When one ponders the concept of wealth, it is often tied to a number. How much is my net worth? Is the total of my investments enough to provide the income I need to live a comfortable life? Will I run out of money if I live well into my '90s? All logical questions and worthy of consideration. But this often leads to an inordinate focus on only money and ignores the other aspects of wealth which can be just as important. I recently read a thought-provoking book entitled “The Five Types of Wealth,” which explores a more holistic approach to thinking about what it means to be wealthy. It expands the definition of wealth beyond financial to also include time wealth, social wealth, mental wealth, and physical wealth.
Time Wealth
We all know the well-worn cliches about time. Time is fleeting. Time is the most precious commodity. And while these express a profound truth, does this knowledge influence how we choose to live our lives? For many, life progresses through stages…marriage, children and family life, spending time with aging parents, grandchildren and retirement. Each of these stages contains only a finite number of opportunities for engagement. Do we strive to live intentionally to maximize our time wealth?
Social Wealth
Taking the time to invest in meaningful relationships is another important component of living a wealthy life. In the book, the author shares the results of a longitudinal study lasting more than 85 years which followed the lives of two groups of men. “The study found that strong, healthy relationships are the best predictor of life satisfaction. It wasn’t their cholesterol levels that predicted how they were going to grow old. It was how satisfied they were in their relationships. The single greatest predictor of physical health at age eighty was relationship satisfaction at age fifty.” It turns out that taking the time to invest in relationships has a very high return on investment.
Mental Wealth
Awareness around the importance of nurturing mental health continues to grow. This is especially important as we age. As previously mentioned, maintaining relationships is an important part of mental health, but so is intellectual curiosity. A recent study found that brain systems that are engaged by curiosity contribute to maintaining cognitive function, mental health, and physical health with age.
Physical Wealth
It can be easy to delay prioritizing physical health until you have “more time.” Between the busyness of work and family life, it can be very challenging to focus on one’s health. But a life spent in pursuit of only one form of wealth, namely financial wealth, can have a devastating impact on physical health. And sadly, poor physical health can negatively affect social, mental, and time wealth. A life grounded today in executing the daily actions of regular movement, proper nutrition, and rest and recovery will benefit your future self by enhancing your overall well-being.
Living well encompasses many aspects of our life that have nothing to do with money. Thinking about wealth in a more holistic manner can provide the clarity we need to live the life we have imagined. As we often tell our clients, money is the fuel, not the destination.
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