“Wealth is the ability to fully experience life”
- Henry David Thoreau
Most people when they talk about “wealth”, tend to focus on the aspects surrounding money; but money is not the only way to gain wealth. Physical, Social and Time are three other areas of wealth that are often forgotten. These other forms are just as important as money as they all contribute to a happy, balanced life. So here are the four types of wealth, some ways to achieve your new “wealth” goals and how you could be holding yourself back.
Financial
Financial turmoil and worries are one of the main causes of stress in a person’s life. So it comes with no surprise that financial freedom is the form of wealth everybody works toward. Having this freedom allows the mind to focus on other parts of life. Many people struggle with the concept of money which can lead to some bad habits. Do any of these like you?
• Lacking financial literacy
• Not investing (in yourself as well)
• Spending more than you earn
• Short Term over Long Term
By not staying up to date on your finances or learning how to properly invest, you can make it easy to spend without thinking. Spending more than you earn does not allow for adequate budgeting and when it comes to money the worst thing to do is not think about the long term. These habits areeasy to break and with a little commitment you will never have to worry about money again. So to fully understand financial freedom and break those habits you must first master the fundamentals:
• Investing (Assets vs Liabilities)
• Spending (Needs vs Wants)
• Budgeting
• Long Term over Short Term
By working on these fundamental changes, financial wealth will be no problem. Creating financial wealth will also ensure the development of the other three forms.
Physical
Most people do not fully understand how important our health is in our lives; physical health is the glue that holds a person’s life together. Without the physical vitality of our bodies we can not achieve the other types of wealth in a wise or long term fashion.
Many turn their heads on investments for the mind and body and do not consider themselves worthy of pursuit in terms of wealth. With this thinking, people fall in these common traps.
• Low quality nutrition and sleep
• Lack of movement and training
• Unhealthy environments (places and people)
Turning these traps into healthy habits is easy when you realize the fundamentals can be achieved by having a better understanding of bodily energy systems. Learning how the body breaks down and
repairs energy will lead to proper sleep and nutrition.
Staying up to date on health literacy can also increase the chances of proper training and open up the possibilities of a healthier environment.
Social
Social wealth or status is very much underrated as many people do not view it as a form of wealth. Social wealth boils down to how you interact and are perceived within the social world. Yes, fancy cars and
houses are a part of this but it mainly deals with the kind of character you create and how that character behaves with others. Below are a few traps people can get stuck in, which can hinder their chances of social wealth.
• Negative social reputation
• Ignorance of human nature and psychology
• Obsession with material things these traps can be overcome with a solid understanding of social wealth
fundamentals. Use these changes to master the art of social wealth
• A high quality character
• Positive body language
• An understanding of human nature and psychology
By focusing on having a higher quality character and look on life, it will allow for a better interaction with the social world. More and more of these positive interactions can lead to a fuller understanding of human nature and increase the chance of lifelong social relationships.
Time
Despite what most people think time is finite, so make the most of it. Being wealthy with time is so rare to come by in this day in age as the majority of people become so focused on dedicating their resources to earning money. Achieving time freedom will support a life of spending time on what you want and when you want. Unfortunately there are many traps that people find themselves in that prevent time wealth.
● Staying in a “secure” job
● Acting like time is infinite
● Spending too much time on overall hedonism
Avoiding these traps consists of learning time wealth fundamentals so it is easier to value and spend time in a more appropriate way.
● Earning money outside of the traditional job structure
● Understanding that time is finite
● Understanding how people trade time for money
When it comes to looking at all four of these at once, do not fall into the false belief that they can not be worked on simultaneously. Achieving all four is a long life process full of dedication, practice, learning and understanding. There is never an end as there is no formal destination to these forms of wealth; there is only ever improvement.