The Wealth Mindset

What is Wealth?

The Merriam-Webster Dictionary defines wealth as “an abundance of valuable material, possessions, or resources.” If you glance through social media or turn on the television, you will see this definition epitomized – people driving flashy cars, taking exotic vacations, wearing designer clothes, living in colossal homes, and eating exquisite meals. We are saturated with images of what it means to be wealthy, but is that the only kind of wealth?

This week, we found out my son needs a tonsillectomy, and my wife quickly started the necessary paperwork – without even batting an eye over the potential cost. Despite having health insurance, we know there will be out of pocket fees, and yet we are not stressed by this unexpected financial responsibility. Yes, there are plenty of people in my same financial boat, but there are even more people to whom this situation would present financial hardship and burden. In these moments, I feel wealthy.

The ability to save for my children’s college tuition, to go out on date nights with my wife, or to donate to charitable organizations, are the small instances where I feel wealthy. I know many people in my life have more money than me, but this is where I choose to be indifferent about what I do not have and be grateful for what I do have. This is called a wealth mindset.

My wealth mindset is filled with positivity. I enjoy the life I am living now, and I am happy.

My wealth mindset is filled with optimism. I know my hard work will pay off.

My wealth mindset is filled with possibilities. I am open to meet new people, try new things, and learn new ideas and concepts.

While “wealth” has different meanings to different people, my mindset defines wealth as ‘many people having much more than me, but even more who have less than me.’ Wealth is taking my family out to dinner on a whim. Wealth is knowing more money does not equate to more happiness. Wealth is the comfort of confidently knowing no matter what life throws at me, I will be okay.

Wealth is just a state of mind. You can have all the money in the world and still be miserable, suffering, and lonely. You can have financial struggles and still be happy, content, and loved. It is all about perspective, and a wealth mindset guides you to make the most of the money you have, which, in turn, can lead to greater wealth.

In addition, JP Williams is the Founder of Pillar Wealth Group who lives and works near Columbus, Ohio. JP founded Pillar Wealth Group with over 17 years of experience and specializes in financial planning, retirement planning, investment management, risk management, college planning, and estate planning. Contact us today to get started with your financial wellness journey. Contact us today to schedule an introductory meeting!