I’m going to make an assumption that this is one of the questions you’re looking for some answers to. While I think for the most part we all understand the general definition of wealth, which according to Google is, “an abundance of valuable possessions or money” or “the state of being rich; material prosperity.” And for a while in my life, I agreed and accepted this general definition to be true.
Wealth is complicated, therefore my goal with this post isn’t to enlighten you by providing an exact definition of what wealth is because that would be extremely difficult given each of you reading this has a different experience with money. Rather, I want to focus on the things I know wealth certainly isn’t to help you come to your own customized definition of wealth.
For starters, wealth isn’t the process or the goal of accumulating tangible assets. It’s not about that million dollar pay cheque, having that sweet ride, going on vacation every month or any other similar things. That’s a dated definition for our time because while having these things are nice, they do not guarantee happiness or better quality of life.
Real wealth goes beyond the dollars and drives at a much higher purpose of simply having more assets than liabilities. The definition found on Google is a theoretical definition of wealth and when practically applied in our economic system often results in lower quality of life-less happiness.
Wealth is like a puzzle; you can’t strictly focus on one area or one piece because if that’s all you do you will never see the whole picture and ultimately never complete the puzzle. You have to expand your definition and cast a bigger net for yourself to be successful at reaching what wealth might mean to you.
For me, I try and create small pockets of wealth in every area of my life. That can be in my work, family, relationships, or my marriage. Ultimately for me, I seek freedom and emotional detachment from money, which is not the same thing as saying I don’t like making money. I very much like making money-I just don’t like it controlling my emotions.
I know, I haven’t made it any clearer but that’s the thing about wealth and life in general. It’s complex like I said earlier and while we look for simple answers, most things are just complicated. However, I will conclude with the following last points.
First, wealth has no universal definition because we all don’t have the same experiences and exposure to money. And ultimately those experiences shape our view of the world and what we value.
Secondly, since wealth doesn’t have a universal definition that fits everyone, don’t feel as though you have to accept what others tell you wealth should be or mean to you. And yes, that includes me.
Thirdly, look at every area of your life such as family, marriage, work, friend and ask what true wealth would mean in that particular area. Move away from a strict asset definition of wealth and look to create wealth in every area of your life. Remember it’s a puzzle and you can’t get tunnel vision by only focusing on one area.
And finally, wealth isn’t simple and it’s important to understand to be successful at this journey you can’t accept the definitions you’ve been brought up in. You need to seek more information and also challenge your values to ultimately come up with a definition that’s customized and unique to you.