Holistic wealth is about creating the circumstances in your life that allows you to be resilient and resourceful. I love these two words – because they embody what I want for everyone – the ability to bounce back from life-altering setbacks and the ability to create and leverage resources to be financially independent. In my new book Holistic Wealth: 32 Life Lessons to Help You Find Purpose, Prosperity and Happiness, there’s a whole section of the book filled with advice on how to achieve financial freedom. There are two concepts called the “2R’s” that I embrace and discuss alot when talking about personal finances: 1) financial resilience and financial resourcefulness.
1.Embracing the The 2R’s Will Lead to a Well-Planned Future
During COVID-19 and as I discussed in this video below, a well-planned future means ensuring you have life insurance, adequate emergency savings to last for at least six months, and investments that can yield enough to enable financial resilience.
Financial Resilience + Financial Resourcefulness = a Well-Planned Future
Everyone should have a good hold on their spending and especially at this time – not overspending on items that are not needed. Developing a budget and building an emergency fund is paramount. Make sure you have life insurance in place. Focus on addressing debt. After that develop a savings plan (both short and long term) and stick to it. Its also important during this time to negotiate better terms for any outstanding loans or payments.
2. Take Measured Risks
When we encounter a life-altering setback we often fear taking risks. However, taking some measured risks are imperative to achieving holistic wealth. Too many people become paralyzed by fear and take no action at all when it comes to living their dreams. In addition, when you confuse real constraints with fake ones, you deplete your holistic wealth bank account. People with a holistic wealth mindset don’t fear taking measured risks. They recognize fake versus real constraints, and they view setbacks as only temporary, and include their life’s mission in their definition of success. Get past your fear by focusing on the outcome you want to achieve — then say yes to your desire to take measured risks toward your goals.
3. Re-assess Your Money Goals
Many people have realized with this crisis that they may want to embrace a different set of money-goals. This could mean saving and investing more for the future and being careful about spending habits. Embracing the Holistic Wealth Method is also helpful when re-assessing goals and making decisions:
4. Embrace the Holistic Wealth Method
I developed the Holistic Wealth Method™ to help us assess our daily actions and decisions. It is estimated that the average adult makes 36,000 decisions each and everyday. Many of these decisions we make mindlessly, however, each decision carries consequences both negative and positive. As a result we need to learn about balancing our holistic wealth bank account. What does this mean? I am proposing a life-transforming way to think about balance in your life—I call it the Holistic Wealth Method™.
Imagine that every single decision you make is either a deposit or a withdrawal from your holistic wealth bank account. Some decisions enrich your life, while others deplete your account. Make too many withdrawals, and you’ll end up bankrupt.
Keisha Blair is the world’s foremost expert on Holistic Wealth, and bestselling author of Holistic Wealth: 32 Life Lessons to Help You Find Purpose, Prosperity and Happiness and the Holistic Wealth Personal Workbook: 32 Life Lessons To Help You Find Purpose, Prosperity and Happiness.
For more information visit www.keishablair.com