The value creation approach to building wealth

In this series, we will be discussing a value creation approach to building wealth. I will also be articulating my vision for this blog and what I hope you will get from following, subscribing and championing our cause by sharing our content.

When I decided to start this blog, I had to decide on a domain name. Choosing the name was a daunting task and ValueSpeaks was birthed after some intense brainstorming. The story behind the name is that it closely represents what I believe and what I preach about managing your personal finance and growing wealth.

This blog is about financial education and literacy but the focus is not only on managing your money and making money. The focus is also on building value.

What is Value?

Value is one of those words that mean several things. Oxford learner’s dictionary gives the following definitions of value:

• How much something is worth
• How much something is worth compared with its price
• The quality of being useful or important
• Beliefs about what is right and wrong and what is important in life
• The amount represented by a letter or symbol

Value is such a packed word, isn’t it? I have always been enthralled by the word “value” and how it can sum up a lot about us. I am passionate about Value and that is why I have chosen it as the central message of this website.

We will be focusing on 3 major aspects of value. I call them the 3 V’s of ValueSpeaks. I believe the value creation approach to building wealth starts with mastering these 3 V’s.

The value creation approach: core values

The first V refers to core values. This is your belief about what is right and wrong and what is important in life. This reminds me of when I was a teenager on the verge of becoming a young adult. I didn’t have a vivid picture of what my future would be like but I had a strong sense of self and believed so much in principles. We lived in an close knit estate. The sense of community and the fact that we looked out for each other was great. However, I didn’t like the lack of privacy and the idea that people felt that being in a community meant you had to conform to norms. If you didn’t, you were called a snob.

After I finished secondary school, I was home for a bit while waiting for my O levels results. I had been in boarding school so was rarely at home in term time. I was growing into a beautiful young woman and decided to straighten my very long afro hair. My new hair was a big hit! This led to a fascinating discovery. Whenever I set out from my house, there was always some guy showing up, following me, trying to talk to me. Basically asking me out (we used to call it “toasting” then).

I didn’t quite get it of course. Didn’t these boys know I wasn’t interested? At some point, it got to border line stalking so I decided to prepare a speech for anyone who accosted me. It went like this (in summary, as it was more elaborate): I am not interested, my current priority does not include having a boyfriend. I was also about to start my A levels so my immediate focus was planning for my future.

So every time a boy stopped me to ask me out I just repeated my speech over and over again. They persisted, well one particular guy comes to mind. He stalked the life out of me and I wonder if it became an ego thing but I repeated my speech again and again.

Your core value is part of your brand

Now, why did I tell that story? It was the beginning of something. I learned to define myself, my values, and my brand. Deciding on a central message was helpful in focusing on my goals. Repeating the same thing over and over helped me also believe in it and internalize it. This was particularly helpful when the pressure was so much.

Defining your core value and beliefs is the starting point of the value creation approach. Nowadays, being socially responsible is an important part of businesses. One of my core values is my faith, whilst I am restricted in certain ways to share my faith regularly at work. I still exhibit it in my actions.

Why it is important to develop core values

Values matter because they form the core of your identity. A lot of businesses set out core values. They do this because values shape the identity and culture of an organisation and set them apart from the competition. This is a good foundation to build wealth and an opportunity to define why you want to be wealthy.

This is because having wealth does not mean you will be happy or fulfilled. Having good values as a foundation for making money means that you will be more fulfilled and your wealth will do good for you, your family and your community. This will also guide the decisions you make in order to generate wealth. Will it be at the expense of your core values? Or will it be in a more sustainable way so that you can live a more fulfilling life? Your decision making going forward will be with this in mind. For example, before you ask, do I take this new job or start this new business? You ask, does it align with my core values?

If you cannot articulate your core values, you need some ‘me time’ to have a think and come up with at least 3 things, then write it down. Do a quick comparison with your lifestyle and see if they match. You might have some realigning to do.

3 areas where core values matter

Starting a family

If you are in a relationship with someone, it is important that you share similar values. This will prevent a culture or identity war where you are at cross purposes all the time. My husband and I go a step further to have a family vision and articulate what our core values are to our children. We do this so they have a strong sense of identity and also understand what is acceptable or not. This is a much wider topic to explore but I hope you get the principle.

Business/work

Most professions have ethics. This is to articulate what is expected of anyone in that profession. In a similar vein, my values need to come across at work. When people think about me, what comes to mind? Am I the sloppy worker, who is always late and never delivers? If hard work/integrity is a core value for you, do you exhibit this in your workplace or business?

Relationships

This is similar to family, but I am referring to relationships outside the family relationship. The amazing thing about friends is that you get to choose them. I believe you should have a wide variety of friendships. However, your closest ones should at least be ones who either respect your core values or have them in common with you. Again this is to prevent cross purposes. In my post, “How to monitor your budget 12 helpful tips“, I stated relationships as one of the tips that can help you achieve your budget goals. Having supportive friends really helps. That being said, I have friends who don’t get certain things I do and that is fine. Sometimes people need time and experience to learn things themselves🙂. Seriously though, as long as they are not negative or critical that’s fine. Respect for one another is what is key.

This is the first of our Value series focusing on the value creation approach to building wealth using the 3 V’s. As always, please subscribe, pin, share, and if you haven’t yet you can follow us on Instagram and Facebook. Have a valuable week!

Series Navigation