09 - Talk About Wealth

50 Years, 50 Lessons

Lesson 9: Talk About Wealth

Let’s be blunt: businesses exist to make money, and you work to afford your lifestyle. If you own or run a business, it’s usually to have freedom of choice in the means you create for yourself and in how you get to spend your time. 

It’s okay in life and business to talk about money, but it’s more important to talk about wealth. How do you define wealth? Is the definition the same for you personally and in your work?

The book, “The Psychology of Money,” was a great refresher on how money matters and how we all have different attachments to it. 

And while money matters, the meaning behind it matters more. Talking about wealth and its purpose early in business, life, and relationships creates clarity, avoids resentment, and builds shared understanding across situations and generations.

If you want to raise children who manage money, they will need to: have money to save and spend; create it for themselves when the stakes are low (i.e. as teenagers), and need to hear from their parents about how money decisions matter now and into the future.

In business, it’s okay to share money targets and plans. Businesses exist to make money and ideally use that money to benefit people, community, and to do more of what they are good at.

Health professionals feel particularly guilty making money and talking about it. A shift towards comfort here needs to happen. We undervalue ourselves if we can’t value our time and can’t communicate clearly and confidently why our rates are as we set them.

One other point…I was at a “Women and Wealth” event recently, and they talked about “wealth transfer” from spouses or parents. I was offended. The working women I know are not sitting around with their hands out. They are creating their own wealth, thank you very much. People in the wealth industry – let’s start talking about women and wealth creation, not wealth transfer.

Coaching Thoughts:

• What values do you want your money to reflect?

• How do you define “wealth” beyond finances?

• What lessons about money do you want to pass on?

Your turn:

If you could give one financial insight to the next generation, what would it be?

To All: Thank you for being on this journey with me – past, present, and future.

Julie