I’ve got a problem with the way that we currently teach people how to manage their money. Back when I was on TV, I used to talk all the time about making budgets, watching your credit rating, and cutting back on expenses, but the truth is…that’s not how it works. And it’s not how I manage my money.
The traditional approach to personal finances is what I call the “money mindset”. This mindset will have you believe that you’ve got two levers to controlling your money: increasing income and cutting expenses. The money mindset people will tell you that if you want more money, you need to get another job and reduce what you’re spending. It’s a linear approach that looks at where you are right now and the decisions you need to make for you at this time, in this place. But the truth is, the path to financial wellness is anything but linear. It’s filled with twists and turns. It’s a journey where you change along the way.
So I want to give you a new way to think about money management that isn’t a money mindset. It’s a holistic pillar mindset, where money is connected to every other aspect of your life. It’s the money advice you WISH you’d been taught in school!
A budget isn’t enough
Budgets are a great financial tool. There’s a reason why the idea of budgeting has stuck around! But a budget doesn’t help you understand WHY you’re spending money. And it ignores the fact that you’re probably already a pretty frugal person. You know what it’s like to count the pennies in your purse near the end of the month.
I know what that’s like too.
Back when I lost all my money, I had to start again from scratch. I was crying on the bathroom floor, wondering where it all went wrong. Wondering why I’d gone from having everything to chasing down the power man, begging with him to switch my lights back on.
I had to take a hard look at my life and rebuild it, brick by brick. And I rebuilt it with a pillar mindset. It’s the one thing that really, truly worked for me.
The foundations of a pillar mindset
So, what is a pillar mindset, and how does it help you save money? Well, it’s about recognizing that your finances aren’t isolated from the rest of your life. In fact, your financial well-being is deeply interconnected with your overall well-being. To truly redefine wealth, you’ve got to take care of the other aspects of your life as part of taking care of your money. Because if you don’t, you’ll end back in the same place all over again.
When you adopt a pillar mindset, you center your life around six pillars.
Let’s say that you want to save $1,000 by the end of next year. That’s a clear, tangible goal: in one year, you’ll have $1,000 sat untouched in your account, ready for whatever you want to do with it. Taking care of each of the pillars of your life will help you to reach that goal, because when your pillars are solid, you’ll be in a better position to save money just how you planned to.
One of these six pillars is what I call the fit pillar. The fit pillar is your physical and mental well-being. Maybe you’re the kind of person who’s always getting coughs, colds, and sniffles. So you go to the doctor, and each time you come away with a prescription that you pay for out of pocket. What could you do differently to protect your health and take care of your body so that you’re not doing that? Because let me tell you, it’s not normal to be sick all the time. Your body is the vessel that’s carrying you to your goals. You need to respect it.
And maybe you’re also holding onto inherited beliefs about money that undermine your efforts. If you’ve heard that “Money is the root of all evil” and you give that belief space in your life, ask yourself “Am I really going to want to hold onto something that causes all evil?” You’ve got to change those beliefs first! Or perhaps you’re wondering “Who am I to have $1,000 extra in my bank account when there’s so much suffering in the world? Why do I get to keep that money just for me?”. If any of this sounds like you, take a look at your fit pillar before you take a look at your finances.
There’s also the people pillar. Here, you’re looking at the people around you and wondering how they could help you achieve your $1,000 goal. There are always people watching you that have the power to bless you, but what are they watching you be? Is your behavior telling them that you’re taking this goal seriously?
Now let’s look at the space pillar. This is all about the physical space that you live in and whether or not it’s serving you. If your space is cluttered up with everything you use shoved into a junk drawer, you’re not setting yourself up for success. Every time you can’t find what you need and you go out and buy a duplicate, you’re moving yourself away from your financial goal.
After that, it’s the faith pillar. Whichever Higher Power you believe in, how does that shape how you feel about your money? Remember, prosperity is your birthright too. Your faith will lead you to it.
Another pillar is your professional pillar. Your job can bring your financial security, but it can drain you too. I want you to take a long, hard look at what you do to earn money and ask yourself “Is this fulfilling me?” Because if it’s not, maybe that’s why you take your paycheck and spend it all on the same day. You’re buying affection, attention, and self-worth because they aren’t coming to you through any other route.
And last of all, we have the money pillar. That’s right, this is the last pillar you need to take care of when it comes to meeting your financial goal. Because when all of your other pillars are aligned, the scales will fall from your eyes and you’ll be able to think clearly and strategically about your money. It’ll finally feel easy.
Take the plunge.
If you’re ready to start taking your money seriously in 2024, then build your pillar mindset. Start by taking the Redefining Wealth quiz to identify which pillar needs your attention most. Once you know which of your pillars is the weakest, you’re ready to read my book Redefining Wealth For Yourself which is full of exercises tailored to different needs. And if you’re too busy to read it, download the audiobook format!
You can also think about joining the Redefining Wealth Live 2024 event or becoming a part of the Institute for Redefining Wealth. There are different levels of membership, all designed to support your journey towards a more abundant and holistic life.
Remember, there are people out there who are ready and willing to help you, but you need to approach your journey through the lens of abundance, not scarcity, and discipline, not deprivation. When you master the pillar approach, your path to reaching your financial goal becomes clearer, more accessible, and more rewarding. And that’s what I want for you.
Until next time –
Patrice
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Connect With Me:
- Join Me Next Year For Redefining Wealth LIVE: http://www.redefiningwealthlive.com/
- Take The Redefining Wealth QUIZ: https://patricewashington.com/starthere/
- Book Me To Speak: https://patricewashington.com/speaking/
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