What Does Wealth Mean To You?

  • 100th Podcast episode image, for What Does Wealth Mean To You

What Does Wealth Mean To You?

Welcome to the 100th episode of Tony Talks Wealth!

To celebrate reaching 100 published podcasts, I decided to look back and share some of the answers my guest experts have provided to the final question I like to ask “What does wealth mean to you?

If you would like to listen to the full episode for each of the guest experts, there is a link below their picture, in the transcript below.

Transcript

Welcome to the Tony Talks Wealth podcast. This show is dedicated to helping you manage your money better, invest wisely, retire early, and grow your wealth for you and your family, and live your best life.

My name is Tony Thomas, Chartered Financial Planner, Pension Specialist and Money Coach. I’ve advised thousands of people over the last 30 years I’m going to share with you real life stories and everything that you need to know to build a financially secure future and a great lifestyle.

If you enjoy the podcast, then feel free to subscribe and leave a review.

Now, let’s dive into today’s episode on the Tony Talks Wealth podcast.

From Episode 31: Half-Retiring to Increase Your Wealth with Jim Muehlhausen

Tony: One thing I find fascinating and I ask all my guests this question, and you would have seen it yourself with obviously the clients that you deal with, but What does wealth actually mean to you?

Jim: Well, what, what is it?
The three kinds of wealth, right?
Financial wealth, Health, you know, and Social, Social Wealth

Entrepreneurs are terrible about 2 of those 3, they are.
They work too much.
They don’t have work life balance.
You know, the stories that I hear about reconnecting with family or you know, I’ve had several people that, have problems where, in fact I’ve got two women where both of their husbands have retired.

And so now they’re like, one of them, it’s been a couple of years that they promised they’d retire together. She’s still working, he’s not. You know, so now he’s feeling like a nag, it’s causing stress on their marriage. I mean, you know, I don’t wanna say I’m a therapist, my wife’s the therapist not me, but, you know, it can, it can save marriages, save family relationships, you know?

Now it’s, you know, I get calls from people that say, I’ve missed most of my kids, you know, growing up. They’ve got two more years to go in high school and I’m not gonna miss these last two years. How do I fix that?

Tony: I think this part of it is underplayed and it’s, and it’s time that you can’t get back. And I think that, you know, it’s about you and your family and making everybody, you know, enjoy the spoils of the hard work that you put in, but it’s gotta be obviously, you know, a sort of a timing that suits everybody.

From Episode 44: How to be a Born Achiever with EA Csolkovits

EA: Do you have any final questions for you?

Tony: Yes, I’ve got one which I ask, all of my guests and it would be remiss mean not to ask you the same EA. So that question is, What does wealth mean to you?

EA: Excellent, and I would share with you, if I could do a two part answer, one I’m going to have to borrow from someone else.

I was very blessed, again at an early age to fly around with a gentleman, and his name is W Clement Stone. He was genuinely a billionaire, owned Combined Insurance, and we did some Eastern Steel work together, it was decades and decades ago.

So one time I was with him and I thought, man, this guy’s a billionaire and that’s with B back then, right? So I asked him, I asked him, I said, uh, I said, uh, Clement, you know I said, “Could you tell me what money is?”

He’s a billionaire, he’s a guy you want to ask what money is right.

You know, he didn’t even hesitate, he turned to me, ‘cause we were in an airplane actually, and he turned to me and looked at me and said,

“Money is power, to do good” and I’ll never forget the way he said it, he paused for half second to see if I really got it.

He said, money is power, and then he finished up with To Do Good
And, and wealth, we actually teach a whole course called the Law of Compensation and it’s an incredible, it’s like a 45 minute audio just on compensation, on how people don’t make a lot of money ‘cause they don’t understand what, how compensation works.

And compensation is not necessarily money. Wealth includes so many more things. It includes real wealth, exceptional happiness is wealth, exceptional freedom, exceptional greatness, and not the condescending greatness, but the kind of greatness where we get under people and push them up.

So I share that with you, not only the definition of money from a billionaire who told me, you know, his lips to my ears, but also that wealth is not money, it’s so much more.

And on that note, if I could share with you the three things, that are a part of that wealth by the way, that my business mentor shared with me and he said, say these three things to yourself every single day, he said,

Say it over and over again each day.
Don’t miss a day.
Don’t forget any of the three.

I share them with your listeners as a gift that I pray they begin saying these same three things to themselves and here they are:

I will never give up
I will keep rising up
I will always overcome.

Tony: whoa. Very powerful. Very, very powerful. Thank you.

EA: You’re welcome.

From Episode 22: The Emotional Component of Financial Plannng – with Fanny Snaith

Tony: Last question to finish off, which is my favourite question I ask all my guests. And the question is, What does wealth mean to you?

Fanny: Feeling fulfilled.

Tony: I can’t think of a better answer. Thank you, Fanny.

Fanny: There you go. That’s it.

From Episode 42:  – The Psychology of Investing with Dr Clemen Chiang

Tony: One of the questions I like to ask all of my guests, Dr. Clemen, is, What does wealth mean to you?

Dr Clemen: You know this, this is a great, great question and I came from the era whereby we watched the World Westling Federation, WWF. I do not know you are from this generation,

Tony: I watch it with my sons when they were little

Dr. Clemen: So if you remember, we used to call it triple w, WWW right? and I have got an acronym for that.

I believe that first W is all of us got to learn to work hard. Work hard is the secret ingredient that surpasses everything from your IQ to your EQ, to your family background if you are willing to work hard.

And if you are willing work hard, you arrive at the second W. You are working hard towards what, I believe that’s called wisdom. For all the past accumulated experiences that you have, they are accumulated wisdom. So truly, we are working hard to acquire wisdom and thereby when we have wisdom, wealth will be fall upon us.

The consequence of wealth is
Step one: We got to work hard.
Step two: we work hard to acquire wisdom
And then, and only then, you will have the wealth to enjoy throughout the days of your life.

And that’s my message about wealth.

Tony: Love it, that’s a unique perspective on it, and it’s one I’ve not come across before, so I’m gonna use that one going forward. I’m gonna pinch it from you if you don’t mind.

Dr Clemen: Sure Tony

From Episode 28:  A Conversation with the CEO Confidant Angel Ribo

Tony: Coming towards the end now and it would be remiss of me to, not ask, the question I ask all of my guests and every answer is different. But I’ll ask you the same. Angel, What does wealth mean to you?

Angel: Great question. Wealth means freedom to me.
That’s what it is, it’s the freedom to do whatever I want, whatever I want.

That’s freedom, because I’m good in building teams, I’m good in generating wealth for others. I’m good in generating business, I’m good in helping and training. So you know, that’s what it is.

Generating wealth is actually impacting the largest amount of, you know, lives possible. That’s what generating wealth for me.

You know, for me, generating wealth is, creating wealth, is being able to really change the lives of millions of people, not only of, you know, a few, but, you know, thousands, hundreds of thousands of millions of people.

That’s creating real, real wealth. And for me, that wealth, what’s creating to me is, is that is the freedom to do what I want and, you know, sometimes I’m being asked, Okay. Let’s say you could multiply 10 times, a 100 times your wealth, what would the, the best, the first thing that you would do?

I would hire another CEO for my company, that’s the first thing I would do and the second I would, I would inject, you know, most of my resources to wisdom for kids.

Definitely, it’s very clear.

Tony: I had a feeling you would say that, and I can understand why you would too. So, I don’t think we’re that different in many ways.

Angel: I like speed. I like speed. I like speed girls, you know,

Tony: I think once you’ve get the bit between your teeth as they say, you just wanna get on with and make it happen.

Angel: Yeah, absolutely. Yeah. Absolut. Yeah. Thank you. Thank you. I really, I really believe so

From Episode 19: A Special Interview with Multimillion Dollar Entrepreneur Krisstina Wise

Tony: We’re coming to the end now, but there’s one question I like to ask all of my guests. You’ve answered this in a number of different ways, but I’ll ask you the question I ask everybody else as well is, What does wealth mean to you?

Krisstina: Wealth, it means, well, it means I am well, my environment’s well. So, yeah, just being healthy in all these different categories and having the money to pay for a wealthy life.

Tony: Wonderful. I couldn’t say that better myself

From Episode 35: Achieving Continuous Improvement Through Discovering Your Purpose with Rick Heyland

Tony: I asked all my guests this particular question and this is gonna be, very relevant to you, probably more than a lot of other guests I’ve had on the on the show. But What does wealth mean to you?

Rick: Oh, that’s a great question and I think it’s gonna be similar to how you think about it too.

It’s balanced and successful in all areas of my life and focusing on the most important things. You know, whether it be spiritual, my health and fitness, my relationships, my work and finances, and those are the four buckets that I generally think about.

And bringing my best self to those four categories every day and doing my very best and then being ok with what my best was that day, and that is wealth to me.

It’s much more than just financial, although that’s an important thing and please don’t ignore it. You know, some people, you know, think that oh man, I’m not being a compassionate, caring person, absolutely, have that as a goal area, but wealth is much more than money.

Infact, if you, this is one of the other lessons I try to share in the book, if you focus on the leading activities that lead you to those areas of wealth, balance, set of wealth and goals, you’re gonna be more successful, enjoy the journey more than if you just, you know, so what are the right investments? What are the right health and fitness activities for me to focus on in order to hit my end goals?

But yeah, wealth is much more than just money, it’s being successful in those four main areas of my life and doing my very best, and that doesn’t mean it’s perfect. But getting up the next morning and trying again, and trying to find some joy in the journey, even if I’m not perfect in everything that I’m doing.

Tony: Well, I think that’s a, a perfect sort of end to that because part of a new day is to, is to improve on what you did the day before, and,so if you had a rotten day or a disaster the following day, you know when you get up tomorrow or when you get up today, you can put that right. You can do something much more positive today, and you’ve learned from yesterday.

Rick: Yeah, don’t let discouragement set in, focus in on what went well, and then learn from yesterday. Discouragement is such a massive tool today. Focus on what you did right, and I love that, Tony, it’s a new start to every day, even if you had a bad day yesterday, and we all do, right, everyone does. But, first thing in the morning, start with your good five to 10 habits that’ll get you going emotionally, mentally, physically in the right direction, and then crush your goals.

Tony: Yeah, absolutely, go for it.

From Episode 2: Achieving Happiness Through Pure Financial Planning – with Steve Conley

Tony: There’s a question, we’re coming towards the end now, but there’s a question I like to ask all of my guests and because it’s TT wealth, so the question I’ve got is, What does wealth mean to you?

Steve: Okay. I think this, if you look at the original definition of wealth, it’s not about what you have in your bank account, it’s abundance in every area of your life.

So some people, there’s sayings that some people are so poor, all they have is money. You know people that are kinda rich in the heart, but not in the bank account. So you have these contrasts of wealth. So I think it’s abundance in every area of your life, it’s wealth in a balanced way.

So I call that physically and so, that’ll be wellbeing. Probably wellbeing’s good, So you have physical wellbeing, mental wellbeing, emotional wellbeing, spiritual wellbeing and financial wellbeing. So it’s wealth, wealth to me is, is there wealth in every out of your life?

If you are deficient in one of those areas, then you are suffering as a result of that.

Tony: But I also know that’s part very much at the center of your life planning. As in to examine all aspects and trying to create that balance, so that you will have, as you say, wealth in every area and you as a result of that, then you have and live a happy life.

From Episode 3: Embracing Change as a Positive Thing with Bev Jones

Tony: I’ve got one last question for you, which is my favorite question. So again, because obviously my branding is TTWealth, so my question for you is, What does wealth mean to you?

Bev: Um, wealth for me is the happiness and the health of everyone that I’m close to. You know, yes, money is part of that wealth, but for me it’s about my family, my friends.

I’m so rich. I’m a, you know, I say to people I am a multimillionaire when it comes to my life, really, honestly, I am, I’ve got the most amazing family, the most amazing friends.

I’m so fortunate that, you know, I’ve got good health, my family have got good health. We’re able to do the things we want to do. We’re very close as a family, and I count myself very lucky and very rich in that I’m able to run my business. Do you know what I mean?

So there’s loads of things that I feel content and very rich, as a result, really. Um, money is a bonus in my life. It, it doesn’t make me rich. It’s a bonus that comes with what I do. But yeah, wealth to me is much more around good health and having the ability to, to be there and have others around me that, that, you know, that’s safe, that security, all of those things.

Tony: I think, uh, few people this now and again, for me, it’s very similar. It’s, it’s that balance. You need to have it in all aspects of your life. It’s one of them. It’s a happiness, it’s relationships. It’s whatever makes you happy at the end.

From Episode 37: 8 Simple Steps To Make Your Video Go Viral with Joseph Wilkins

Tony: There’s one question I like to ask all of my guests and that question is, What does wealth mean to you?

Joseph: Yeah. You asked me this before, before we started recording, and I’ve been thinking about, it’s a really interesting question.

To me, wealth means creative freedom.

And what I mean by that is when I started this company 20 years ago, you know, we were a chop shop and we would take on pretty much any project that was legal and ethical and where the customer, you know, had budget to pay us.

Nowadays, you know, after the 20 years, we have a decent amount of comfort in the bank account, to allow us to experiment, to do new and different things. Launching funny sales videos three or four years ago was a big risk because rather than taking on, you know, lots and lots and lots of small, simple projects that we knew we could complete without really thinking too much, we now only take on two or three clients, and that was a big gamble.

And we only did it because we had the cushion in the bank that we could support ourselves, you know, for six months or so, if it was a failure, which it hasn’t been, but I think wealth to me, gives me freedom to try new things and also to bring on team members without worrying about, you know, am I gonna have to fire them in 30 days if this doesn’t work?

So I’d say, I’d say it gives us creative freedom and confidence to grow.

Tony: Yeah, perfect answer.

In Summary

Thanks for listening to today’s episode. If you like to know more about what I do or see more great money tips to build a secure and a happy lifestyle, then you can find all of these here on my website or my YouTube channel, TTWealth.

You can also follow me on LinkedIn, Facebook, Instagram, and Twitter. I also produce a bimonthly newsletter, TTWealth News, which contains practical money tips that is free for you to download from my website.

And if you’re enjoying this podcast, don’t hesitate to leave a review. Of course, the more stars the better and equally sharing his caring.

If you’ve shared something that you’ve enjoyed and you think will benefit someone you know and please to share with them, I’m sure they will appreciate it.

So it’s goodbye until next time, and remember, “Live For Today Invest For Tomorrow“.

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