September 18, 2024 • 17 mins
In this fourth episode of the Melby Money Show, host Shaun Melby explores the true meaning of wealth, emphasizing that it extends beyond financial stability to encompass physical, mental, and emotional well-being. The episode discusses the importance of aligning financial goals with personal values and how wealth can contribute to overall health, happiness, and family well-being. Shaun also addresses the impact of the Federal Reserve's potential interest rate cuts and the role of basis points in financial decisions. Drawing parallels with the character Don Draper from 'Mad Men,' the episode illustrates the hollowness of wealth when it lacks purpose and fulfillment, encouraging listeners to focus on a balanced, rich life that's more than just monetary gain.
00:00 Introduction to the Melby Money Show
00:52 Exploring the True Meaning of Wealth
01:26 Current Events: Federal Reserve Meeting
03:25 Understanding Basis Points
04:47 Lessons from Mad Men
07:24 Aligning Wealth with Personal Values
13:44 Conclusion and Final Thoughts
This podcast is for informational and educational purposes only. This podcast is not financial advice.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Shaun (00:22):
Welcome to the fourth episode of the Melby money show.
I'm your host, Shaun Melby.
In today's episode, we're goingto build on the prior episode
and explore the true meaning ofwealth and how it extends far
beyond just the numbers in yourbank account.
We'll dive into the concept ofwealth and discuss why building
financial stability.
While important is not the mostimportant aspect of life.
(00:45):
Instead, we'll focus on thereasons behind building wealth
and how it can contribute toyour overall health, happiness
and the wellbeing of yourfamily.
When most people think ofwealth, they immediately
associated with money, theaccumulation of financial
assets, investments, andmaterial possessions.
And rightfully so.
As a financial planner, my jobis to do just that.
Grow your net worth.
(01:05):
But it's also to do a littlemore than that.
Because that narrow definitionfails to capture the essence of
what it truly means to bewealthy.
True wealth encompasses not onlyfinancial security, but also
physical, mental, and emotionalwellbeing.
It's about having the freedomand the resources to live a
fulfilling life, pursue yourpassions and create meaningful
experiences with the people youlove.
(01:26):
But first let's talk aboutwhat's in the news with current
events.
In today's current event, we'retackling a topic that has been
making headlines and has beenthe subject of speculation for a
few months now.
The federal reserves meeting inSeptember, 2024.
Now at the time of thisrecording, the meeting hasn't
taken place yet, but probablywell, by the time it's released.
(01:47):
While the feds decisions oninterest rates can seem like a
big deal.
The reality is that for mostpeople, the direct impact on
their finances will be minimal.
That said it's still importantto understand what's going on
and how it could affect thebroader economy.
So let's break it down in a waythat's easy to understand and
actionable for your financiallife.
You might be wondering what doesall this mean for my finances?
(02:08):
And the truth is, whether thefed cuts rates in September or
not.
And it does look like they aregoing to cut them.
The direct impact on yourday-to-day financial life will
likely be small.
If you have a fixed rate,mortgage car loan, or student
loan, your payments won'tchange.
If you have a variable rate loanor a credit card, you might see
a small decrease in interestchanges if the fed cuts rates,
(02:30):
but it's not likely to be a gamechanger.
The bigger impact of fed ratedecisions is on the overall
economy.
If rate cuts, help stimulategrowth and keep the expansion
going.
That's good news for jobsecurity and wage growth.
On the flip side, if the economyweakens too much could lead to
layoffs and income disruptions.
The best thing you can do isfocus on the financial
(02:50):
fundamentals.
Live below your means.
Save regularly, pay down highinterest debt and invest for the
long-term in a diversifiedportfolio.
These tried and true strategieswill serve you well, no matter
what the fed does.
While it's important to stayinformed about big picture
economic events like fedmeetings, don't let them
distract you from what reallymatters for your finances.
(03:11):
Stay focused on your own goalsand stick to a sound financial
plan.
If you do that, you'll be wellpositioned to weather, any
storms and thrive over thelong-term.
Control what you can control.
Now a word from today's sponsor.
Today's episode is brought toyou by the financial concept of
basis points.
Now I know that might sound likeboring finance jargon, but trust
(03:34):
me, understanding basis pointsis crucial for navigating the
world of investing in personalfinance.
So what exactly are basispoints?
In simple terms, a basis pointis a unit of measurement that
equals 0.01%.
It's commonly used to expresschanges in interest rates, bond
yields, and other financialpercentages.
For example, if your bank tellsyou the raising the interest
(03:56):
rate on your savings account by25 basis points.
That means your rate is going upby 0.25%.
While that might not seem likemuch basis points can add up
quickly, especially when we'retalking about big financial
decisions like mortgages orinvestments.
Another area you'll hear theterm basis points is with how
financial advisors charge theirfee and their clients.
(04:17):
Many advisors have their feetied to how much money they're
managing for you known as assetsunder management.
If your advisor's charging you ahundred basis points to manage
your portfolio, they are gettingpaid 1%.
Knowing the language of basispoints allows you to accurately
compare financial products,understand economic changes and
make informed decisions aboutyour money.
So the next time you hearsomeone mentioned basis points,
(04:39):
you'll be in the know.
Basis points, a secret weaponfor financial success.
Now let's dive into today'sepisode and put that knowledge
to work.
One of my all time favorite TVshows is Madmen.
I found the character arc anddevelopment of Don Draper to be
fascinating along with manyother aspects of the show.
Donna's a very complicatedfigure to say the least and much
(05:00):
of his stories about findinghimself and who he really is.
In the early seasons, it appearsthat Don has it all he has a
super successful career.
Making great money.
A Wife and kids.
A big house in the suburbs.
He is living the American dream.
But he's always wanting more anddoes a lot of self sabotaging
behavior along the way.
In season one, he has a pitchmeeting with a client and is
(05:22):
talking about happiness, quote.
Advertising is based on onething, happiness.
And do you know what happinessis?
Happiness is the smell of a newcar.
It's freedom from fear.
It's a billboard on the side ofthe road that screams with
reassurance that whatever you'redoing is okay.
You are okay.
All things considered.
(05:43):
While it's very surface level.
It seems like a somewhat healthyview of happiness to me.
He very well may have been, justBS-ing a client.
But overall, it's not unhealthyin my opinion.
And you'll see why in a momentwhen comparing against his other
view of happiness.
Now let's move to season five.
Don has gone through a divorceis remarried.
But he's already detachinghimself from his new wife.
(06:05):
He's becoming detached fromwork.
But is likely making more moneythan he ever has.
His focus is solely on gettingbigger clients that will pay
more money.
And this focus is what lines uphas this meeting with a big
potential client Dow chemical.
That was currently happy withtheir advertising agency.
And this is Don's pitch quote,are you.
You're happy with 50% you're ontop and you don't have enough.
(06:27):
You're happy because you'resuccessful for now, but what is
happiness?
It's a moment before you needmore happiness.
I won't settle for 50% ofanything.
I want a hundred percent.
You're happy with your agency.
You're not happy with anything.
You don't want most of it.
You want all of it.
And I won't stop until you getall of it.
While that may be a compellingpitch to a client.
(06:47):
You're trying to drive morebusiness to personally.
It's a very unhealthy way tolook at life and achieving
there's zero sense offulfillment.
The only important thing is thenext thing to achieve.
I could probably do an entireseason of podcast episodes on
Mad Men, which is not what thispodcast is about.
But I think this exploration isa nice way to lead into this
episode.
Don Draper by all fiscalmeasures is a wealthy man.
(07:09):
But inside and emotionally he'sempty, unsatisfied, always
looking at the next thing andnever living in the present
moment.
So given that information.
Would you say he's a wealthyperson?
Is he living a rich andfulfilling life.
Building wealth is undeniablyimportant as it provides a
foundation for a stable andsecure future.
(07:29):
Financial stability allows youto meet your basic needs,
support your family and plan forthe longterm.
However it's vital to recognizethat money is merely a tool.
It means to an end, rather thanthe end itself, as we explored
in the last podcast episode.
The real value of wealth lies inhow you choose to use it, to
enhance your life and the livesof those around you.
Instead of solely focusing onaccumulating more money,
(07:51):
consider why you are buildingwealth in the first place.
What are the goals andaspirations that drive you?
How can your wealth contributeto your health, happiness and
the wellbeing of your lovedones?
Perhaps you want to create acomfortable home environment,
provide your children with aquality education.
Or have the freedom to traveland explore new cultures, maybe
you aspire to give back to yourcommunity support causes you
believe in or leave a lastinglegacy for future generations.
(08:15):
By shifting your perspective andunderstanding that wealth is
more than just money.
You can begin to align yourfinancial goals with your values
and priorities.
This mindset allows you to makemore meaningful decisions about
how you earn, save, and investyour money.
Ensuring that your wealthbuilding efforts are in harmony
with what matters most to you.
True wealth is a holisticconcept that includes physical,
(08:37):
mental, and emotional wellbeing.
In addition to financialsecurity.
Physical health is a vitalcomponent of wealth that often
gets overlooked in the pursuitof financial success without
good health.
It becomes challenging to enjoythe fruits of your labor and
fully experienced life joys.
Investing in your physicalwellbeing through regular
exercise, a balanced diet andadequate rest is just as
(08:57):
important as investing in yourfinancial future.
When you prioritize your health.
You increase your energy levels,reduce stress, and enhance your
overall quality of life.
Allowing you to be presentengaged in the moments that
matter most.
Mental and emotional wellbeingare equally vital aspects of
true wealth.
Having a positive mindset,cultivating meaningful
relationships and findingpurpose in your daily life
(09:19):
contributes significantly toyour overall happiness and
satisfaction.
Building wealth should not comeat the cost of your mental
health or personalrelationships.
It's important to find a balancebetween working towards your
financial goals and nurturingthe connections that bring joy
and fulfillment to your life.
Fundamentally the true meaningof all flies and the experiences
and memories you create, whatthe people you love.
While money can provide comfortand security.
(09:41):
It's the moment spent withfamily and friends laughter
shared, and the adventuresembarked upon that genuinely
enrich our lives.
Building wealth should be ameans to facilitate these
experiences, not the end goalitself.
By finding balance betweenfinancial stability and enjoying
life's precious moments, you cancultivate a sense of wealth that
extends far beyond your bankaccount.
One of the most significantadvantages to building wealth is
(10:01):
a sense of financial security.
That goes without saying.
When you have a strong financialfoundation, you're better
equipped to handle life'sunexpected challenges, such as
job loss, medical emergencies,or economic downturns.
And if you have kids or own ahouse, you know, these
unexpected challenges happenoften.
This security allows you to facethese situations with greater
confidence and resilience,knowing that you have the
(10:22):
resources to weather the storm.
Another key benefit to buildingwealth is the ability provide
for your family and ensure theirwellbeing.
Financial stability enables youto create a comfortable home
environment.
Provide your children with aquality education and support
your loved ones in times ofneed.
By building wealth, you cancreate a legacy that extends
beyond your lifetime positivelyimpacting future generations and
providing them withopportunities and resources they
(10:44):
need to thrive.
Also building wealth can grantyou the freedom to pursue your
passions and live life on yourterms.
When you have financialsecurity, you have the
flexibility to make choices thatalign with your values and goals
rather than being solely drivenby financial necessity.
This freedom can manifest invarious ways, such as having the
ability to start your ownbusiness, travel the world, or
(11:05):
dedicate time to volunteeringand giving back to your
community.
By having the financial means topursue your passions, you can
experience a greater sense offulfillment and satisfaction in
life.
As you embark on buildingwealth, it's important to ensure
that your financial goals andstrategies align with your
personal values and lifeaspirations.
Building wealth should not be anend in itself, but rather a
means to live a fulfilling lifethat reflects what matters most
(11:28):
to you.
By aligning your wealth withyour values, you can create a
sense of purpose and meaningthat extends far beyond the
numbers in your bank account.
One of the most importantaspects of aligning your wealth
with your values is to use yourfinancial resources to create
meaningful experiences andmemories with your loved ones.
Instead of focusing solely onaccumulating more money,
consider how your wealth can beused to strengthen your
(11:50):
relationships, support yourfamily, and create lasting
memories.
This could mean investing infamily vacations, supporting
your children's education.
Or simply setting aside time andresources for regular family
gatherings and activities.
By prioritizing experiences overmaterial possessions.
In cultivate a sense ofconnection and belonging that as
(12:10):
important to your overallwellbeing.
Another way to align your wealthwith your values is to use your
financial resources, to supportcauses and organizations that
resonate with your beliefs andpassions.
Whether it's contributing to acharitable foundation investing
in socially responsiblecompanies.
Or volunteering your time andskills using your wealth to make
a positive impact on the worldcan bring a deep sense of
(12:31):
fulfillment purpose.
By aligning your financialdecisions with your values, you
can ensure that your wealthserves your personal needs and
contributes to the greater good.
At its core.
True wealth is about living alife that aligns with your
values brings you joy.
And allows you to make apositive impact on the world,
around you.
It's about having the freedom topursue your passions.
(12:52):
The health to enjoy yourachievements and the love and
support of those who mattermost.
By embracing this holistic viewof wealth, you can create a life
that is rich.
In every sense of the word.
Aligning your wealth with yourvalues and goals requires a
shift in mindset from a focus onaccumulation to focus on purpose
and meaning.
It involves taking the time toreflect on what really matters
(13:14):
to you.
And then making intentionalchoices about how you earn, save
and invest your money.
By doing so in create a lifefilled with love, joy, and
purpose that's supported by astrong financial foundation.
As you continue to build wealth.
Remember that true prosperitylies not in the size of your
bank account, but in the qualityof your relationships, the depth
(13:38):
of your experiences and thepositive impact you make on the
world around you.
As we conclude today's episode,we've explored the true meaning
of Walden, how it extends farbeyond the realm of financial
assets.
We've seen that genuine wealthencompasses not only monetary
stability, but also physical,mental, and emotional wellbeing.
(13:58):
It's about having the freedomand resources to live a
fulfilling life, pursue yourpassions and create meaningful
experiences with the people youlove.
While building financialstability is undoubtedly
important.
It's quite literally my job todo that.
It's vital to recognize thatit's not the Supreme goal in
itself.
Instead, the focus should be onY.
(14:19):
You are building wealth and howit can contribute to your
overall health, happiness andthe wellbeing of your family.
By aligning your wealth buildingefforts with your personal
values and life goals.
You can ensure that yourfinancial journey is not only
successful, but profoundlygratifying.
As you move forward on your pathto building wealth, I encourage
you to take a moment to reflecton your own definition of
(14:39):
wealth.
What does true prosperity meanto you?
How can you use financialresources to create a life
that's rich in love, joy, andpurpose?
Remember wealth is usuallymeasured by the size of your
bank account and investments.
But the real measurement ofwealth is the quality of your
life and the positive impact youhave on the world around you.
By embracing this holistic viewof wealth, you can create a
(15:01):
legacy that extends far beyondyour lifetime, positively
influencing the lives of thosewho love.
And the communities who serve.
Thank you for joining me on thisepisode of the Melby money show.
And we look forward tocontinuing the conversations and
future episodes.
If you have any questions, you'dlike me to answer on the show.
You can email them toshaun@melbymoney.com.
(15:23):
It would really be an honor ifyou subscribe to the podcast so
future episode show up in yourfeed.
And if you feel compelled toleave a review or rating, I'd
appreciate that as gettingfeedback will only help make
this podcast the best it can be.
If you've enjoyed the episode sofar, feel free to tell a friend
about the show.
As a parting thought, I'd liketo remind you that true wealth
lies and living a life that isrich in every sense of the word,
(15:46):
not just what your net worth ison your balance sheet.
Farewell and I'll see you on thenext episode of the Melby money
show.
Welcome to the fourth episode of the Melby money show.
I'm your host, Shaun Melby.
In today's episode, we're goingto build on the prior episode
and explore the true meaning ofwealth and how it extends far
beyond just the numbers in yourbank account.
We'll dive into the concept ofwealth and discuss why building
financial stability.
While important is not the mostimportant aspect of life.
(00:45):
Instead, we'll focus on thereasons behind building wealth
and how it can contribute toyour overall health, happiness
and the wellbeing of yourfamily.
When most people think ofwealth, they immediately
associated with money, theaccumulation of financial
assets, investments, andmaterial possessions.
And rightfully so.
As a financial planner, my jobis to do just that.
Grow your net worth.
(01:05):
But it's also to do a littlemore than that.
Because that narrow definitionfails to capture the essence of
what it truly means to bewealthy.
True wealth encompasses not onlyfinancial security, but also
physical, mental, and emotionalwellbeing.
It's about having the freedomand the resources to live a
fulfilling life, pursue yourpassions and create meaningful
experiences with the people youlove.
(01:26):
But first let's talk aboutwhat's in the news with current
events.
In today's current event, we'retackling a topic that has been
making headlines and has beenthe subject of speculation for a
few months now.
The federal reserves meeting inSeptember, 2024.
Now at the time of thisrecording, the meeting hasn't
taken place yet, but probablywell, by the time it's released.
(01:47):
While the feds decisions oninterest rates can seem like a
big deal.
The reality is that for mostpeople, the direct impact on
their finances will be minimal.
That said it's still importantto understand what's going on
and how it could affect thebroader economy.
So let's break it down in a waythat's easy to understand and
actionable for your financiallife.
You might be wondering what doesall this mean for my finances?
(02:08):
And the truth is, whether thefed cuts rates in September or
not.
And it does look like they aregoing to cut them.
The direct impact on yourday-to-day financial life will
likely be small.
If you have a fixed rate,mortgage car loan, or student
loan, your payments won'tchange.
If you have a variable rate loanor a credit card, you might see
a small decrease in interestchanges if the fed cuts rates,
(02:30):
but it's not likely to be a gamechanger.
The bigger impact of fed ratedecisions is on the overall
economy.
If rate cuts, help stimulategrowth and keep the expansion
going.
That's good news for jobsecurity and wage growth.
On the flip side, if the economyweakens too much could lead to
layoffs and income disruptions.
The best thing you can do isfocus on the financial
(02:50):
fundamentals.
Live below your means.
Save regularly, pay down highinterest debt and invest for the
long-term in a diversifiedportfolio.
These tried and true strategieswill serve you well, no matter
what the fed does.
While it's important to stayinformed about big picture
economic events like fedmeetings, don't let them
distract you from what reallymatters for your finances.
(03:11):
Stay focused on your own goalsand stick to a sound financial
plan.
If you do that, you'll be wellpositioned to weather, any
storms and thrive over thelong-term.
Control what you can control.
Now a word from today's sponsor.
Today's episode is brought toyou by the financial concept of
basis points.
Now I know that might sound likeboring finance jargon, but trust
(03:34):
me, understanding basis pointsis crucial for navigating the
world of investing in personalfinance.
So what exactly are basispoints?
In simple terms, a basis pointis a unit of measurement that
equals 0.01%.
It's commonly used to expresschanges in interest rates, bond
yields, and other financialpercentages.
For example, if your bank tellsyou the raising the interest
(03:56):
rate on your savings account by25 basis points.
That means your rate is going upby 0.25%.
While that might not seem likemuch basis points can add up
quickly, especially when we'retalking about big financial
decisions like mortgages orinvestments.
Another area you'll hear theterm basis points is with how
financial advisors charge theirfee and their clients.
(04:17):
Many advisors have their feetied to how much money they're
managing for you known as assetsunder management.
If your advisor's charging you ahundred basis points to manage
your portfolio, they are gettingpaid 1%.
Knowing the language of basispoints allows you to accurately
compare financial products,understand economic changes and
make informed decisions aboutyour money.
So the next time you hearsomeone mentioned basis points,
(04:39):
you'll be in the know.
Basis points, a secret weaponfor financial success.
Now let's dive into today'sepisode and put that knowledge
to work.
One of my all time favorite TVshows is Madmen.
I found the character arc anddevelopment of Don Draper to be
fascinating along with manyother aspects of the show.
Donna's a very complicatedfigure to say the least and much
(05:00):
of his stories about findinghimself and who he really is.
In the early seasons, it appearsthat Don has it all he has a
super successful career.
Making great money.
A Wife and kids.
A big house in the suburbs.
He is living the American dream.
But he's always wanting more anddoes a lot of self sabotaging
behavior along the way.
In season one, he has a pitchmeeting with a client and is
(05:22):
talking about happiness, quote.
Advertising is based on onething, happiness.
And do you know what happinessis?
Happiness is the smell of a newcar.
It's freedom from fear.
It's a billboard on the side ofthe road that screams with
reassurance that whatever you'redoing is okay.
You are okay.
All things considered.
(05:43):
While it's very surface level.
It seems like a somewhat healthyview of happiness to me.
He very well may have been, justBS-ing a client.
But overall, it's not unhealthyin my opinion.
And you'll see why in a momentwhen comparing against his other
view of happiness.
Now let's move to season five.
Don has gone through a divorceis remarried.
But he's already detachinghimself from his new wife.
(06:05):
He's becoming detached fromwork.
But is likely making more moneythan he ever has.
His focus is solely on gettingbigger clients that will pay
more money.
And this focus is what lines uphas this meeting with a big
potential client Dow chemical.
That was currently happy withtheir advertising agency.
And this is Don's pitch quote,are you.
You're happy with 50% you're ontop and you don't have enough.
(06:27):
You're happy because you'resuccessful for now, but what is
happiness?
It's a moment before you needmore happiness.
I won't settle for 50% ofanything.
I want a hundred percent.
You're happy with your agency.
You're not happy with anything.
You don't want most of it.
You want all of it.
And I won't stop until you getall of it.
While that may be a compellingpitch to a client.
(06:47):
You're trying to drive morebusiness to personally.
It's a very unhealthy way tolook at life and achieving
there's zero sense offulfillment.
The only important thing is thenext thing to achieve.
I could probably do an entireseason of podcast episodes on
Mad Men, which is not what thispodcast is about.
But I think this exploration isa nice way to lead into this
episode.
Don Draper by all fiscalmeasures is a wealthy man.
(07:09):
But inside and emotionally he'sempty, unsatisfied, always
looking at the next thing andnever living in the present
moment.
So given that information.
Would you say he's a wealthyperson?
Is he living a rich andfulfilling life.
Building wealth is undeniablyimportant as it provides a
foundation for a stable andsecure future.
(07:29):
Financial stability allows youto meet your basic needs,
support your family and plan forthe longterm.
However it's vital to recognizethat money is merely a tool.
It means to an end, rather thanthe end itself, as we explored
in the last podcast episode.
The real value of wealth lies inhow you choose to use it, to
enhance your life and the livesof those around you.
Instead of solely focusing onaccumulating more money,
(07:51):
consider why you are buildingwealth in the first place.
What are the goals andaspirations that drive you?
How can your wealth contributeto your health, happiness and
the wellbeing of your lovedones?
Perhaps you want to create acomfortable home environment,
provide your children with aquality education.
Or have the freedom to traveland explore new cultures, maybe
you aspire to give back to yourcommunity support causes you
believe in or leave a lastinglegacy for future generations.
(08:15):
By shifting your perspective andunderstanding that wealth is
more than just money.
You can begin to align yourfinancial goals with your values
and priorities.
This mindset allows you to makemore meaningful decisions about
how you earn, save, and investyour money.
Ensuring that your wealthbuilding efforts are in harmony
with what matters most to you.
True wealth is a holisticconcept that includes physical,
(08:37):
mental, and emotional wellbeing.
In addition to financialsecurity.
Physical health is a vitalcomponent of wealth that often
gets overlooked in the pursuitof financial success without
good health.
It becomes challenging to enjoythe fruits of your labor and
fully experienced life joys.
Investing in your physicalwellbeing through regular
exercise, a balanced diet andadequate rest is just as
(08:57):
important as investing in yourfinancial future.
When you prioritize your health.
You increase your energy levels,reduce stress, and enhance your
overall quality of life.
Allowing you to be presentengaged in the moments that
matter most.
Mental and emotional wellbeingare equally vital aspects of
true wealth.
Having a positive mindset,cultivating meaningful
relationships and findingpurpose in your daily life
(09:19):
contributes significantly toyour overall happiness and
satisfaction.
Building wealth should not comeat the cost of your mental
health or personalrelationships.
It's important to find a balancebetween working towards your
financial goals and nurturingthe connections that bring joy
and fulfillment to your life.
Fundamentally the true meaningof all flies and the experiences
and memories you create, whatthe people you love.
While money can provide comfortand security.
(09:41):
It's the moment spent withfamily and friends laughter
shared, and the adventuresembarked upon that genuinely
enrich our lives.
Building wealth should be ameans to facilitate these
experiences, not the end goalitself.
By finding balance betweenfinancial stability and enjoying
life's precious moments, you cancultivate a sense of wealth that
extends far beyond your bankaccount.
One of the most significantadvantages to building wealth is
(10:01):
a sense of financial security.
That goes without saying.
When you have a strong financialfoundation, you're better
equipped to handle life'sunexpected challenges, such as
job loss, medical emergencies,or economic downturns.
And if you have kids or own ahouse, you know, these
unexpected challenges happenoften.
This security allows you to facethese situations with greater
confidence and resilience,knowing that you have the
(10:22):
resources to weather the storm.
Another key benefit to buildingwealth is the ability provide
for your family and ensure theirwellbeing.
Financial stability enables youto create a comfortable home
environment.
Provide your children with aquality education and support
your loved ones in times ofneed.
By building wealth, you cancreate a legacy that extends
beyond your lifetime positivelyimpacting future generations and
providing them withopportunities and resources they
(10:44):
need to thrive.
Also building wealth can grantyou the freedom to pursue your
passions and live life on yourterms.
When you have financialsecurity, you have the
flexibility to make choices thatalign with your values and goals
rather than being solely drivenby financial necessity.
This freedom can manifest invarious ways, such as having the
ability to start your ownbusiness, travel the world, or
(11:05):
dedicate time to volunteeringand giving back to your
community.
By having the financial means topursue your passions, you can
experience a greater sense offulfillment and satisfaction in
life.
As you embark on buildingwealth, it's important to ensure
that your financial goals andstrategies align with your
personal values and lifeaspirations.
Building wealth should not be anend in itself, but rather a
means to live a fulfilling lifethat reflects what matters most
(11:28):
to you.
By aligning your wealth withyour values, you can create a
sense of purpose and meaningthat extends far beyond the
numbers in your bank account.
One of the most importantaspects of aligning your wealth
with your values is to use yourfinancial resources to create
meaningful experiences andmemories with your loved ones.
Instead of focusing solely onaccumulating more money,
consider how your wealth can beused to strengthen your
(11:50):
relationships, support yourfamily, and create lasting
memories.
This could mean investing infamily vacations, supporting
your children's education.
Or simply setting aside time andresources for regular family
gatherings and activities.
By prioritizing experiences overmaterial possessions.
In cultivate a sense ofconnection and belonging that as
(12:10):
important to your overallwellbeing.
Another way to align your wealthwith your values is to use your
financial resources, to supportcauses and organizations that
resonate with your beliefs andpassions.
Whether it's contributing to acharitable foundation investing
in socially responsiblecompanies.
Or volunteering your time andskills using your wealth to make
a positive impact on the worldcan bring a deep sense of
(12:31):
fulfillment purpose.
By aligning your financialdecisions with your values, you
can ensure that your wealthserves your personal needs and
contributes to the greater good.
At its core.
True wealth is about living alife that aligns with your
values brings you joy.
And allows you to make apositive impact on the world,
around you.
It's about having the freedom topursue your passions.
(12:52):
The health to enjoy yourachievements and the love and
support of those who mattermost.
By embracing this holistic viewof wealth, you can create a life
that is rich.
In every sense of the word.
Aligning your wealth with yourvalues and goals requires a
shift in mindset from a focus onaccumulation to focus on purpose
and meaning.
It involves taking the time toreflect on what really matters
(13:14):
to you.
And then making intentionalchoices about how you earn, save
and invest your money.
By doing so in create a lifefilled with love, joy, and
purpose that's supported by astrong financial foundation.
As you continue to build wealth.
Remember that true prosperitylies not in the size of your
bank account, but in the qualityof your relationships, the depth
(13:38):
of your experiences and thepositive impact you make on the
world around you.
As we conclude today's episode,we've explored the true meaning
of Walden, how it extends farbeyond the realm of financial
assets.
We've seen that genuine wealthencompasses not only monetary
stability, but also physical,mental, and emotional wellbeing.
(13:58):
It's about having the freedomand resources to live a
fulfilling life, pursue yourpassions and create meaningful
experiences with the people youlove.
While building financialstability is undoubtedly
important.
It's quite literally my job todo that.
It's vital to recognize thatit's not the Supreme goal in
itself.
Instead, the focus should be onY.
(14:19):
You are building wealth and howit can contribute to your
overall health, happiness andthe wellbeing of your family.
By aligning your wealth buildingefforts with your personal
values and life goals.
You can ensure that yourfinancial journey is not only
successful, but profoundlygratifying.
As you move forward on your pathto building wealth, I encourage
you to take a moment to reflecton your own definition of
(14:39):
wealth.
What does true prosperity meanto you?
How can you use financialresources to create a life
that's rich in love, joy, andpurpose?
Remember wealth is usuallymeasured by the size of your
bank account and investments.
But the real measurement ofwealth is the quality of your
life and the positive impact youhave on the world around you.
By embracing this holistic viewof wealth, you can create a
(15:01):
legacy that extends far beyondyour lifetime, positively
influencing the lives of thosewho love.
And the communities who serve.
Thank you for joining me on thisepisode of the Melby money show.
And we look forward tocontinuing the conversations and
future episodes.
If you have any questions, you'dlike me to answer on the show.
You can email them toshaun@melbymoney.com.
(15:23):
It would really be an honor ifyou subscribe to the podcast so
future episode show up in yourfeed.
And if you feel compelled toleave a review or rating, I'd
appreciate that as gettingfeedback will only help make
this podcast the best it can be.
If you've enjoyed the episode sofar, feel free to tell a friend
about the show.
As a parting thought, I'd liketo remind you that true wealth
lies and living a life that isrich in every sense of the word,
(15:46):
not just what your net worth ison your balance sheet.
Farewell and I'll see you on thenext episode of the Melby money
show.
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