December 20, 2023
By: Travis Watts, Director of Investor Development
Redefining Wealth Through the Power of Core Values
What does the term “wealth” mean to you? For me, wealth spans far beyond money – I’ve always viewed lifestyle as the main goal of obtaining wealth. Imagine walking through a neighborhood and coming across a beautiful home. It’s stunning, perhaps it’s worth millions. If you had an opportunity to buy it for half the cost, would you buy it? This question can tap into what truly matters to you.
The other day, my wife made a great point. We were looking at houses and found an amazing house as described above. I presented the hypothetical thought of buying at such a discount. While the thought was tempting to my wife, it turned out, she valued freedom more.
In other words, the house, even if we could buy it at a steep discount, would still require ongoing maintenance, higher property taxes, higher insurance costs, and a multitude of cleaning, which my wife does not value. So, for her, the house would take away something more meaningful, her freedom.
If she valued “status” over freedom, things may be different. Lucky me! This got me thinking—our core values are what guide us, pushing us toward things or pulling us away. Knowing these values is like having a compass in life.
In money matters, knowing yourself is key. Before diving into investments, I’ve always started with understanding myself—who I am, what I want in life, and what drives me.
Understanding the Core Values that Drive You
So, how do you figure out your guiding values? It starts with a simple five-minute self-reflection, which I’ll share with you in a couple of minutes. This exercise is a fun way to uncover what matters most to you. It can help sort out what drives you, what your goals are, and equally important, it reveals what’s not important to you.
I’ve done this exercise many times over the years, and my top core values have long been freedom, growth, independence, wealth, and knowledge. They’re like my personal DNA, shaping who I am.
Let’s Dive a Step Deeper into These Core Values:
Freedom is huge for me – having a love for travel and creating financial independence have guided my career choices and shaped how I live.
Growth – Always striving to learn and improve through mentors, podcasts, and books has allowed me to help others and has guided me toward the role of Director of Investor Development.
Independence – Has allowed me to make choices based on personal preferences and values without as much external pressure or influence.
Wealth – Has always been about lifestyle for me. An improved quality of life by affording access to more options, flexibility, and resources, while having a greater means to serve others.
Knowledge is like fuel for me. I’m always thirsty for learning new things and sharing openly with others through podcasts, events, and articles like this.
Living in accordance with your core values fosters authenticity. It allows you to stay true to yourself, leading to a more genuine and fulfilling life. When values align, relationships thrive. But when they clash, it can create tension.
Discover Your Treasure Map to True Wealth
Imagine a top value for you is adventure. You love to get away and travel, but your spouse values security and stability and prefers to be a homebody. You bet there will be some tension in the relationship. That’s not to suggest that the relationship cannot work, but it will require an understanding of your partner’s values, which can aid in finding common ground.
So, my advice? I encourage you to take a few minutes and uncover your core values. It’s your personal treasure map to true wealth. Below are examples of personal values. Rank your top 5 in order of importance and feel free to do this exercise with your partner or a family member. These are what guide your choices, shape your behavior, and define the path you take, contributing significantly to your overall well-being and happiness.
Want to learn more? Check out The Passive Income Lifestyle Series on Ashcroft Capital’s YouTube page.