Money Doesn't Matter But What You Did To Get It Does (#281)

Financial Advisors Say The Darndest Things

In this episode of "Financial Advisors Say the Darnedest Things," host AB Ridgeway explores the concept of wealth and what it truly means to be rich. He challenges listeners to rethink their perceptions of money and self-worth, emphasizing that the idea of being "rich" is highly subjective and influenced by our backgrounds and environments. Ridgeway also delves into the importance of aligning one's financial goals with their values and the potential pitfalls of idolizing wealth over character.

Key Takeaways

1. Wealth is Subjective: The concept of being rich varies significantly depending on personal experiences and upbringing. For instance, someone from a low-income background might see $1 million as a fortune, while a child of a wealthy entrepreneur might view it merely as a business loan. Understanding that wealth is subjective helps us realize that there's no universal standard for being "rich."
2. Comparison and Self-Worth: People often compare their wealth to those around them, affecting their self-worth. Ridgeway points out that we tend to measure ourselves against our immediate peers, not against billionaires like Elon Musk. This comparison can lead to unnecessary feelings of inadequacy and stress.
3. Levels of Wealth Perception: Ridgeway describes three levels of wealth perception: those who don't recognize luxury, those for whom luxury is the norm, and those who have transcended materialism. Each level brings different social interactions and expectations, highlighting that true contentment comes from within rather than external validation.
4. The Symbolism of Wealth: Material possessions like cars or houses often serve as symbols of success, but their value is highly dependent on the observer's perspective. Ridgeway uses the example of a luxury car to illustrate how different people perceive wealth differently based on their familiarity and personal context.
5. Aligning Wealth with Values: It's crucial to ensure that the pursuit of wealth aligns with one's values and character. Money should be a tool to enhance one's life and the lives of others, not an end in itself. Ridgeway emphasizes the importance of ethical wealth accumulation and using money for positive impact.

Quotes

1. "The idea of being rich or even feeling rich is subjective. What seems like a lot of money to one person might be just a starting point for another."
2. "We tend to attach our self-worth to those we feel most connected to. If our neighbor makes more money, we might feel less valuable, but we don't compare ourselves to billionaires."
3. "True wealth isn't about the amount of money you have; it's about how you use it to improve your life and the lives of others. Money should be a supplement to your character, not a substitute."

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.