What does ‘wealth’ mean to you? What does it mean to be wealthy? Everyone has their own definition of wealth, but the most common one is that wealth is the amount of money and monetary assets one has.
However, wealth is more than just financial wealth. There are other different dimensions of wealth that tend to be overlooked but are just as important.
In this post, we will do a deep dive into all four types of wealth and how to achieve them.
These are the 4 types of wealth with examples:
- Financial wealth (money and material possessions)
- Social wealth (status and relationships)
- Time wealth (freedom to do what you want, when you want)
- Health wealth (physical, mental, and emotional well-being)
Types of Wealth
- Financial wealth
This is the most used and well-known definition of wealth and it is what is considered rich by most people. Financial wealth is what many aspire to have as they make it one of their top priorities in life.
For this reason, most people are unaware there are other types of wealth and end up sacrificing these as they strive to gain financial wealth.
Financial wealth refers to material wealth which includes your money, assets, and land. To achieve financial wealth, you have to know how to make money, spend it wisely, save it, and invest it.
It is not easy to achieve, but gaining financial wealth is possible with discipline and consistent effort, even if you come from a poor background. It is closely related to time wealth (discussed below).
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- Time wealth
Time wealth is one that a lot of people overlook as they are busy looking for material wealth.
When you have time wealth, you have the freedom to choose how you spend your time. It is why many people work so hard to retire early and have the freedom to do whatever they want whenever they want.
You are no longer too busy to do something, whether work, hobbies, spending time with family and friends, or going on vacations.
With time wealth, you can adopt a slow living lifestyle and live your life at your own pace.
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- Social wealth
Humans are social beings, and we crave companionship and interactions with others.
Social wealth contributes to the other types of wealth because you can’t make it on your own.
No man is an island. You need connections to get a good job, the resources you need, and to be successful in business. You also need family and friends to provide different types of social support.
In some African cultures, children are considered wealth too; perhaps because having them is like an investment for the parents because they are expected to take care of them in their old age.
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- Health wealth
So you have achieved all the above types of wealth, why then are you still not happy? Why do you keep getting sick all the time? Health wealth refers to your physical, mental, and emotional wellbeing.
How many times have you heard of millionaires and billionaires who suffer from mental health issues or die of some health condition, and yet they have financial wealth?
Health is wealth. Having health wealth means having a good sense of overall wellbeing and should always be a priority.
As much as you are striving to achieve financial wealth, you should also take care of your health wealth by eating healthy diets, exercising, and sleeping well. Also include self-care practices for your mental health such as journaling, social media detox, and taking breaks when you need to.
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Can You Achieve All the 4 Types of Wealth?
These dimensions of wealth are mostly interdependent. For instance, it might be easier to have social, time, and physical wealth if you already have financial wealth. The opposite is also true. The lack of financial wealth can impact your health and time wealth negatively.
Furthermore, having all the money in the world can’t help you much if your health is poor, and you also will not be in a good position to create the other types of wealth if you are ill.
Is it possible to have all the 4 types of wealth? Should you prioritize any of them? Unfortunately for most of us, it is not easy to have all the dimensions of wealth at the same time. Most times, we prioritize one, in most cases financial wealth, and neglect the rest.
For instance, if you are an employee, most jobs that pay well usually rob you of your health and time wealth. You might find yourself working too many hours in search of financial wealth. In the process, you become ill and never have time to spend with family and friends.
Even when you already have financial wealth, you might spend most of your time working, trying to maintain your social status, and you could develop added stress from all the pressure.
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How to Achieve the 4 Types of Wealth
To gain overall wealth, you have to work towards achieving all the types of wealth and balancing them. Here’s how you can achieve them all;
- Find ways to earn passive income
You can achieve financial wealth without sacrificing time, social, and health wealth by finding ways to create passive sources of income such as starting a business, investments, real estate, and any other money-making ways that do not require your active participation.
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- Set your priorities straight
Sometimes less is more. Be content with earning less if the alternative option would require you to lose or forgo the other types of wealth.
Note that some of the happiest people are not rich financially but have peace of mind and the time to spend with their loved ones.
Also, be mindful with how you spend your money to have more to save for future use. You could learn how to create a monthly budget for your income and stick to it as a way to manage your money.
- Change your attitude towards wealth
How you think can affect your wealth creation abilities and the satisfaction you get from it.
If you are always working for more money even when you have more than enough, then the reason you are sacrificing the other types of wealth is probably related to your way of thinking.
Learn to identify when you no longer need to work so hard to have more time to spare for other activities such as self-care and spending time with family.
You also need to develop a more positive outlook towards life to attract abundance in all aspects of your life.
Do not attach your happiness to your material possessions because you can easily lose them. Instead, focus on having overall wealth. Even if you were to lose your material possessions, you still have other things to be grateful for, such as good health and family.
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- Recognize the interdependence of the 4 types of wealth and use it to your advantage
As mentioned above, all 4 types of wealth are interdependent. Instead of squandering your money buying the most expensive cars, houses, and clothes, use this interdependence to your advantage.
For example, you can use financial wealth to build time, social, and health wealth. You can do this by increasing your income, investing, spending your money wisely, and saving a percentage of it for future use.
With financial freedom, you gain time freedom and thus have more time to take care of your health, bond with your family, and build meaningful relationships.
Similarly, you can use your social wealth to network and thus gain access to opportunities that help you increase the other types of wealth.
- Invest in yourself
Your ability to create wealth largely relies on you, your health, and the knowledge you have. However, the pursuit of financial, time, and social wealth can take a toll on you, both mentally and physically.
Poor health can make creating wealth more challenging than it is already.
If you notice that your health is deteriorating in this process, it is time to take a step back and re-evaluate what wealth means to you. If it is worth dying for, then continue.
But what if you worked so hard and saved for retirement, but then you became sick and could not enjoy the newly acquired freedom? Would it still be worth it?
You should find ways to lessen the stress you put on yourself by investing in yourself through continued learning of new skills, reading, and implementing self-care practices that ensure your ability to keep creating wealth is sustained for the long term.
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The Bottom Line
As you now know, being wealthy is beyond just your financial wealth. Your material wealth is only part of the sum of elements that define wealth.
Unfortunately, most people jump at the chance to work more and earn more money sacrificing the other aspects of wealth in the process.
To live a happier, more fulfilling life, one needs to strive to achieve and find the balance between the 4 types of wealth discussed above.
Can you achieve all the 4 types of wealth? Definitely! It will not be easy, but it is worth all the effort you put into achieving overall wealth.
What does wealth mean to you? Do you believe all the 4 types of wealth are equally important? If you had to choose, which one would you prioritize?
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