What Is Wealth, Anyway?
When you think of the concept of wealth, what do you think of?
Long, exotic trips to high-dollar locations around the globe?
The comfortable life of having it all and still knowing you have more to spend?
Liquid or investment assets that give you the knowledge that your future is taken care of?
What if true wealth was actually defined by something more tangible and present?
Perhaps the word wealth leaves something to be desired in the way of happiness and true joy. Pick up any business or investment management book, and you are likely to see wealth defined as the measure of value of all the assets owned by a person, community, or country minus the debts they owe. In other words, wealth is often defined as one’s “total market value.”
Yet here’s the question: This is net worth according to what market?
Wealth & Personal Happiness
Here is what most definitions of wealth miss out on: personal happiness, and the balance of physical, emotional, and mental health.
Think of someone who makes around $75,000 a year, and spends their money on basic necessities and those things that they know bring them real joy and passion.
Now consider those who make $150-$200,000 a year, and find themselves living above the margin while still seeking ways to keep growing their personal wealth at all costs.
Who has more joy and happiness in their lives?
While you could argue that both have joy in their personal lives, the truth remains: those who spend their money responsibly while building bandwidth and margin to truly enjoy their daily lives will experience the joy that money brings without becoming a slave to the concept of wealth.
The Pursuit Of Financial Happiness
In my time working with clients, I have found that - on average- those who make $125,000 often find themselves at a crossroads. Will they allow themselves to enjoy the view above the clouds of financial need and find those activities that bring them true passion and joy, or will they allow themselves to fall victim to the never-ending pursuit of more?
Maybe it’s time to think of wealth in a new way. Perhaps affluence in today’s world looks more like time.
Time to spend investing in activities that bring us joy.
Time to invest in our children and grandchildren.
Time to save treasuring memories of those things that truly matter.
When it comes to wealth, we should start thinking of time - an asset that we are all given, yet can never earn more of. When you begin to see your wealth as time, you realize that living with joy in the present is far more valuable than saving up for an unforeseen time in future.
Who can say what the future holds? You have today - so spend your wealth well.
Are you ready to recalibrate your definition of wealth? Check out The Picture of Wealth podcast today to uncover more insights from Dustin Serviss. Listen today where you listen to podcasts.