Being truly wealthy means designing a life that energises you, a life that lights you up and makes your heart sing, according to Wealth Strategist Barbara Turley.
In her work with women Barbara distinguishes between people who live a rich lifestyle, and those who are truly wealthy. You can be making lots of money and living a rich lifestyle, but not have all the proper infrastructure in place to really be on the path of secure wealth. And the “proper infrastructure” is a combination of mindset and actions.
In her fifteen years of experience trading for the world’s largest investment banks, being a major shareholder in a $3 billion asset management company, and now her work with some of Australia’s most successful businesswomen, Barbara has identified the seven common habits among truly wealthy people:
Habit 1: They regularly “check in” on their personal values, and base their goals on these values
Knowing exactly what you want, where you are going and how you want to feel is very powerful. It means you are more vibrant and alive inside and connected with your true core desires. This sets off the reticular activating system in your brain which is designed to sift through all the info that comes your way everyday and pick out the things that you have deemed as important to you. This is very magnetic energy and you naturally start attracting the right people, opportunities and money to make things happen.
I’ve seen this in action with every truly wealthy person I’ve worked with. They are acutely aware of what makes them happy in life, they know “the view they want to see from the top of the mountain they have chosen to climb” (the metaphor I use to help people understand this point). They fully recognise money as the fuel to the journey to the top, not to change the view. This translates into a habit of focusing on values in relation to goals – not just the goals themselves. When you decide what happiness is to you (through knowing your values), money CAN buy you happiness (and that is true wealth!)
Habit 2: They foster positive beliefs about both money and self-worth
Often we have deep subconscious beliefs about money, ourselves and our worth. These can be very negative and in conflict with our conscious desires thus making it very hard to achieve the results we want. What is worse is very often we are completely unaware that these subconscious beliefs are powerfully pulling the strings in our lives. I refer to this as your “inner miss money” in women. (Watch Barbara’s inner miss money video below).
People who achieve wealth success tend to have positive belief systems around money or have worked to identify and reframe the negative beliefs that have been holding them back.
Habit 3: They spend their way to wealth
The wealthy understand that working for money your whole life and spending everything you earn on an escalating lifestyle is the road to nowhere but stress and anxiety. It’s the classic rat race. Instead of channelling energy into saving (which comes from a scarcity mindset, as mentioned in habit 2), they channel their spending towards assets that will give them a return on their spend, get their money making money as soon as possible so they can sit back and enjoy life later on.
Habit 4: They have a serious cash machine
There are 3 ways to make money:
1. You can work for money
2. Your business can work for money (Habit 4)
3. Your money can work for money (see habit 5)
Most people never get off the first one and spend their whole lives working for money.
It’s no secret that most of the wealthiest people in the world built that wealth through entrepreneurial pursuits. They have moved from avenue 1 of making money onto avenue 2. Just look at the Forbes Rich Lists. Business is one of the most leveraged ways to build wealth.
They also then moved onto the 3rd way to make money (see habit 5)
Habit 5: They invest in a broad range of assets
Lots of people don’t realise that your money can also make money! Investing is putting money to work so that in the end you don’t have to! Some of the wealthiest people I have worked with know when to invest and what to invest in (because timing is as important as the asset itself). Investing has become a habitual part of life.
Habit 6: They get savvy with their tax
The wealthiest people in the world know that the tax laws in most developed countries reward business owners and investors the most. Money earned in wages and salaries is the highest taxed money out there so it’s the least tax efficient. Wealthy people structure their ventures properly so they benefit the most from the very lucrative tax advantages given to business owners and investors.
Habit 7: They take calculated risks
There is no gain without risk but not all risk is created equal either. Wealthy people know how to take the risk needed to create wealth but also know how to put in place the right risk mitigation strategies to ensure the downsides are as protected as possible. This is also intrinsically linked to Habit 3. For example they have the right insurances in place even in the early days when it feels like an expense they could do without, they build fortresses around their wealth as they build it in the form of trusts and estate planning. They understand the importance of downside risk and worst case scenarios.
Barbara Turley is the founder of Energise Wealth. She uses the insight she’s gained from 15 years of experience trading for some of the world’s largest investment banks to help women get on the path to what she calls “true” wealth – the point at which your money is working for you, and not the other way around.
‘Barbara’s vision for women and wealth is electrifying, contagious and exciting. Work like this sparks great movements. She is a true leader’, New York Times best selling author Karen Salmansohn.
For more truely wealthy tips and advice visit Barbara’s website http://energisewealth.com