Home. It’s a tough word to describe. For some, it means a place, a city, a person, a feeling. Home is at the core of what True Wealth means to me.
I used to think my home was Colombia, but that is no longer the case. I have found it simply means feeling like I belong and being surrounded by people who I share inside information with. Some are related by blood; others I picked up along the way. For me, home is a state of mind which creates inner peace, joy and a shared belonging.
I feel wealthiest when I’m surrounded by my loved ones and dear friends; those who have shared laughter and tears, joys and sorrows, successes and failures. The ones who I can see every day or never at all, but still feel like we share a life.
In my case, living far away from home is tough, and so my mind creates new homes with new faces and new experiences. As an adult, I have many homes but not one specific home feels complete.
Money can’t buy my home and death certainly cannot break those bonds. But I once heard the only way to deepen relationships with others is by spending time with those people. As a result, travel is a top priority goal for me. I want to travel the world and create homes along the way. I want the flexibility to merge my old homes with my new homes – and to be able to create this union of old and new, present and past. I have to craft carefully laid-out rules of engagement.
As a result, although my definition of True Wealth is not money related, to pursue it I utilize financial planning to specify my goal. Then, I analyze the metrics to help pursue my success. I initially analyze my last three years of travel to get an achievable savings goal. I then create a line item budget specifically for travel. Then, I begin to save money into that account every month on an automatic basis. When I travel, I deplete the account partially or in full which sets an automatic budget. But it ensures I don’t use debt as a way to reach my goal. Then I start all over again for the new trip.
Client Idea – I wanted to share an idea one of my full-time traveling clients gave me. She charges all her expenses to her airline card and pays it off every month. How genius! I recently used this for my trip to Colombia and got to travel First Class on miles.
Disclosure: It’s important to pay off the credit card balance before your due date so you don’t incur interest rate charges.
Not everyone’s definition of True Wealth is similar to mine; not all definitions will require a financial plan but they all require a plan. The most important thing is to take the time to create a definition and once you have it, pursue that definition until it becomes a reality.
If your definition is like mine and it is ultimately tied to a financial plan, then getting financial planning advice and developing a personal financial plan with an advisor may be something you should consider.