Ten Lessons From The Duke & Duchess of Sussex On Achieving Financial Independence
/This past week, the Duke & Duchess of Sussex dropped a bombshell on the Royal family and the public by announcing that they were stepping back as senior members of the Royal family. They issued their official statement through Instagram and their website:
“After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution. We intend to step back as ‘senior’ members of the Royal Family, and work to become financially independent, while continuing to fully support Her Majesty The Queen. It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment. We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages. This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity. We look forward to sharing the full details of this exciting next step in due course, as we continue to collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge, and all relevant parties. Until then, please accept our deepest thanks for your continued support.”
For me, the most enlightening part of their bold and inspirational decision was their willingness to be transparent about their desire to be financially independent. This may come to shock to some - why would members of a royal family want to think about money? Don’t they have a stash of cash they can always fall back on? Why ruin a cushy position to embark on the treacherous path of financial freedom like the rest of us?
For the record, nick and i were a hot chocolate- ginger spice couple before meghan and harry made it mainstream. Just sayin.
While it may be a surprise to some, through my work I’ve found that the desire to be financially independent spans across socioeconomic backgrounds. I have worked with individuals who have access to a seemingly limitless pot of financial resources, but they have no idea how to build or create their own wealth. Whether someone is working three jobs to make ends meet or is always running to mommy or daddy for money, they are both in the same boat.
Learning how to build wealth on one’s own terms is a massively liberating skill that nourishes the mind, body and soul. Until you learn how to do this, you will always be at the mercy of another’s whim decisions. And even if you live in Buckingham Palace, this dependence can be achingly painful.
It will be interesting to watch Meghan Markle and Prince Harry’s journey as it continues to unfold and evolve. I wish them all the joy, love and peace throughout this process. They are a beautiful example of two people committed to self-actualization and we can all learn a lot from them, including how to elevate our financial lives. Here are ten money tips we can learn from the Duke and Duchess of Sussex.
Ten Money Tips We Can Learn From Meghan and Harry
Have a clear vision. Harry and Meghan clearly did some major reflecting and introspection to determine what their best life looks like as a family. They’ve articulated some of this on their website and it’s beautiful to see a couple on the same page about where they are headed. Before you set any financial goal, spend time envisioning your best life and use this vision to determine your action steps.
Build community support. Harry and Meghan took their announcement to social media before finalizing details with the Queen and other members of the Royal family. They thanked their millions of followers for their ongoing support during this transition. I imagine their family members were not as supportive as the millions who showed an outpouring of love on Instagram. As you make moves in your life, cultivate a community of like-minded individuals who will love you through the journey.
Have a money buddy. Meghan and Harry are clearly each other’s financial accountability partners. Whether it’s your SO or a trustworthy friend, find someone that you can share your financial goals with and will cheer you on to the finish line.
Create a thorough plan. Meghan and Harry’s website detailed their plans to achieve financial independence on their website. And I’m sure the site does not include all of the intimate details of their business dealings. While plans may change, getting it down on paper or in a digital format will help you have a clear idea of which steps to take.
Remain flexible. I can only imagine that Meghan and Harry tried to make the arrangement as senior members of the royal family work, but it ended up being too toxic for them as a family. As you continue your journey towards financial freedom, continue to remain open to new possibilities.
Recognize that relying on your family may not be healthy for you. Sometimes the ones closest to you are your biggest shine blockers. Once you are clear on what makes you happy, you may have to distance yourself from those who do not support your vision.
Be ok with people not liking your decisions. Clearly there are some members of the royal family who are displeased with Meghan and Harry’s decision, but this didn’t stop them from doing what is right for them. Once you are committed to living your best life, you will have to make decisions that may not please everyone. Learn to be comfortable with this and remain true to yourself.
Assess your skills, passions and network to determine approach for financial independence. Charity work has always been a passion and pursuit for Meghan and Harry, as a couple and as individuals before they were married. Therefore it makes sense that they are pursuing opportunities within this area. As you embark on your journey to financial independence, do an inventory of your skills, passions and network of people. Use this information to determine the best opportunities for you to pursue.
Be honest and transparent with yourself about your finances. None of this would have been possible for Meghan and Harry if they were not first honest with themselves about what their financial situation and secondly honest with each other. Take time to get honest with yourself about where you are financially and the gap between your current situation and where you want to be.
Practice lots and lots of self-love. While I do not know them personally, I imagine and hope that Meghan and Harry are doing what they need to do to maintain their inner wellbeing. The path to financial independence is full of obstacles, twists and turns and potentially heart-wrenching experiences. Whether it’s taking five deep breaths in the shower or going for a walk during lunchtime, practice lots of self-care to nurture your inner wellbeing.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas is now enjoyed by tens of thousands of readers in over forty countries with the same dream of achieving financial freedom without living frugally.
