How to create your Rich Life: Defining your values, spending with intention, and living abundantly.
We've all heard the phrase "living a rich life," but what does that actually mean? For some, it might conjure images of private jets and luxury yachts. For others, it’s a life rich in experiences, great food, or meaningful connections. The truth is, "rich" isn't about a specific number in your bank account; it's about intentionally designing a life that is abundant in the things that matter most to you.
Your rich life is a personal blueprint. It's about knowing what you truly value and using your resources—money, time, and energy—to build a life that feels deeply fulfilling. For you, that might mean splurging on high-quality clothes that make you feel confident and cutting back on travel in first class. For someone else, it could be the opposite. The key is to stop following someone else's script and start writing your own.
Here are five ways to help you define and build your own rich life.
1. Define Your Core Values (Beyond the Obvious)
Before you can allocate your money, you need to know what you're allocating it for. Go beyond generic ideas like "family" or "security." Get specific. What does a rich family life look like to you? Is it taking your kids on an annual trip? Having a regular date night with your partner? Or the freedom to be home with them after school?
Grab a notebook and ask yourself some tough questions:
What makes me feel truly happy and alive?
What would I regret not spending money on in 10 or 20 years?
What activities or purchases bring me a sense of peace, joy, or purpose?
Your answers will reveal your core values. Maybe it's adventure, creativity, giving back, or learning. This is your compass for all future financial decisions.
2. Practice Selective Frugality
Once you know what's important to you, you can "mercilessly cut" the things that aren't. This isn't about being cheap; it's about being intentional. Think of it as a trade-off. If you value great clothes, you might decide to spend less on eating out. If you love travel, you might choose to drive an older car to save money for your next trip.
Examine your bank statements for the last few months. Where is your money going? Highlight the expenses that align with your core values and circle the ones that don't. You might be surprised to find how much money is leaking into areas that don't bring you joy. This is the money you can reallocate to fund your rich life.
3. Create a "Conscious Spending Plan"
Forget about rigid budgets that make you feel guilty about every purchase. Instead, create a spending plan that reflects your values. Allocate your money into a few key buckets:
Fixed Costs: Rent, mortgage, utilities, etc.
Long-Term Goals: Savings for retirement, a down payment, or a big trip.
Splurge: The fun money you'll spend on the things you've identified as part of your rich life. This is your guilt-free spending money.
Cut: The money you've saved from areas you don't care about.
By automating your savings and giving yourself permission to spend on your "splurge" categories, you remove the stress and anxiety from money management.
4. Focus on the "Big Wins"
A lot of personal finance advice focuses on small, daily cuts like skipping your morning latte. While every little bit helps, the real game-changers are the "big wins." These are the large-scale decisions that have a lasting impact on your finances.
Think about things like:
Your career: Are you in a job you love that also pays well?
Housing: Is your rent or mortgage payment a reasonable percentage of your income?
Investing: Are you consistently putting money into a retirement account or other investments?
Focusing on these big wins frees you from obsessing over every small purchase and gives you the financial foundation to live your rich life without worry.
5. Give Back and Plan for the Future
A truly rich life isn't just about what you can get; it's also about what you can give. Whether it's donating to a cause you care about, volunteering your time, or simply being generous with friends and family, giving back can be one of the most rewarding parts of your rich life.
And finally, remember that your rich life can and will change over time. What's important to you in your 20s may not be in your 40s. Be prepared to revisit your values and adjust your spending plan. By designing your rich life with intention, you're not just managing your money—you're building a life that is truly yours, full of purpose, and unapologetically rich in what you love.
Ready to take your financial game to the next level?
Book Your Free Clarity Call Today!
Life After Debt
Feeling trapped by debt? Life After Debt is your ticket to financial freedom. It's time to take control of your life! Our mission is to empower you to slash your spending, get rid of credit card debt, and break free from the weight of shame and guilt. Say goodbye to the grip of debt and discover how we can guide you toward a brighter, debt-free future. See how we can help below!