The way we relate to our money can directly translate to how successful we are. You may have read our previous insights into the scarcity mindset or how to prioritise happiness in your financial plan and know, already, that your mindset really does have an impact on your finances.

Here are five quotations that could reshape how you think about your wealth.

1. “I am wealthy in many ways”

If you’re experiencing financial stress or always focusing on “more”, the above quotation is a helpful way to reframe.

When thinking about how “wealthy” you are (and perhaps comparing yourself to another person’s apparent success), consider:

• The broad range of experiences you have had
• Those you love most and how much they matter to you
• Your health and wellbeing.

These elements don’t magically remove any financial stress you’re going through, nor should they dampen your ambitions to achieve financial freedom.

Nevertheless, they’re a stark reminder that there are plenty of rich people in the world who couldn’t call themselves “wealthy” in other ways. It’s the big picture that counts.

2. “Try not to become a man of success. Rather, become a man of value”

This quotation is often attributed to Albert Einstein, arguably the most revered physicist of all time.

Although Einstein died in 1955, his words might even be more applicable today than they were in the early 20th century.

With social media forcing constant comparison, it’s easy to chase what others perceive as success. A big house, a nice car, several international trips a year, and so on – all so that others can agree you are, in fact, successful.

Of course, there is nothing wrong with wanting a big house and a nice car. But when you shift your mindset away from the standard model of success and towards the idea of creating value, your future could start to take shape in surprising ways.

So, ask yourself: “What is valuable to me?”

If the answer is the same as the list provided above, that’s great. You are already chasing the right things.

If you find that “value” looks a little different to you – perhaps pursuing a hobby or working with a charity you care about – then you can start paving a path towards these personal goals.

3. “Wealth consists not of having many possessions, but of having few wants”

What does financial freedom mean to you? To Stoic philosopher, Epictetus, it meant wanting for nothing.

Traditionally, society considers wealthy people to be those with many possessions. Think of paintings that depict the landed gentry who lived hundreds of years ago; typically they are surrounded by fine furnishings, wear gold jewellery, and have servants around them to provide whatever they please.

Today, it helps to take a broader view of wealth, and the notion of having “few wants” might help you redefine your own relationship to your money.

If you can pay for the things you want and need without worrying about the cost, this signifies that you are close to, or have already achieved, financial freedom. Or, if you are not there yet, you could set this as a goal. Wanting for nothing could be a great benchmark for how you measure your future success.

4. “A penny saved is a penny earned”

If you pay yourself a salary from your business, it can feel like a sacrifice to save and invest a large portion of what you earn.

After all, it’s likely there is plenty you could do with the money now: take your family on holiday, splash out on the sports car you have always wanted, or add that extension to your home.

Remember that, according to Thomas Jefferson, “a penny saved is a penny earned”. In other words, when you sacrifice a portion of your income by saving or investing it, you are actually doing your future self a huge favour.

This is especially true if you maximise the returns you receive on what you put away. When you save, ensure you’re finding the most competitive interest rate for your money. When investing, it’s worth taking professional advice to build a diverse portfolio that is risk-appropriate for you.

Once you exit your business and begin decumulating, you will be grateful that you “saved” – or indeed, “earned” – in a disciplined fashion earlier in life.

5. “Wealth is the slave of a wise man and the master of a fool”

According to Roman philosopher, Seneca, a person’s ultimate goal should be to “master” their wealth.

If you’re accumulating wealth and in control of your spending, you may be on the right path towards financial freedom. This said, if you’re still lying awake at night worrying about whether you’re doing enough to secure your future, this is a sign that your money is your “master” – regardless of how much you have in the bank.

This is where bespoke financial planning becomes invaluable.

At iQ, we only work with business owners, offering highly specialised advice on:

• Managing your personal wealth during your career
• Preparing to exit your business in the way you choose
• Retirement and later-life financial planning
• Estate planning that helps you leave a legacy
• Ensuring you are being tax-efficient.

Even if you are already comfortable and feel confident about your future, it could still feel as if your finances control you, not the other way around. With our support, your wealth becomes the vehicle that takes you where you want to go, while you sit firmly in the driver’s seat.

To reframe your relationship with your wealth and start planning the future you deserve, get in touch today.

Email us at clients@iqf.ie, or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

This article is for information only. It is not investment advice. It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.

iQ Financial is not a tax adviser and tax advisory services are not regulated by the Central Bank of Ireland.