Wealth is a state of mind, not just your account balance. Societal pressures can have you easily fall into thinking money and status defines wealth but it goes beyond that. Being wealthy is about having the time and health to enjoy the significant net worth you’ve built with the people you love.
It is important not to live a life where you are rich in money but poor in other things that matter more. Living your best life requires years of learning and practising building each of these types of wealth.
1. Financial Wealth (money)
Money is what most people naturally think about when they hear the word ‘wealth’ and is what they work towards. Financial wealth goes beyond just having money. It encompasses the ability to be financially free. Free from debt and financial worries.
The first step to building financial wealth is financial literacy. It’s crucial to learn how to earn, spend, save and invest your money effectively if you truly want financial wealth. Financial wealth makes it easier for you to achieve time wealth (freedom).
2. Social Wealth (Status)
Social wealth comes down to how you interact within the world. Building a strong network of quality relationships plays a significant role in building the other types of wealth because you can’t do it on your own.
Social connection is social wealth. Fostering existing and new personal and professional relationships without losing track of your values will help you amplify your social wealth.
3. Time Wealth (Freedom)
Time wealth is the freedom to choose what you want to do when you want. Most people lose their time going after financial wealth. Understanding that time is finite will help you focus on activities that will enable you to experience freedom.
Focus on building passive income streams to achieve time wealth. Learn to plan and manage your time effectively and ensure all of your time isn’t being spent on earning money.
4. Physical Wealth (Health)
Health IS wealth. Without your health, you can’t achieve any of the other types of wealth sustainably. No amount of money is worth killing yourself for. If you don’t have your health all your monetary wealth in the world is of limited use.
If you neglect your body and mind then other areas of acquiring wealth will suffer. Make time to improve your physical and mental health. Exercise regularly, eat healthily and get enough sleep.
You need to understand each form of wealth before you can truly achieve it. Nurturing these types of wealth in the right balance will help you live your best life and leave you feeling more fulfilled.
Wealth is the ability to fully experience life.
– Henry David Thoreau