What is Wealth?

***Updated for 2024***

 

 

The What Series

 

 

Wealth – one of the most used buzzwords of all time. It also happens to be one of the most misunderstood, too. Let’s start by taking a look at some commonplace definitions of the word – wealth.

Wealth, according to Merriam-Webster is an “abundance of valuable material possessions or resources.”  

According to Dictionary.com, wealth is defined as “a great quantity or store of money, valuable possessions, property, or other riches.” 

Thefreedictionary.com defines wealth as “an abundance of valuable material possessions or resources; riches.” 

I could go on and on, but the general consensus is wealth is something to be desired, sought after, and pursued. What isn’t clearly defined, however, is WHAT those “abundances” are. The definitions above are ambiguous in that regard, and for good reason. They leave room for people to determine what those “abundances” actually are to them. This makes sense, considering I contend wealth is defined not by some rigid authority but by the possessor.

There is a danger with the above, however, since one could say they are wealthy by having an abundance of just about anything. It could, if followed to its natural subjective end, mean a person with a lot of coffee cups can consider themselves wealthy. Of course, we know someone with an abundance of coffee cups isn’t wealthy because we, whether we acknowledge it or not, assign value to just about everything and parameters that help us define “monetary” wealth. A consensus is almost always in place and confers worth on things. The person with a lot of coffee cups thinks he’s wealthy; the rest of us think he’s a little…well…strange.

So then, what are some of those parameters? Let’s evaluate a few:

• The things we place value on and pursue (wealth) must enrich our lives (this is absolutely paramount)
• In most instances, things of wealth can enrich other people’s lives as well
• Typically, there is societal agreement on many forms of wealth

Now let’s dive into those parameters and enhance our understanding of them.

The things we place value on and pursue (wealth) must enrich our lives

What you keep in the chest – does it enrich your life?

As stated above, what we consider wealth must enrich our lives is absolutely paramount. What’s the point of amassing something of wealth if it doesn’t enrich your life? This life is short, and time is fleeting; foolish is the person who gathers wealth and doesn’t have it enrich their life.

Money automatically comes to mind for most here. Many people have amassed a small fortune but did so for no apparent purpose other than to swell their coffers. Moreover, their monetary wealth brought them no enrichment; instead, it brought them anxiety, worry, and concern. How many people do you know who fight about money? Or how many people can never have enough; they work long hours to fill their bank accounts and are miserable the whole time. This is because the accumulation of money for them isn’t merely the means – it’s the ends also.

You see, money has great potential to be a force for good, enriching our lives by its purchasing power or even the comfort it’s there for security in retirement years. For most, though, the mere act of acquiring money (read wealth) ensnares them; they never actually enjoy it. And there’s the rub: Money can be a servant, but for most, it becomes a master.

Many, then, become a slave to money accumulation (or, if you prefer, wealth generation) because they never have end goals in mind. Or perhaps they allow the fever of gathering money/building wealth to crowd out those goals and allow it to transform their attitude – just a little bit more. Just a little bit more leads to obsession for most and is a slippery slope many find themselves in. You wake up one day, and something/someone brings your attention to this, and you can’t even remember what happened; you just know you’ve been on autopilot for so long trying to hoard money that you have exchanged precious things to build up monetary wealth – and for what reason?

What we do with that gathered wealth is equally important as possessing it. Are we building a retirement nest egg to live off of when our golden years approach? (This should be one of your top priorities, by the way). Are we saving for large and necessary purchases such as a home? Are we generating monetary wealth for a comfortable cushion, an emergency fund, or one for opportunities? Are we saving for educational expenses such as college? (A WHOLE other topic, and you can find numerous articles about it here). Are we diligently saving for travel or enjoyment purposes? The list could continue, but I think the point is made: money is a means and not an end.

I know I’m broad-brushing here, but I believe it’s justified. Far too many people find themselves in the above scenarios for it not to be. I’ve read stories of people who are wealthy monetarily but are scrooges in every facet of their lives. On the flip side, I’ve known some people who were diligent about retirement saving, yet they enjoyed their life as time passed. I’ve seen both extremes and just about everything in between, and if I’m going to err, I’d prefer the latter. (A diligent mistake, how about that?)

Ask yourself, then, what you wish to accomplish when generating monetary wealth. What are your wants, desires, and goals – both short-term and long-term? Sit down and plan what you want your life to look like in, say 5 years from now, and formulate a plan to get there. Develop a long-term financial plan that allows you to live comfortably in retirement. Be intentional about what you do. These goals, over time will change, and that’s to be expected. Stay flexible when necessary. Factor in all of the things that are important to you (family, friends, hobbies, etc.) and include them in your goals; nay, make them a priority in them. Keeping your focus on that which is truly important aids you in making sure money stays a means and not an end.

While I’m picking on money, it isn’t the only wealth medium people accumulate that doesn’t enrich our lives; it is merely the most prevalent and, therefore, one of the most destructive. Many a man has found himself at the end of a disastrous ride on the money train to soloville, unwilling to get off and unable to purchase a return trip ticket.

 

In most instances, the things of wealth can enrich other people’s lives as well

Wealth has the potential to enrich others in your life

 

The second parameter describes wealth that can enrich other lives as well. I could return to money as my example, but I won’t; rather, I’ll focus on another commodity that’s much more valuable than money: time.

The interesting thing about time is we can’t build it up like other mediums; we can only spend it, which makes it the most precious wealth a person ever has. Have you ever met people who live as if tomorrow is their last day? They spend their time wisely, and they invest in others. Their time, however limited, enriches those around them. Is wealth, no matter what medium you choose, beneficial to others? More pointedly, can you truly enjoy wealth by yourself? I personally know people who have no one to share their wealth with, whatever wealth they believe they have, and I can sum them up in one word: lonely. Scores of people wish they could go back and relive their lives when significant others, children, parents, and friends were alive again to share their time (read wealth) with them, for it is in those moments a person truly is wealthy.

I’ve NEVER met anyone who said they had spent enough time with their children, but I’ve met scores of people who, even if they intentionally spent a lot of time with their children, wish they would have at least doubled their time. Time with our children (if you have any) is the most precious commodity one can EVER have. I wouldn’t write it if I didn’t mean it. Who cares if you have a large house, several fancy cars in the driveway, and loaded bank accounts, if sacrificed on the altar of generating those toys, is your time with your children? I’ll take the shack and Mazda 5 in the driveway, thank you very much.

Even if you don’t have children, you can think back on your time with your family growing up (hopefully it was good), or your time with friends. Perhaps, time with an aging grandparent, parent, or even neighbors comes to mind. The clock mercilessly ticks by, striping you of precious moments you cannot get back. And what are many of us doing in the meantime? Our noses are to the grind trying to generate wealth when we let it slip right on by!

You see, wealth is so much more than cash, possessions, and holdings. It’s the laughter you share around the dinner table. It’s the memories we make of our time with our loved ones. It’s the intimate moments we have with our spouses that are deeply personal and touch us in our souls. It’s coming home after a long day and the joy of those who have been waiting for you all day (even the dog helps some of us). It’s those nights out at dinner when you can focus on just the two of you, or it’s the vacation time and memories that will last a lifetime. It’s a shoulder to cry on, an eye to wipe dry, and a life to live.

Wealth is SO much more than what most people think it is. I am really looking forward to writing what, as of now, I’m calling The Wealth Series. In it, I want to expand on several things that I contend make us wealthy individuals – if we would only see and maximize it.

 

Typically, there is societal agreement on many forms of wealth

Cash is but one thing society calls wealth – there are others though

The third parameter I have listed is that, typically, there is societal agreement on many forms of wealth. It is this which negates the coffee cup idea. Generally, there are things we all assign value to that allow it to retain and/or grow in importance to us. It’s why diamonds are highly prized, gold is often a standard of monetary wealth, and quality time with our loved ones is so very precious.

This principle is fickle, though, and must be taken with a grain of salt at times. For example, you have memories of time well spent with family, which is something you value but the world cares nothing about. Perhaps it’s some trinket you got from your grandfather. Maybe it’s the pictures of your family that span several decades. All of these are priceless items to you and possibly others, yet the world doesn’t place any value on them. Thus, we can see this principle at work in such a way that it’s negated. While the first parameter is most often subjectified, it’s the last that really needs it.

 

Wealth – it’s much more than we initially think

We would do well to ask what exactly wealth is

All in all, we should be aware of what we consider wealth and realize that all of us are more wealthy than we once thought: much more. I hope we will all be much more conscious about it and take the time to enjoy what is right in front of us, while we still have time to.

Do you have your health?

If you do, then you are wealthy. If you don’t believe so, ask someone who doesn’t have it, and see what they say.

Do you have a career you really enjoy – a level of job satisfaction many lack?

Another form of wealth right there.

Do you come home to a family who is thrilled to see you?

What a form of wealth you have! 

Keep living that intentional life, focusing on the truth that wealth is far more than many realize. With that in mind, let’s review what we value, cherish it, and continue on with that in mind. 

Wealth is, after all, more than just money – it is much, much more.