Money vs. Wealth: How to Create Wealthy Habits

By Zach Whitchurch
President | Wealth Advisor
Certified Private Wealth Advisor®

When most people think about wealth, they think of money. But the truth is, wealth stretches well beyond just numbers. Real wealth is rooted in your lifestyle—both your financial and non-financial habits.

Growing up in Salt Lake City, we had a beanpole family—meaning I grew up in the same house with my parents, all my siblings, and also my grandparents. More than just a unique way to live, I learned by example the value of hard work from watching my parents and grandparents. 

It wasn’t until much later on that it really dawned on me: there is a difference between simply living life and living life purposefully. Let’s discuss how developing wealthy habits can help you embrace your purpose, build family harmony, and forge a lasting legacy.

Money Habits vs. Wealthy Habits

Money habits are typically transactional. They are those routine behaviors you develop when managing your finances. On the other hand, wealth is a much broader concept that looks at your overall worth, well-being, and personal aspects. Essentially, wealth provides a richer and more comprehensive measure of your prosperity. It comes down to this:

Wealth isn’t just about money, it’s about the impact one can make as a person or financially. 

Before embracing wealthy habits, it’s important to consider what prosperity means to you, personally. Your success to date has been deliberate, a product of hard work and dedication. When you’re looking to magnify that success, you want to ask yourself a few crucial questions:

The Power of a Family Mission Statement

Cultivating a wealthy habit involves focusing on the family or, more specifically, crafting a family mission statement. A family mission statement forms the bedrock of wealthy financial habits and can be one of the biggest secrets to a successful family. 

What Does it Mean to Be Part of Your Family?

A family mission statement can provide clarity amid the chaos of balancing multiple responsibilities. The mission statement encapsulates what it means to be part of a family: it’s a blueprint for values like hard work, creativity, and compassion.

The goal of the family mission statement is to help your family understand what is most important to the family unit. From there, you can create guidelines or a bowling alley around what it means to be a member of your family. 

This gives your children and other family members a reliable reference guide. Perhaps in your family, you value being creative or caring. You may value hard work or ingenuity. Whatever is most important to you, it’s important to choose your language deliberately because it will echo through your family for generations to come.

How Will You Juggle Life’s Priorities?

Life often feels like juggling balls, and the key is distinguishing between rubber and glass. A family mission statement acts as a filter, helping you prioritize projects and major financial decisions. Before diving into a new investment or business venture, ask yourself: Does it resonate with my vision, or my family’s mission?

With a family mission statement, you can narrow your focus to what truly matters. This Wealthy habit can give you the ability to go back to the core of whether the decision is the right fit for your family.

How Can You Increase Your Quality of Life?

A financial mission statement helps with more than the financial aspects of success; it’s about digging deep into quality of life—both yours and your family’s. By honing in on this wealthy habit, you’re making decisions that will shape the person you want to be and help you live a more purposeful life.

I know of a family that routinely keeps tabs on what their money has been able to do. Normally you would think this would be keeping track of their home value, their portfolio, or even the assets they have accumulated. But what they’ve done is create a document that keeps track of the impact their money has had on others. A recent entry simply stated: 

To me, this is not something they have done for the accolades of others; and the impact would typically never even be seen by others. This family has chosen to turn their financial means from money into wealth through the impact they are creating on others. 

This is where you’ll refer back to your mission statement for a gut check: Are you going to be the best version of yourself by accomplishing this or taking on this next endeavor? Does it allow you to be the best “you” that you can be? 

The goal here is better clarity. With better clarity, you can aim for—and accomplish—goals that grow your personal and professional prosperity. 

Beyond Balance Sheets 

Wealthy habits form the cornerstone of a purposeful life. They can’t be found on balance sheets, but more in a balanced life and by creating greater purpose in our daily lives. 

At Solidarity Wealth, we believe in more than just financial planning—we advocate for a purposeful life. Our approach hinges on providing clarity through a family mission statement, allowing clients to align their financial goals with their deepest values. We believe this clarity is the differentiator that helps propel our clients toward true wealth and prosperity. 

If you’re ready to see what wealth management can do for you and your family, reach out to us at or call 385-374-1665 to schedule a discovery call. 

About Zach

Zach Whitchurch is the President and a wealth advisor at Solidarity Wealth, a privately held, independent wealth management firm that serves as a multi-family office to some of the Mountain West’s most successful families, technology entrepreneurs, and executives. Zach works with clients to develop both “Wealthy Financial Habits” and “Healthy Financial Habits” and thrives on helping them understand their finances by simplifying the complex. He uses his broad knowledge on a wide variety of topics to implement creative strategies for clients as he helps them feel both seen and heard, and supports them along the path to their dreams.

Prior to co-founding Solidarity Wealth, Zach was a financial advisor and a senior vice president of investments at Wells Fargo. He has a bachelor’s degree in accounting and a master’s degree in finance from the University of Utah and holds the CERTIFIED FINANCIAL PLANNER™ and Certified Private Wealth Advisor® designations. He is also a Managing Partner of Solidarity Capital. Outside of work, Zach enjoys spending time with his wife and four children and being active in both indoor and outdoor sports. He is also involved with coaching youth sports, and loves to read and learn about how the world works on a deeper level. 

Solidarity Wealth is a registered investment adviser. This material is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Solidarity Wealth and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Solidarity Wealth unless a client service agreement is in place.