Are you a person who considers wealth as one-dimensional?
If yes, no worries. Most people consider wealth as something measurable or tangible.
The truth is other types of wealth play a crucial role in determining the quality of the life we live.
It’s easier to say whether your neighbor is richer or poorer than you. Can you say your quality of life is better than his?
We shouldn’t be short-sighted by financial wealth alone. Let us check out the other type of wealth in determining the quality of our lives.
Types of Wealth
Time is the most important wealth among the other different types of wealth.
Because it’s a non-producible asset. Once you use it, you can’t simply buy back the time in exchange for money, gold, etc. Once time is spent, It is gone forever.
The concept of time wealth focuses on the idea that our lives are valuable and should be lived with intention and purpose.
Money is a tool that can buy you free time in the future. We should generate wealth, so we can buy more free time for ourselves.
There are several ways we can build up time wealth for our future selves:
a) Generating passive income like dividends, Rental income.
b) Building an online business on evenings/ weekends
c) Doing Meaningful work
d) Decrease the big expenses
e) Viewing purchases as a number of working hours billed to match the cost.
The second type of wealth is Social wealth.
Social wealth stands for the relationship we have with the people in our life.
First of all, it got nothing to do with how many Facebook friends you have. how many Twitter or Instagram followers have you got? I am talking about real and live relationships.
Real and strong relationships are built when we prioritize genuine engagement and conversation with our loved ones.
Although a few friendly phrases or reminders will suffice in maintaining acquaintances, actual relationships flourish with meaningful check-ins, conversations, and thoughtful actions such as small gifts or acts of kindness.
Make an effort to talk about topics that are close to both of you and invest time in building a true connection – this is the key to creating lasting social bonds.
It takes time and effort to nurture a friendship. As humans, we deeply long for emotional connectivity & meaningful friendships.
As we get older, our social wealth gets consolidated. Though the number may be few but you can feel a sense of security and belonging.
As I am writing this post, I got chickenpox and was bedridden for a week. Since infection is highly contagious, I need to isolate myself in the room.
But my spouse was there by taking off from her job and by providing my food, tablets, diet, etc. Also, a few friends and family members were there for me.
Thank God for this chance, where I got a chance to rewire my brain about the relationship.
Hippocrates is one of the ancient Greek physicians remarked:
“Health is the greatest of human blessings” _ Hippocrates
Due to the advancement in healthcare treatment and medicines, we may live longer than the previous generation but that doesn’t mean we have a great healthy lifestyle.
You may not see the immediate impact on our health while consuming sugar, soda drinks, and processed food today. But in the long run, all these can have a compound effect on our health and can lead to chronic diseases if ignored.
Good health is a must to enjoy your wealth. Without good health, you might find yourself going to various doctors and taking medications.
I am sure nobody likes to be in that position and to spend money on medical bills than experiences.
This is the last and least important type of wealth which is financial assets.
Money is a tool to buy time, freedom to pursue and fulfill one’s desire. We should simply see Money as a tool that helps us to reach our goals.
Beyond a point, Money cannot make a difference in the well-being of our lives.
The simple path to increase our financial assets is:
a) Increase your income
b) Decrease your spending
c) Invest the difference.
Without the above three types of wealth like time, health, and relationship. Money cannot stand on its own and add no meaning to life.
That’s why it’s important not to have a one-dimensional approach toward wealth and strive to have a well-balanced quality of life by focusing on achieving other wealth types.
Thank you for reading!