Applying meaning to your money is all about intentionally labelling every pound you earn with a set goal or task in mind. Don’t get me wrong. It’s not to say you can’t enjoy your money. I assure you there is a label for that too.
Money is more than just currency; it represents value, choices, and opportunities. Whether you’re saving, investing, or spending, understanding the meaning behind your money can lead to better financial decisions.
My point is that the money we earn and exchange our precious time for should go beyond paying monthly bills, living for the weekend or stretching it across the 25 days of annual leave from a job with no vision for the future.
An example would be if you won or were gifted £100, £1000, £10,000 or even £100,000. How would you spend, save or invest it?
Most of us would need some time to think or might do the opposite and splurge on impulse buying.
It’s easy to say you’d give some family or buy a car, but it’s all about the finer details that give it meaning. Depending on the amount, it could be the difference between you paying off debts completely or walking away from a job you dislike.
Before you can apply meaning to your money, you need to know what you’re working toward. Set clear financial goals, both short-term and long-term.
Your wealth is not measured solely by what you have, but by how you use it.
The accumulation of wealth is often the goal for most. It’s crucial to remember that the true measure of wealth isn’t just in the numbers of your bank account, but in the impact and value it brings to your life and the lives of others.
Money, in its essence, is a tool. It’s a means to an end, not the end itself. When used wisely, it can create opportunities, build relationships, and create a legacy for your family that extends far beyond material possessions.
I’d always lean into creating opportunities for you and your family to have options in any given circumstance.
Regularly review your financial progress. Look to celebrate achievements and adjust as needed. Reflect on how your money choices align with your values and purpose.
20 years ago I had my first job at River Island and between then and now I believe I’ve had at least £580,000 after tax go through my bank. In hindsight, if I had given meaning to every pound and penny whilst being intentional with my money, my family and I would truly have financial security.
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