03 Mar Understanding Where Your Wealth Comes From For Financial Empowerment In Retirement
An individual is the source of their wealth creation. To create said wealth a person needs to draw upon their energy, regardless of their knowledge or expertise. If an individual’s energy is low it needs powering up, whereas if their energy is high it could need focusing.
Financial empowerment is actively increasing the energy employed in generating the desired financial situation and experience that a person experiences. The power is ultimately the individual’s and can be attained through increasing knowledge, understanding and wisdom. Here is how understanding where your wealth comes from can lead to financial empowerment in retirement.
Identifying Your Personal Power
Identifying the personal power and influence that you have over your financial situation can be incredibly rewarding. A significant amount of people experience harsher times in their lives when money seems to be flowing out constantly. Credit cards can build up, the mortgage can be overwhelming or businesses can go through rough patches.
During challenging times you may become a victim to your finances or choose to take a different perspective. You may decide to go down the same path or do something different and take an alternative route. There is always a choice when you look at the situation from a different perspective. The greatest power you have is the awareness and acceptance that you always have the ability to make a choice.
Accepting All Of Your Choices
Regaining your power to create the life and retirement that you want lies in accepting your choices and challenges. If you still feel restricted something may be off-balance with your money personality, values, beliefs or skills. To find out more about money beliefs and how they can prepare you for retirement read our previous blog here.
Here is a famous quote from Confucious “wealth and rank may be obtained in many ways, but can only be possessed if they are obtained in the right way for you”.
The Right Way For You
Building wealth should be done in a way that is right for you. Research and mentoring may increase your understanding of your money personality and beliefs while developing your financial management. This balance could contribute to personal wealth creation power and may create wealth in a way that suits your personal values.
Source Of Wealth Creation
Money is distributed to those who provide goods and services to others, with services that provide lasting value tending to gain higher and more sustainable returns. Value can change from culture to culture as well as generation to generation. The way that you add value generally isn’t as significant as actually doing so. The contribution that you make is the root of where you add value.
When a person exchanges one thing for something else an investment transpires. A person may invest their energy into a career and in return, they receive income, satisfaction and a feeling of accomplishment.
In the financial world, people may choose to invest in the property market or share market to receive ownership of a property or a share in return. Your return has the potential to come in many forms such as income or capital growth. When it comes to financial decisions there are many paths that you may choose to take that have the potential to provide positive returns.
Just like people send their children to school to receive a high-quality education that they believe will provide rewards and returns over their lifetime, they may also choose to self invest in themselves. Regardless of age personal investment such as financial literacy, financial wellbeing and financial planning provides the opportunity to become financially empowered. This may include:
- Your money personality preferences
- Your money beliefs and values
- Your personal finances and how you control your money for wealth creation and preservation
A combined and balanced understanding of these areas have the potential to lead to achieving personal financial goals for retirement.
Identifying your personal power when it comes to generating wealth may be the first step that you take in your journey to financial freedom in retirement. There are plenty of options available to you, which are important to accept. Discovering the right way to generate wealth that aligns with your values allows you to explore investment opportunities that are available to you.
For further information regarding generating wealth and becoming financially empowered you may like to contact Michael at Ethica. Michael is highly experienced in wealth management and may assist you in your financial journey to retirement.