Aligning Money with Meaning
"Wealth is not to feed our egos but to feed the hungry and help people help themselves." – Andrew Carnegie
We often invest time and energy into improving our relationships – whether with family, romantic partners, friends, faith communities, or professional networks. But how often do we reflect on our relationship with money?
If you’re curious about exploring this often-overlooked connection, consider reading The Soul of Wealth: 50 Reflections on Money and Meaning by Daniel Crosby. This collection of 50 essays explores the relationship between money and personal fulfillment, providing a fresh perspective on how our financial habits mirror our values, beliefs, and emotions. Crosby encourages readers to adopt a more intentional approach to wealth by aligning financial decisions with their core values and life goals, fostering a deeper sense of purpose and meaning in their financial journey.
Here are some of my favorite insights from The Soul of Wealth:
1. Define Your "Why" for Money
As Friedrich Nietzsche stated, “He who has a why to live for can bear almost any how.” The same principle applies to your financial life: connecting your financial goals to a deeper personal meaning can provide the motivation and resilience needed to achieve them.
One practical way to stay connected to your purpose is to nickname your investment accounts – for example "Beach Condo Fund" or “Dream Business Fund.” These labels can serve as constant reminders of the goals that matter most to you.
For a deeper dive into finding purpose and aligning it with your actions, check out my blog post “Insights for Finding Meaning in Life,” based on Viktor Frankl’s Man’s Search for Meaning.
2. Practice Generosity
Generosity is a powerful way to enhance both your sense of wealth and personal fulfillment, no matter your income level. Giving to charity or supporting causes you care about fosters a deeper connection to your values and can bring immense joy and purpose to your financial life. For more insights on this, read Happy Money by Ken Honda.
3. Spend According to Your Values
Your spending habits reflect your passions and priorities, offering a glimpse into what truly matters to you. By aligning your spending with your core values, you can create a more meaningful and intentional relationship with money. What’s important to you?
4. Reframe Financial Setbacks
Rather than viewing financial setbacks as the end of the road, choose to see them as steppingstones for growth and learning. When faced with a failure, ask yourself, “What did I learn, and how can I improve?" By shifting your mindset, you can turn obstacles into opportunities for progress.
Take inspiration from Thomas Edison who famously said, “I have not failed 10,000 times – I’ve successfully found 10,000 ways that will not work.” Instead of letting setbacks define him, Edison embraced them as part of the creative process. Interestingly, his initial failure to develop a practical battery for electric vehicles may have paved the way for his groundbreaking success with the incandescent light bulb. Like Edison, reframing your financial missteps can help you uncover new paths to success and fulfillment.
5. Prioritize Health and Well-Being
Remember, health is wealth. Physical and mental health challenges can lead to financial stress, and financial instability can negatively impact your health. Take advantage of wellness plans, self-care practices, and other available resources to strengthen your well-being. By investing in yourself, you’re building a life that supports your values, goals, and future.
6. Cultivate Gratitude and Mindfulness
Instead of chasing the elusive "I'll be happy when..." mindset, focus on practices that foster lasting contentment:
Practice Gratitude: Regularly reflect on what you’re thankful for to shift focus from what you lack to what you have.
Savor the Moment: Fully enjoy and appreciate life’s small joys.
Embrace Variety and Novelty: Introduce new experiences to keep life engaging.
Splurge Strategically: Treat yourself occasionally to make those moments feel special.
Prioritize People: Invest in relationships over material possessions.
7. Embrace Delayed Gratification
Cultivating the habit of delayed gratification is a powerful life hack that benefits your finances, health, and personal growth. In the famous Marshmallow Experiment by psychologist Walter Mischel, preschoolers who resisted eating a marshmallow immediately to earn a greater reward later (a second marshmallow or a pretzel) showed remarkable long-term benefits. Decades later, these children scored higher on college entrance exams, achieved greater academic success, and were less likely to struggle with obesity.
The lesson? Delayed gratification isn’t just about resisting impulse—it's about creating a mindset that prioritizes long-term gains over short-term satisfaction. Make it a habit across all areas of life, whether it’s saving for future goals, making healthier choices, or investing time in personal growth. The rewards are worth the wait.
8. Visualize Financial Success
Harness the power of visualization to bring your financial goals to life. Just as elite athletes like Michael Phelps use vivid mental imagery to prepare for success, you can apply this technique to your financial journey. Envision your ideal financial future through mental rehearsal, engaging all your senses and emotions to make the experience feel real and attainable.
9. Challenge Money Beliefs
Our beliefs about money often stem from outdated or inherited ideas that no longer serve us. Take the traditional idea of retiring at 65 as an example-- when Social Security was introduced in 1935, life expectancy was 62 for women and 58 for men. Now women are expected to live until around 80 and men until around 75. And how many times have you repeated phrases like “Another day, another dollar” or “I’m not good with money” without questioning their validity?
To reshape your relationship with money, take inspiration from Scrooge in A Christmas Carol:
· Reflect on Your Financial Past: Uncover beliefs or regrets from your past that may be holding you back.
· Examine Your Current Habits: Identify patterns or behaviors that prevent you from moving forward.
· Envision Your Financial Future: Set goals that align with your values and aspirations, rather than inherited or outdated notions.
Confronting your financial “ghosts” can bring clarity, allowing you to rewrite your money story and make empowered choices that align with your vision for the future.
10. Focus on What Money Can and Cannot Solve
Money is a powerful tool, but it has its limits. Understanding what it can and cannot solve is key to using it wisely:
What Money Can Solve:
Buy Time: Outsource tasks to focus on what matters most.
Provide Novelty: Invest in experiences or items that bring variety and excitement to life.
Invest in Self-Development: Fund education, skill-building, and personal growth.
Support Health: Access quality healthcare, nutritious food, and wellness activities.
What Money Cannot Solve:
True Happiness: Inner peace and joy come from within, not material wealth.
Meaningful Relationships: Deep connections are built on trust, time, and shared experiences.
A Sense of Purpose: Purpose stems from aligning your actions with your values and passions, not from a bank balance.
What does money mean to you?