Today, we’re diving into something that’s near and dear to my heart—how to build wealth with infinite banking using the three pillars of a fulfilling life: faith, community, and purpose. I’ve learned, sometimes the hard way, that these are essential to genuinely build a life that brings you joy and satisfaction.
Now, the reason why we’re discussing these 3 pillars today, is because they can also be applied to your finances to dramatically increase your potential for building wealth.
I’ve already covered this topic in this week’s Dollars and Nonsense episode here.
But, in this blog post I want to give you some actionable tips on how to start applying these 3 pillars and transform your approach to life and money.
I. Faith
Let’s start with the first pillar: faith. Over the past couple of years, especially after losing my mentor, Ray Poteet, I’ve been reflecting on the role faith plays not just in coping with loss but in steering us through the uncertainties of life, including our finances.
Faith isn’t about blind optimism. It’s about having trust in God’s greater plan and sticking to your principles, which in turn gives us a framework for making decisions that aren’t just reactive to whatever life throws our way.
For me, leaning on my faith has provided a sense of stability and peace, especially during the turbulent times of running a business without Ray.
Ray was a huge influence, not just in business but in how I viewed life and handled money. His passing was really hard on me, but my faith—both spiritual and in the principles he taught me—kept me steady. It allowed me to continue our work, embracing the strategies we believed in and moving forward with purpose.
Actionable Steps:
- Reflect Daily: Take a few minutes each day to pray and reflect on your goals, the decisions you’ve made, and the direction you’re headed.
- Engage in Faith Discussions: Whether you’re religious or not, engaging in discussions about faith can offer new perspectives and deepen your understanding of how it can influence your life.
- Align Decisions with Faith: When faced with a tough choice, ask yourself: Does this path align with my deeper beliefs? Align your financial decisions with your faith or core values.
- Incorporate Generosity: Apply principles of faith in daily decision-making. For example, if you believe in the importance of generosity, consider how you can incorporate charitable giving into your financial planning without compromising your stability.
By grounding your actions and financial decisions in faith, you not only enhance your capacity for building wealth but also improve your overall quality of life.
II. Community
Moving on to the second pillar: community. I’ve seen firsthand how isolation can suck the joy out of success. Think about it, achieving great things feels less fulfilling if you have no one to share it with. Community isn’t just about having support, it’s about collaborating, and celebrating together.
Last year was a financial high for me, but without a community to share in those successes, it felt hollow. That’s why building and nurturing relationships is way more important than just building wealth. They enrich our lives and provide a safety net of support and advice, which is invaluable, both personally and financially.
When I decided to start a land flipping company. I didn’t jump into it alone this time; instead, I brought in a full team. I provided the capital and mentorship, while they brought in the operational expertise. The idea was simple: build something collectively that we could not achieve individually.
The thrill of sharing successes with a team, of celebrating big wins like a profitable land sale, is something you just don’t get flying solo. That’s why I’m a big believer in focusing on who can help you achieve your goals rather than how you can do it all yourself.
Actionable Steps:
- Build a Team: Whether it’s for business or personal goals, gather a group of skilled individuals who complement your strengths.
- Foster a Supportive Environment: Create an environment where every member’s contributions are recognized and rewarded, fostering a sense of shared success.
- Adopt the “Who Not How” Framework: Focus on finding the right people to collaborate with, which can propel you further than you might go alone.
- Understand the Legalities: Make sure that you’re aware of any legal implications when entering partnerships and have clear agreements to avoid potential conflicts.
By investing in relationships, you’re not only building a network but also setting up a foundation for sustained success and fulfillment.
III. Purpose
Let’s talk about the third and final pillar: purpose. It’s about knowing why you do what you do and what you’re aiming to achieve. Having a clear purpose helps you make choices that aren’t just reactive but proactive. It aligns your daily actions with your long-term goals, and this is true for your finances too.
When your financial decisions are driven by a clear purpose, not only are they more deliberate, but they’re also more likely to lead to meaningful success.
Whether it’s providing for your family, contributing to your community, or funding your passions, purpose gives your financial actions depth and meaning, leading to greater personal and financial satisfaction.
My wife, for example, has always known that her purpose was to be a mom. This is what she’s always wanted, spending her time taking care of our kids and our family is what brings her fulfillment. Now that might not be the case for everyone, but for her, this is what genuinely makes her happy.
For me, my purpose has continually evolved throughout my career. Initially, it was about proving I could be successful in my finances and providing for my family. However, as I’ve grown personally and professionally, my purpose has shifted towards teaching others how to build wealth with infinite banking and achieve financial freedom.
This not only changed how I operate my business but also deepened the satisfaction I derive from my work. It’s become less about personal gain and more about the impact I can make.
Actionable Steps:
- Set Clear Personal and Professional Goals: Take the time to define what success looks like for you. What are your financial and personal aspirations? Write them down and make them specific.
- Regularly Evaluate Your Activities and Investments: Every month or quarter, review your actions and investments. Are they aligning with your stated goals and purpose? Adjust as needed to stay on course.
- Seek Mentorship or Coaching: Sometimes, figuring out your purpose can be challenging. Mentors or coaches can offer invaluable guidance and perspective to help clarify your purpose and the steps needed to pursue it effectively.
We’ve covered the three crucial pillars of a fulfilling life: Faith, Community, and Purpose. Each plays a unique role in not just surviving but thriving in both our personal lives and financial endeavors. By integrating faith, nurturing community, and pursuing a clear purpose, you can build a life that’s not only successful on paper but deeply satisfying.
I encourage everyone to reflect on how these pillars can be applied to your own life. What changes can you make to bring these elements into greater balance? How can they transform your approach to life and money?
If you’ve found this article helpful and want to delve deeper, make sure to subscribe to our “Dollars and Nonsense” podcast and follow us for more insights on building wealth.
Stay tuned for more ways to break free from the financial herd and remember, if you follow the herd, you will be slaughtered.
And if you want to learn how to build wealth with infinite banking and achieve financial independence, schedule a consultation with us now at Living Wealth. See you soon!
