Confessions of a Poor Money Manager

Several years ago, I realized one of the fundamental problems I had was this. I had not clearly and adequately defined important key words like Wealth, Fulfillment, Contentment, Success, Retirement, Riches and Financial Freedom.  I set out to see what the experts were saying about these pivotal terms.  What I discovered surprised me.  Many of the experts’ definitions of these words did not pass the test of time, especially their definitions of Financial Freedom.

     The term, Financial Freedom, for too many voices in the marketplace embraces the idea of financial freedom being a destination you work toward and, hopefully, finally arrive at.  For quite a little while, I have not spoken up and challenged this rationale.  No more. 

     If your definition of financial freedom embraces a futuristic time and place when you have a beefed-up bottom line and no debt, I, respectfully, disagree.  I know too many people who have reached that destination with an impressive financial portfolio and bottom line, and yet, they are not financially free.  Internally, they find themselves more defined by their bottom line than their personal values, goals and passions.  Conversely, I know people who have engaged a personal journey of financial freedom, and while they still have debt, they are not only liberated and free, they have also found fulfillment in pursuit of their values, goals and passions.  How so?

     More than being a destination, Financial Freedom is the attitude, posture and ‘bent’ of your life.  It is a road you travel, a direction you follow.

     Here are some definitions I believe will pass the test of time.

Wealth:

Wealth is a reservoir filled with knowledge, experience, creativity, imagination, passion and money. A wealthy man has the ability to resource the important things in life.

Fulfillment:

An over-whelming sense of accomplishment, matched only by your true passions.

Contentment:

A good word and a quiet benediction at the end of the day and over the course of a life.  Peace at the end of the day.

Success:

Success is the combination of fulfillment and contentment, a journey along the right path in life.

Have you ever considered that success is usually defined for you by someone else?  They set the bar.  They judge the results, and they give the accolades.   

Riches:

Resources of intrinsic value, to you and your family, that can never be lost or taken away.

Willie Mays was interviewed by Johnny Carson on the Tonight Show.  Johnny said, “You’re a celebrity now, and I know your life is different.  I also know you grew up poor.  Tell me what it’s like, now.”  Willie Mays responded, “Let me correct you, I grew up broke and I’ve been broke most of my life, but I’ve never been poor.  Being poor is a state of mind.  I have never been poor.”  The Bible says it best, “for where your treasure is, there your heart will be also.” 

Retirement:

Retirement is not the end of your work or job. It is the honor and sustainability you bring to the final stage of your life, and preservation of the legacy you leave behind.

Louis  Armstrong

Musicians don’t retire.  They stop when there’s no more music in them.

Financial Freedom:

Financial Freedom is not a destination.  It is the ability to pursue appropriate values, goals and passions, unencumbered and regardless of your income and bottom line.