Building Wealth, Not Riches

“Money management is the key to building your wealth.” - Melissa Houston

What is wealth?

Wealth is an abstract concept that holds different meanings for different people.

The dictionary calls it “an abundance of valuable possessions or money.” Some people say that while rich people have money, a wealthy person’s money is sustainable. It’s also been defined as “the ability to survive a certain number of days forward.”

People have a lot of ideas about what wealth means! And while I value intangible wealth — being rich in things such as gratitude, love, friendship, happiness — I want to help you grow and nurture your monetary wealth, so that you can focus on those intangible riches without having to worry about your bank balance and budget.

Wealth is about more than just your salary or bonuses or the value of your home. It’s in how you manage your money — and how you spend it. You can’t judge a person’s level of wealth based on the number of shiny, luxury possessions they own, or even their yearly income. There are many things that will affect your ‘real’ level of wealth, including lifestyle inflation or creep, poor investments, your level of debt, your expenses, and wealth showmanship.

Millionaires like to own assets, not debt. And this podcast episode is all about getting into that millionaire mindset!

“The most surprising millionaires are the ones who don’t have a lot of flashy purchases and don’t look the part of being wealthy. Because what they’ve done is invested their money and gotten their money to work for them.” - Melissa Houston

In this episode, we’ll explore:

What a big salary bump really means pay period to pay period — and how quickly you can negate it without realizingThe formula to calculate your personal total net worth — and two reasons to figure it out today The top pitfalls that people fall into when they start making more money and how to avoid them

Highlights:

01:00  What does ‘wealth’ mean? 03:35  We find our strength and story in hard challenges04:48  Money alone doesn’t change who you are06:00  You got a big raise — now what?10:02  Money management determines your wealth11:02  How to calculate your personal net worth12:08  Why the showmanship of wealth doesn’t matter14:25  Cultivate your millionaire mindset16:43  Two very good reasons to know your personal net worth17:00  4 motivating factors to get you started!

Links:

Debt.org
https://www.debt.org/

The 5-Step Roadmap to Biz Finance Freedom

https://melissa-houston-cpa-cga.mykajabi.com/5-step-roadmap-to-biz-finance-freedom

Work with me

https://www.melissahoustoncpa.com/work-with-me

Want more tips and inspiration? Follow me on Twitter @melissahcpa and Pinterest @melissahoustoncpacga and visit my website: https://www.melissahoustoncpa.com