Episode 155: Redefining Wealth: Chase Purpose + the Money Follows, With Patrice Washington

January 23, 2023

This is the one. This is the episode you need. Trust me. 

I’ve had a few interviews that keep competing for my all time favorite and there’s no doubt that this one is one of them. 

There’s a reason why Patrice Washington was named one of the most inspiring voices in personal development (two times!) by Success Magazine, and there is a reason that in her years as America’s Money Maven, Patrice became known across many circles as the go-to resource for financial possibility.

In this interview, you get to witness the evolution of someone who didn’t just step into what she was good at, but actually embraced who she was called to be, and the countless doors that have opened since stepping into that. She’s doing things a little bit differently and it’s making a massive impact!

Today’s episode took us in directions I didn’t anticipate but I am so thankful it did. Patrice and I go over what it means to redefine wealth and chase purpose over money, how to heed God’s call even when it’s scary and the possibility that can really come from it when you listen to where you’re being guided. Walking through heart wrenching hardships, bringing our children into the fray of entrepreneurship and leading them into purpose.

This is one of the most powerful conversations I ever had!

Redefining Wealth

At 21 years old, Patrice was a successful real estate and mortgage broker. She had 16 loan officers and real estate agents and her business was booming.

That all changed overnight when along with a recession, she suffered a fall down the stairs at 20 weeks pregnant. She had to go on bed rest and put her work on hold because the stress of it all was too much for her. After 10 weeks, she walked out of the hospital with a healthy baby and almost $400,000 of medical debt. She went from having a seven figure business to being on welfare.

In 2009, Patrice decided to do things differently. She decided to redefine what wealth was. She had knowledge, but she realized that she needed more – she needed wisdom. She needed to redefine what wealth was and to know where and how to apply that knowledge. 

Taking Care of the Vessel 

It wasn’t until Patrice felt led to pivot her entire business, her entire platform and to redefining wealth, that she had an opportunity to go back and look at all of the rituals, the habits, the behaviors that led her to the recognition that people knew her for.

She became frustrated with the fact that while she was known as America’s Money Maven, having appearances on radio and television every week, all that people wanted to ask her about was the money. But money didn’t get her there; what got her there was a change in behavior and a shift in thinking.

Patrice realized that she was doing people a disservice by not telling them the truth about wealth, which were all of the things she was doing behind the scenes in her everyday life. And one of the first things that she believes led her to wealth is taking care of her vessel. This is known as the Fit Pillar and is one of Patrice’s 6 Pillars of Wealth. Patrice explains how she was praying for things that she didn’t even physically have the capacity to sustain. In this culture, we glorify the hustle, there are so many messages that make you feel like the grind is more important than anything else. But not taking care of ourselves shows up in our confidence, in our stamina, in our energy. Patrice believes that if God gave you a vision, you have a duty and a responsibility to protect the vessel. You have a duty to take care of yourself. Both physically and mentally. 

This is so deeply connected to your purpose and your ability to build wealth. There’s a lot that we don’t associate with our inability to create the wealth that we desire, and until we free ourselves from a lot of those things that are holding us back, we can’t take our success to the level of being authentic and having more joy.

When You Go After Your Purpose, the Money Follows 

Being known as America’s Money Maven, Patrice felt like she had to live by the labels that other people have put on her. She was starting to get really frustrated in her spirit with having to keep having these conversations when she knew that all those other things that she’s been doing in her personal life, were the ones that were equipping her to evolve.

After her website got hacked, she knew that was it. She was done with that season of her life and she was ready to go where she was being called. So, in 2017 she launched her podcast. She started to incorporate faith, relationships, therapy and all these things that up until then didn’t line up with her being the “money person.” This is how she created “Redefining Wealth” and it was so much more impactful and fulfilling than anything she has ever done before.

It’s scary to pivot, to make a change, to accept that one season has ended. But it is also extremely freeing and joyful. And once you start living your purpose, money will follow. 

Following the Fulfillment and Scaling Joy

Currently, Patrice is at a stage in her life where she does two things: she follows the fulfillment and she’s scaling joy. 

As we’re starting our business, we feel like we need to be in all the places, doing all the things and saying yes to everything. But saying yes to everything is what leads to burnout and physical distress. So, then we learn to filter things and to say no every once in a while. As we continue to grow, we learn to figure out the difference between a good opportunity and a great opportunity, and then we up level between a great opportunity to phenomenal opportunity.  Patrice explains that this is where we should start asking ourselves if it’s a fulfilling opportunity.

Will saying yes to some of these opportunities take you away from the things that give you joy in other areas of your life? Ask yourself if you are building your businesses around your life or are you building your life around your business. We have to be able to make that distinction.

This is why we have so many people who look amazing on paper but still feel unfulfilled and unhappy. Your work has to be aligned with where you’re going. A lot of times we make decisions based on where we are without staying true to the vision of where we’re being called. The only way to get there is to learn to make decisions as that “future” version of ourselves, the version that is out of this chaos and in the life that we’ve been envisioning and feel called to.

You Can’t Force It 

A lot of times we say yes out of fear. In doing that, we unknowingly close the door to what was really meant for us. We think we’re looking for fulfillment, when in reality we’re craving significance. There’s a huge difference between significance and that fulfillment, and that’s not going to be found in empty brand deals or opportunities that are not really right for us. Opening yourself up to the risk is scary, but the reward that waits on the other side is like nothing we can experience or manufacture on our own through our work. 

Another thing to keep in mind is that you can’t force these things. We hear from people all the time about this continuous striving, pushing, forcing into these certain rooms. But you can’t force it. Showing up fully, boldly, confidently and in an authentic way, is what will actually attract these things to you. When we are so committed to the past labels or our former success and we keep fighting the idea that a certain season is up, we don’t even realize what we could potentially be repelling. 

You are Both a Parent and an Entrepreneur 

Having been in business for 10 years and having worked alongside so many entrepreneurs, I see so many of them talking about doing this for their family and for the potential freedom, but ultimately their family ends up being the collateral damage. Not on purpose and not with malice, but it is what it is. And once it happens it’s hard to resurrect and to fix it. So, what we’re doing at Luminary Leadership is figuring out how we can help the successful entrepreneurs integrate their business and their family and not be this compartmentalized person.

Entrepreneurship chooses us, but we do say yes to it. And when we say yes to it, we’re saying yes to it for our family. Including our children in our business is a tremendous gift that we can give them. It’s an opportunity for them to experience all the amazing wisdom that can come from witnessing their parents working hard and providing for their family in an honorable and integrity-driven way.

The world tells us that we have to be two different people: a parent and an entrepreneur. So, when you are being a parent, you feel stressed about your business and when you are being a business owner, you feel guilty for not being a parent. But you are one person, you are a parent who is leading a family and a business in tandem. 

Even if your spouse or your kid isn’t directly working in the business, they’re a part of it. They’re contributing in so many different ways, so let them in. Let them witness it and be a part of it. Let them learn from you and let them see you step up in leadership, and make those tough decisions because it’ll equate to their lives and the choices that they make going forward. 

Patrice wants her daughter to be able to make choices that are rooted in faith not fear.

This is why she involves her daughter in her business. She wants her daughter to remember the times where Patrice said no to great opportunities for the sake of the phenomenal ones and that there were phenomenal opportunities that Patrice said no to for the sake of the fulfilling. It is important for her daughter to know why she did that. 

Hopefully, today’s episode inspired you and helps you make that crucial distinction in what’s truly important and fulfilling for you. Chase your purpose and the money will follow.


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