What is Success? By Greg Smith, founder Lifestyle Money Coach

Over the last twenty five years in the money and finance industry I have helped the wealthy, the middle class and the poor with their money. Other than the obvious difference, being the amount of money they have, there are many other key differences that set the wealthy well and truly apart from the middle class and the poor. Many of which don't require money at all.

You see the wealthy have a "wealthy mindset" where they take a confident approach to their money affairs. This comes from a good knowledge of the money basics (taught to them from an early age by their parents) which then breeds confidence. This inturn gives rise to a greater involvement in their money affairs as a higher lever of knowledge and confidence enables them to better understand and assess debts, budgets and risk.

The wealthy also understand the value of teams as they realise that they cannot handle their money by themselves and hence they seek the input of money professionals to maximise their investments, debts and cash flows. Success to the wealthy is therefore having enough money to provide them with the freedom to do what they want when they want. This money comes from multiple sources of income that continue well beyond any kind of "retirement date."

On the other hand, the middle class and the poor generally have a lack of basic money knowledge and hence adopt a more conservative and defensive approach to money. This approach then restricts then from focusing on the bigger picture to that of managing the day to day finances. As a result they tend to try to manage their money affairs themselves and not engage the services of a professional money team thereby restricting them to the types of investment and debt choices as they only go with what they know. Not what's best for them.

Success to the middle class and the poor is therefore not being in debt and being able to retire with a big pot of money so that they can live happily ever after. A dangerous concept as many of them may be asset rich (ie they own their own homes) but are cash poor, leaving them to a very limited lifestyle for a very long time.

Clearly there are many different definitions of success other than money. Some people may see it as good health, others see it as recognition. Others see it as the ability to help people, whilst others see it as having more time to spend with their loved ones doing the things they want to do.

Whichever way you look at it, we do however have to exist in a world that requires money to provide us with a vehicle to achieve our own definition of success. That's why we must always be in control of our money and be in a role that gives us the rewards we personally strive for.

Therefore the key is to start developing a wealthy persons mindset and putting in place the systems and teams by which you can achieve a multitude of individual goals that all add up to the success you are aiming for.

Start your journey today and talk to a Lifesyle Money Coach as to how you can make the changes to your life to get you on a better path.