Mo Money, Mo Problems. I’m sorry, but I’m going to have to disagree with The Notorious B.I.G.
I’ve been going on for a while about how money CAN buy happiness. I believe that entrepreneurship, matched with steadfastness to the steps of my Roadmap to Real Riches, will lead to full freedom from money worries and the ability to have major impact in the world.
Money CAN buy Freedom + Meaningful Impact, which (as I explored in this blog, and this one) ignites the sparks of joy and happiness.
I’ll give Mr. Christopher George Latore Wallace this, though: if you ignore certain rules then no mo’ money will ever alleviate yo’ problems.
For instance:
In business, I like to say that Revenue is Vanity, Profit is Sanity. I know everybody wants to grow their revenues (and splash their big numbers all over the internet), but that's the top line. It’s the bottom-line that really matters. If your profit is stagnant, declining or negative because your expenses have outgrown your revenues, then what does it matter how much is coming in? If business liabilities are greater and growing at a faster pace than the assets, then you don’t have a viable or sustainable business model.
On an individual basis you could say Income is Vanity, Net Worth is Sanity. If you consistently spend more than you make – or everything you make, without saving for that rainy day – I would argue you don’t have wealth at all, you have lifestyle creep.
The desire to appear wealthy or affluent, that's consumerism. That's a demon that destroys true wealth. I recently read a world value survey that concluded that consumerism was the leading obstacle to happiness. That makes sense to me, and I talked to author Melissa Leong about it on this episode of I’m a Millionaire! So Now What?
When I speak about being unapologetically wealthy, it's really about the pride that comes with delivering value through the goods, merchandise and services that you exchange for money. It's about following your passion, spending purposefully, creating meaningful experiences and nurturing relationships. It takes money to seize the opportunities that can enhance all those things.
Real riches and wealth doesn't mean zero problems; it doesn't necessarily mean more problems either. It means different problems, along with corresponding choices and opportunities.
Earlier this year I rolled out the Roadmap to Real Riches, which I'm constantly refining. Here’s what that refined Roadmap looks like: Conscious Spending
- Elimination of Consumer Debt
- Security Strategy: this includes Wills, Power of Attorney, Insurance Coverage, Disability Coverage, and also captures Business Interruption Insurance, Domestic Contractions, Buy Sell Agreements… any legal and financial decisions you need to make to smooth the big bumps in the road of life and business
- Education Fund, which I expand beyond the typical RESP to include your own personal and professional development
- Experiential Fund, so you can design your lifestyle and enjoy your life every day
- Freedom Fund, which, more conventionally speaking would be a Retirement Portfolio, but broadens the concept for those of us who don't dream of retirement but rather dream of having the ability to make completely free choices, working to fulfil a passion, not just pay the bills
- Philanthropic Portfolio: more than pledges to kids in the neighborhood, this is a thoughtful approach to giving with tax optimization in mind
- Elimination of ALL debt… or at least the ability to pay everything off, even your mortgage, and go debt-free at a moment’s notice.
When I talk about money buying happiness, I'm talking about that up-levelled happiness where you apply mo’ money to create mo’ impact. However, if you haven't done the inner work to feel worthy, grateful, content with yourself and ‘enough’, then no amount of money is going to help.
If you’re ready to unapologetically celebrate your success as a member of the Self Made Nation and tell your entrepreneurial story, please contact me directly through email at colleen.campbell@rbc.com.
If you’re ready to engage with a wealth management team that values your contributions to the community and the world, a team with a fresh perspective focused on building and strategizing financial plans that optimize how you spend, save & share your wealth, contact us at O’Connell-Campbell Wealth Management.
And of course, please subscribe to I’m a Millionaire! So Now What? with new shows every Tuesday and Thursday. We’ll continue to bring you more inspirational stories, practical strategies, and fun frank advice from and for self-made millionaires.