By Frank Holmes
Studies show that mindfulness and having an attitude for gratitude is important in all aspects of life. One way to increase gratitude is to regularly take stock of not only your finances, but the other dimensions of your life as well. This includes relationships with family and friends, personal and professional achievements and ways in which you give back.
During my recent trip to the Oxford Club’s Private Wealth Seminar in Whistler, I was reminded of this very topic. I had the privilege of hearing from numerous inspiring and intelligent investment professionals during the event, including my good friends and chief strategists at the Oxford Club, Alex Green and Marc Lichtenfeld.
One of the presentations, however, really stood out to me. The topic included the five dimensions to living a rich and fulfilling life, a theme also covered in Alex Green’s book “Beyond Wealth”.
The key? Being “rich” isn’t all about money.
1. Monetary gain and financial freedom
When you think of richness, you likely go straight to monetary wealth. Granted, this dimension of life is incredibly important, but what’s more important are the steps taken to achieve a sense of financial stability. Having the knowledge and skills to responsibly build wealth can bring a sense of strength, comfort and safety that is unmatched.
This is particularly true for those approaching retirement age, a time when families don’t want to rely on the government for assistance, but instead want a nest egg, and then some.
As demonstrated in one of my favorite books, “The Millionaire Next Door”, the average millionaire doesn’t make ostentatious displays of wealth, rather they under consume and live in average-to-middle class neighborhoods and focus on investing. Simple strategies like these can make a world of difference.
2. Extraordinary experiences
Are you challenging yourself to stray from your everyday activities? Extraordinary experiences, such as traveling the world, bring a new perspective to life. Pushing yourself out of your comfort zone is the key to growth.
I often write about the importance of explicit and tacit knowledge, with tacit knowledge referring to real world experiences, or boots-on-the-ground research. I have always believed this type of knowledge is just as important as textbook knowledge. Having your driver’s license, for example, is simply a piece of paper. It means nothing until you put it to use, get out on the open road and explore.
I travel often for both business and leisure and it’s true that you have to see the sights, taste the food, meet the people and hear the music to experience the limitless delights that the world has to offer.
3. Personal achievement
Everyone has different goals they set out to accomplish in their lifetime. Taking time to list out all of your personal achievements thus far, as well as the goals you’re still working toward, is one way to truly put things in perspective.
Continuing the pursuit of personal achievement keeps you active physically and mentally, and encourages you to keep learning. One personal achievement I am very proud of is my completion of numerous marathons all over the world. Running these races was challenging no doubt, but equally as rewarding.
4. Ways of giving back
One of the many rewarding aspects of life is having the ability to make a lasting impact on your community and those around you. Giving back typically comes in the form of volunteering, whether it’s with your time or money, to help support causes close to your heart.
5. Strong relationships — intellectual and emotional
Love and friendship are easily two of the most meaningful components of a rich and fulfilling life, and both are achieved through strong relationships. Whether at home or at the office, surrounding yourself with like-minded, passionate, successful and caring individuals can truly be the driving force behind how you choose to live your life.
Social wealth and a sense of connection are just as powerful as financial wealth. Self-confidence and self-worth are important feelings, and often times, high self-worth is correlated with high net worth. To me, relationships are one of the most rewarding aspects of life.
Lawton Retirement Plan Consultants, LLC (LRPC) Monday Morning Minute is crafted to provide decision-makers with important information about the economy, investments and corporate retirement plans in a format that allows a reader to consume the information in less than 60 seconds. As an independent, objective investment adviser, LRPC has access to many sources of research and shares the best and most relevant information with its readers each week.
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