What comes to mind when you hear Financial Wealth?

FOR many, you may think of a specific monetary number—a goal annual salary, a target savings balance, an intended net worth. A specific future age may even come to mind. An age where you expect, based on current goals and plans, to achieve financial wealth.

While knowing your numbers, and having actionable plans to attain and maintain them, is extremely important, it is not solely the numbers attached to your salary, bank account balances, or a positive net worth that bring you financial security, stability, or even financial wealth.

As the US Consumer Financial Protection Bureau (CFPB) has found through its search for the definition of financial well-being: “Consumers can experience financial well-being—or a lack of it—regardless of income. It’s a highly personal state, not fully described by objective measures.” The by women, for women investing and wealth management fintech company Ellevest (EV) picks up on this as they highlight feeling good about your financial story—past, present, and future is part of the financial wellness equation.

Anyone “can experience financial well-being—or a lack of it—regardless of income. It’s a highly personal state, not fully described by objective financial measures.”

SO how is financial wealth defined? When we look at the the more common financial well-being or financial wellness, (CFPB) and (EV) define them as follows:

• CFPB: financial well-being is having financial security and financial freedom of choice, in the present and in the future.

• EV: financial wellness is the state of (money-related) well-being that’s achieved and maintained when you know what you have, know where you’re headed (and take steps to get there), and feel good about it.

Essentially, the relationship you have with money is not only key, it is invaluable. In general, our financial health exists on a spectrum of how well we are managing our relationship with our money as well as the our actual finances through life’s present and future experiences and challenges.

What is Jaunteur’s definition of Financial Wealth?

First, let’s break down financial wealth in the context of Whole Life Wealth.

There are nine interconnected Whole Life Wealth pillars, grouped into three groups of three across Mind, Body, and Soul. Financial Wealth is one of the three Mind pillars (the others are emotional wealth, and intellectual wealth).

• Financial Wealth: having an abundance of needed tools and resources (people, places, things) in your toolkit to appropriately manage life’s financial experiences and challenges, or needs, wants, and wishes, allowing you to maintain harmony within your interconnected whole life wealth pillars

Note that of the three definitions for financial well-being, financial wellness, and financial wealth—none speak to a specific monetary number. This reinforces the CFPB’s findings that it is a “highly personal state, not fully described by objective financial measures.” It has more to do with your relationship with your finances and what you do with the unique financial story that is yours to write.

Now that you know what it is, how do you maintain financial wealth?

Short answer: your  financial wealth toolkit.

Nuanced answer: it depends on the individualistic state of your financial well-being, the tools and resources (people, places, things) in your financial wealth toolkit, and the financial goals you set for yourself.

Pro Tip: The three steps to maintaining financial wealth:

1. Clarify your financial wealth story (this helps you understand your values and behaviors)

2. Utilize your financial wealth toolkit

3. Regularly assess and edit steps one and two (this ensures you have the tools & resources for any experience or phase of life)

Grab your journal and spend some time clarifying what your financial wealth story is today, and what you want it to be going forward, and note what tools and resources are currently in your financial wealth toolkit and decide if there are any you need to remove or add.

The information shared on this site does not replace the recommendations and guidance from professionals. If you think you need professional guidance, please explore your options sooner rather than later. If employed, you may want to check with your employer for any financial benefits offered, including their EAP (employee assistance program) which may offer support in finding financial tools & resources. Your local bank or credit union may have tools & resources as well. When seeking professionals please do your due diligence to ensure they are properly and currently accredited and/or licensed practitioners.

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