuh Group, our values around money stem from the understanding that the resource of money gives you choices, but that's as much as it can do for you. It's what you do with those choices that will give you the greatest sense of achievement and eventually contentment.
So to begin this line of thinking, ask yourself what's important to you about money in the first place. If the important things in life for you are family, health and experiences, then money can assist with this and your goals may be centred around providing for your children and family members. On the other hand, if you're interested in the perceived prestige that having money may offer, your goals will be more strongly aligned with making your financial resources work hard for you.
There's not necessarily a right or wrong answer to this as each person is different. We would however encourage you to get clear on what your priorities are, so that your wealth accumulation path can closely align with this. And if you're unsure of your priorities, remember the old saying that "your real interests lie in where you spend your time and where you spend your money." Scroll back through your bank statements and your calendar for some answers.