Expanding the Definition of Wealth

What does it mean to be wealthy? When asked that question, most people immediately default to money.  How much do they have? How much do they need? Is it enough? 

The definition of wealth is to have an abundance of a particular resource. When thinking of resources our minds tend to go automatically to money. However, there are other resources that are equally important for a fulfilled life.

While wealth in money is certainly important, I have found that true wealth goes beyond money. I think there are three additional sources of wealth that lead to a fulfilled life: relationships, purpose, and health. I wanted to explore those additional areas and how they can lead to a fulfilling life. 

Relationships

Having strong, healthy relationships is critical to feeling fulfilled in life. Healthy relationships can increase your sense of worth and belonging and help you feel less alone. Healthy relationships can give you confidence. Healthy relationships can help support you to try out new things and learn more about yourself. 

As it stands with money, there is no definition or number when it comes to measuring wealth in relationships. For some, having a few close friends or family members whom they interact with on a regular basis will suffice. For others, having many friends to socialize with is the answer. And of course, this definition could change throughout someone’s life. The key is to realize the need for healthy relationships in your life and recognize that they do not just happen. Healthy relationships take time, effort, and commitment to create and build. The investment is worth it! 

Purpose

Purpose is defined as a determination or a feeling of having a reason for what you do.  Hopefully, you can align that purpose with goals and objectives that are near and dear to your heart.  For many people, one of the main challenges of retirement is losing that sense of purpose. 

While working they had an identity that was tied to work and what they accomplished. When that is taken away during retirement it is vital to find a new purpose. This purpose can be completely different, caring for loved ones (grandchildren or aging parents), volunteering for a worthy cause, an encore career, or more. 

It is important that you retire to something rather than from something.

Health

It is pretty simple, without your health all the money in the world doesn’t mean much.  Ask anyone who has just received a critical diagnosis whether they would rather have money, or their health, and the choice will be pretty clear. Health is one of the most valuable assets a person can have. Good health is essential for living a fulfilling and happy life.

Health gives people the energy and ability to work, play, pursue hobbies, and interact with others. 

Healthy people are more productive and have better well-being. They tend to enjoy better relationships and feel more optimistic about the future.

We know health is important, yet we often are willing to ignore it at the expense of other areas. 

Taking the time to prioritize health, and taking care of our bodies as we age will pay major benefits and help us live a fulfilled life.

Conclusion

Many people spend the majority of their efforts trying to build wealth in money. Of course, this is valuable, but it can often come at the expense of these other areas. When we make this decision to ignore relationships, a sense of purpose, or health we are shortchanging ourselves.

Take a moment and consider how much time, effort, and energy you are spending on your relationships, your purpose, and your health. If you find it is significantly less than the time you are spending accumulating money, then you may be selling yourself short.  Our firm does a lot of work to help individuals explore these additional areas of life and how they can feel more fulfilled so if you find you need help, please do not hesitate to reach out.

Author: James (JT) Cox

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