Maria Menounos

The Keys to Sustaining Wealth, Recovering From Failure & More Life Lessons From America’s Money Maven Patrice Washington

We’ve all had to rebuild these last few years, and it hasn’t been easy. Our way of life was flipped on its head overnight. And while we have made much progress, construction isn’t over just yet. Lucky for us, America’s Money Maven herself Patrice Washington teaches us the keys to sustaining wealth, how she was able to financially and mentally recover after losing her 7-figure business at 25 years old, and what she learned along her journey. 

1. We have a responsibility to share 

When you know something that others don’t, you have a responsibility to share that knowledge. And you don’t have to wait until you are perfect at something to teach it – Patrice will even start sharing something when she feels she’s mastered it 70%.

2. The difference between wisdom and knowledge 

Wisdom is knowing when to apply the knowledge you have. Patrice, like many of us, was book smart and knows a lot but didn’t know how to apply it in life. And while it sucks to hear, it is often through trials and tribulations that we gain wisdom beyond our learned knowledge. Because it is in those moments that you gain wisdom in addition to your knowledge. And it is wisdom, not just your knowledge, that navigates success and life.

3. You don’t have to suffer in silence 

When Patrice lost all of her money and business, she didn’t tell anyone. She felt ashamed and embarrassed to ask for help but as soon as she did, her life got so much better. Life is still going to be a bumpy journey, but it is easier when you ask for help and accept support.

4. Being vulnerable is the key to genuine relationships 

Being vulnerable has led Patrice to amazing new friendships. It is not easy to do, but it has been the best thing for her. Now, she gains so much wisdom from brilliant people that she wouldn’t have had if she never opened up and made those deep connections. 

5. Life is just a bunch of “god-winks”

Success, for most, doesn’t happen overnight. Patrice says that her success is an accumulation of “god-winks” or small achievements.

6. We can’t overlook the importance of mental wealth 

As Patrice says, if other aspects of our lives are bankrupt, it will impact our monetary wealth. You will not be able to sustain your money if you are lacking in mental and emotional wellbeing, etc. For example, growing up Patrice felt like the “ugly duckling” and this insecurity stayed with her. So when she was first building her business, she wouldn’t have conversations with people because she was ashamed of her face. This childhood trauma halted her in her career which in turn, hurt her finances. 

7. Pay for peace 

Patrice believes in what she called “paying for peace” which is all about scaling joy. Because the more peaceful she is, the more profitable she becomes. If we take on too much we fall into a cycle of burnout, running ourselves into the ground. But the more at ease you are, the more productive you are and thus, the more profitable you become. This can look like paying for a laundry or cleaning service or going through a carwash instead of cleaning it yourself – really any tasks that you can delegate to others. 

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