How do you make an impact? Create purpose-driven wealth.
- When I got my first bonus many years ago, a friend and I rushed to Harvey Nicks in Knightsbridge to buy me a leather jacket. It was beautiful and pricey, but out-and-out consumption made me feel good.
- In July this year, I joined a group of like-minded people in Lourdes and used my skills and experience to help sick and disabled pilgrims on their journey of faith and healing. The trip probably cost me the same as my jacket (in today’s money), but the contribution of my purpose-driven wealth outweighed the cost by a considerable margin.
- This year, we held an open house for our village during the New Year. We bought food and drink for our guests, who had a thoroughly enjoyable time—not the usual way to spend a Monday. The event was a satisfying combination of consumption and contribution.
Purpose-driven wealth always has an impact…
There can never be pure consumption or pure contribution. Even consumption in its most conspicuous form contributes to satisfying your wants or needs. And, of course, your consumption goes towards satisfying the needs of the people who created and sold the item to you.
It is rare to find a purely altruistic contribution. My trip to Lourdes, while undoubtedly helping others, was also an opportunity to check in with old friends. Charity donations probably come close, but are they genuinely altruistic, or is your donation made in part to salve your conscience or for some other motive?
…depending on where it sits on the consumption-contribution spectrum
That’s not to say you shouldn’t use your wealth how you want. However, using the flow of your wealth to consume generally satisfies only yourself. In contrast, purpose-driven wealth is usually for the benefit of others and will make a far more significant impact on the world.
Being a force for good in the world is essential to the virtuous circle of wealth, impact, and meaning. It gets to the heart of your relationship with your wealth, where purpose-driven wealth sits on the spectrum between consumption and contribution.
If you want to lead a life of meaning and purpose, reflect on how you use your wealth and shift your focus to impacting others, not yourself.
The virtuous circle of wealth, impact and meaning
Photo attribution
Photo by Aubrey Odom-Mabey on Unsplash
Audio link
https://audio.com/jeremy_deedes/***/
Other attributions and references
Twist, Lynne. The Soul of Money: Transforming Your Relationship with Money and Life. W. W. Norton & Company, 14 Mar. 2017.
Taking it further
Explore the topic in more depth by reading what others have said on the subject. Here are a few books on the subject of money and its role in your life: https://wordsnotdeeds.co.uk/money-books/
Related posts
https://wordsnotdeeds.co.uk/strapped-for-cash/
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