Defining Wealth

“When it comes to defining wealth we all have different standards. Some of us define wealth via our professional assets – the skills that allow us to climb the corporate ladder, start a business or further our education. There are others who define wealth by their personal assets – their family, friends and their ability to give back to the community. We can cherish our physical assets by way of a healthy mind and body and of course our financial assets that allow us to spend, save and give according to our own agenda. No matter how you define wealth it is personal and only you get to decide just how wealthy you are by your own standards – the only standard that really matters. In the past I would focus only on creating financial wealth and that doesn’t cut it anymore today. Instead I focus on building your personal wealth, or more specifically your personal balance sheet.

I’ve talked to Canadians across the country to really understand the secret to authentic success. No one wants to be nor can afford to be “unbelievably average” in today’s environment. I’ll share a few of the lessons learned:

– No regrets
– Play to strengths
– Follow your passion
– Embrace lifelong learning

Sometimes getting on the authenticity track requires change and change requires courage. We are all faced with turning points in our life which can literally change the course of our life. It is like being a screenwriter for a film – in any given story there are usually two or three pivotal moments that can swing a story in one direction or another, in our case, life. We all need to find a clear sense of our direction.

Finding your passion is critical for success. Society can put undeniable pressure on us to conform, to chart the safest course and to follow the beaten path. But the safest one is seldom the smartest one. Relationships are key and there is a tendency to attract what we reflect. The ideal relationship is where each person is present to empower the other toward enlightenment.

Another area I like to explore is your choice of career. I find we can have a tendency to overcomplicate things and underprepare. I always joke – I’m the most rehearsed ad-lib speaker there is. Today is a learning environment and failure to upgrade your skills could prove costly. Play to your strengths – why try to be somebody else when you can be yourself. Talent, smarts and drive are important but it will be the people skills that set you apart. In today’s world you have to zig and zag and few businesses go straight to the top. Through this process I’m not so sure it is about reinventing yourself as much as it is finding your core self. One thing is certain. If you stand still you will be left behind. Never underestimate the value of networking.

Finally of course I talk about building your net worth and I will sweep away some of the financial myths out there such as – self-worth equals net worth, a little debt never hurt anyone; you need to be a math major to be successful in finance; you are focused on your business so you don’t have enough to invest; and you have to do it all alone because you don’t have enough money for someone to help you. All myths worth debunking.

Bottom line – self-belief leads to self-confidence. If you take the time to figure out who you are, what you like and what you value, the odds of achieving wealth by your standards dramatically increases. If someone else believes in you and you don’t really believe in yourself then so what. If you believe in yourself and no else does, it doesn’t matter, you can still achieve your goals.”


Patricia Lovett-Reid is the Chief Financial Commentator for CTV News Channel and host of “The Pattie Lovett-Reid Show”.  NLOWE is delighted to have Patricia speak at our Keynote Luncheon at our 2013 Annual Conference in Gander on April 18, 2013.  You can find Patricia on twitter and Facebook, as well as check out some of her articles and other blog post on


1 Comment

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One response to “Defining Wealth

  1. I rejoice the world we have created, where worth refers to our lives, our relationships and our pocketbooks. Bravo. Nice, concise and sharable.

    DMW Coaching

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