Steve Harvey says “Real wealth is not about money. It’s about freedom.” 5 Steps to Take in Your Life Today

Does having a lot of money make you wealthy? Not according to Steve Harvey. The comedian and television personality made clear that he doesn’t believe being rich is the key to happiness and that “real wealth is not about money. It’s about freedom.”

While money can help you to buy freedom, simply having a big bank account alone is not enough to live a free and enjoyable life. Instead, if you want to have the freedom that Harvey said makes you actually wealthy, here are five steps you’ll need to take to make it happen. 

1. Identify the life you want to lead

Far too many people with huge incomes and big bank account balances don’t end up free or happy because they are trapped in a rat race, doing jobs they don’t want to do and even feeling afraid to spend money on things they enjoy. These people might be millionaires but they aren’t wealthy because their money didn’t buy them the ability to live the way they want.

To avoid that happening to you, visualize a clear picture of what your ideal life looks like — and use money as a means to get you there.

Maybe you want to live in a cabin in the woods, work for a non-profit, or spend all day walking dogs. Once you have this well-defined goal, figure out what you need to make it happen. Don’t work or invest for the sake of having a bigger net worth on paper — do exactly what you need to do to make your dream life a reality.

2. Strive for financial independence so money issues don’t constrain your choices

Another problem that many people have is that they end up with a lot of money, but also a lot of obligations. People may not be able to quit their jobs because they have committed to covering too many expenses and living a lavish lifestyle. Or they may have an expensive house that they devote so much money to, they can’t travel. 

You don’t want to have to make choices about how you spend your time, where you live, or when you retire solely based on whether you can afford your preferred option. So, aim to make enough money as early as possible to ensure that your choices are guided not by practical financial issues but by your desires.

The sooner you can begin investing and growing a larger nest egg, the sooner you’ll be able to let passion be your guide instead of your bank account balance.

3. Make sure your possessions don’t own you

Owning a lot of stuff may sound good until you realize all the hassle that can be involved.

If you have, say two houses including a regular and a vacation home, then you have to manage the logistics of both including things like repairs or finding service providers. Now, you may decide it’s worth it if you really love owning real estate — but be sure that the possessions you are acquiring are being purchased for the right reasons and not to impress others or because you feel like you need to live a certain kind of lifestyle to be wealthy. 

Having the right possessions that you truly value, and no more, will allow you the freedom to live the way you want and feel genuinely blessed.

4. Automate your money management process

Spending time thinking about where your money is going, or even about how to allocate your investments, can prevent you from ever feeling unburdened.

To avoid this, try to automate as much of your money management as possible. Paying bills automatically, moving money directly into investment accounts, and choosing long-term investments you don’t have to think much about can be a great way to ensure you never have to spend your time worrying about financial issues.

You can also work with a financial advisor who can help take care of this stuff for you, so you can enjoy just living your life without having to obsess over budgets and numbers on a spreadsheet. 

5. Spend based on your values and not the expectations of others

Finally, if you want to be truly wealthy, you’ll make every one of your money decisions based on your values. You will spend and save based on what matters most to you, whether that’s retiring early by working hard at a high-paying job for a few years or living on less and sacrificing to work for a nonprofit or stay at home with your kids.

Giving up trying to keep up with the Joneses or impress others can make you a lot wealthier and freer than having a ton of money but feeling like you need to live a certain way because of the expectations others have placed upon you. 

By following these tips, hopefully you can live the truly wealthy and free lifestyle Harvey was talking about and you’ll know what it means to live a rich life.

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