In today’s society, money gets a lot of attention. No matter where you turn, someone is talking about inflation, the economy, or how they plan to become rich and wealthy. While money is an important part of life, it’s not the end all be all. It’s just one of the many different types of wealth you need to accumulate to have a better quality of life!
Many people are more obsessed with their finances than ever before, too. So much so that they’re willing to forgo many aspects of their life to pursue ever-increasing amounts of wealth. There’s no doubt that a strong personal financial statement makes life easier and better to a degree, but it alone won’t make you happy. Even if you build a fortune, you may still end up poor if all you have is money!
Ultimately, concentrating your efforts to build one type of wealth won’t be profitable in the long run. While it can feel good now, it will likely come at the expense of living in balance and being fulfilled in the future!
To live well and be happy, you’re going to need more than just money. Rather than focusing on it alone, you need to amass all the different types of wealth to fully experience life!
Here are 5 different types of wealth that you need to have for a better quality of life!
#1: Financial Wealth
One of the most common types of wealth that people strive for today is financial wealth. With it, you’ll have the means to buy the goods you need and want.
If you want to build wealth, one of the best things you can do is budget. It provides you with a plan for living below your means and saving every month. As long as you can stay on budget, your savings will grow which allows you to begin building a strong financial foundation!
Too often, employees get lured into less than ideal situations by the promise of financial wealth. They work long hours, endure toxic work environments, and even shackle themselves with golden handcuffs – all in the name of more money!
While financial wealth allows you to get the goods and services that make your life easier, it shouldn’t be your sole focus. After all, there are some things that money can’t buy no matter how much of it you have!
How to Gain Greater Financial Wealth
- Be frugal with money
- Increase your savings ratio
- Invest to get a real rate of return
- Use the power of compounding
- Get a financial education
#2: Time Wealth
Deep down, most people think they want to have greater amounts of money. If they can figure out how to become independently wealthy, then they can buy everything they want. But, at the heart of the matter, what they want is more time!
While society will try and convince you to pursue financial wealth, time wealth is more important. Especially as you begin to understand that money will come and go, but time is only ever spent!
Oftentimes, those who possess financial wealth end up being time-poor. They’re too busy working, building a business, or trying to accumulate more. Despite having the means, they’ve become trapped and are unable to be free!
However, when you have time wealth, you’re in control of how your time gets spent. You’re able to do what you want when you want. Having this flexibility allows you to spend time however you see fit!
The ultimate way to have endless time wealth is to achieve financial freedom. With it, you’re no longer forced into spending your time working at a job. Instead, your financial wealth produces income, so you can spend time the way you like!
How to Gain Greater Time Wealth
- Start budgeting time
- Cut out time wasters
- Find ways to stop procrastinating
- Understand when you’re most and least productive
- Determine what is enough money
#3: Health Wealth
One of the most underappreciated types of wealth is health. When you have health wealth, you look and feel strong. But when you don’t, nothing much matters other than getting it back!
Today, mental health concerns are growing in America. Too often, people get down or in a funk. Then as it festers, they experience feelings of anxiety, hopelessness, or even depression.
Like most types of wealth, not taking care of your health today only leads to greater problems tomorrow. Just like failing to pay bills on time leads to wasting money on late fees; putting off exercise, doctor’s visits, and medical treatment causes your mind and body needless suffering. The longer you put it off, the worse you’ll feel, and the more it’s going to cost to get better!
When you have health wealth, you’re in good physical, mental, and emotional shape. You get regular exercise, think positively, and rest – all of which help to put you at the top of your game!
Oftentimes, being in good health comes down to your lifestyle. It involves building habits and making decisions that support your health and longevity. After all, what good is having time and money if you don’t have the health to enjoy them both?
How to Gain Greater Health Wealth
- Invest in yourself
- Exercise and eat healthy
- Rest and take breaks
- Get regular checkups
- Set SMART goals that challenge you
#4: Social Wealth
If you’re like most people, the pandemic was a stark reminder of the importance of having social wealth. We need it to feel loved, supported, and connected to other people. Even though you may be able to go through life alone and survive, there’s no way you’ll be happy, much less thrive!
According to research, the largest determining factor for your happiness is the quality of your relationships. The stronger they are, the more connected you feel, and the happier you’re going to be!
Too often, people confuse social wealth with social standing. Because of this, they tend to splurge on status symbols and other material goods which give the illusion of wealth and social importance!
However, social wealth has nothing to do with the luxury goods you have or to put on display. Instead, it relates to the quality of your relationships, experiencing connection, and feeling understood.
The people you surround yourself with play a large role in determining the quality of your social wealth, too. For example, if your friends are dishonest or treat you badly, then you’ll feel poor. But, if you’re around people who are positive and supportive, then you’ll feel uplifted and strong!
Improving your social wealth doesn’t have to be expensive or cost a large amount of money, either. You can feel rich by making a phone call, joining a club, or just meeting a friend for coffee!
As hard as it may be, sometimes you have to remove negative or taxing people from your social circle. Until you let them go, they’ll continue dragging you down, holding you back, and preventing you from living out the life of your dreams!
How to Gain Greater Social Wealth
- Be a part of a community
- Find a network for support
- Make time for friends and family
- Find positive influences, mentors, and coaches
#5: Spiritual Wealth
The essence of spiritual wealth means different things to different people. For some, it’s the connection to a higher power, a sense of purpose, or even the flow of energy.
Nevertheless, spiritual wealth comes from within. It has to do with your personal beliefs, understanding of the world, and views of life. Also, it refers to being mindful and aware of your actions – both their intended and unintended consequences.
Spiritual wealth also involves your disposition and attitude. If you have a pessimistic view of life, then no matter how good it gets, it will still be grim. But if you’re optimistic, you won’t just see the bright side of things, you’ll likely live longer, too!
For greater spiritual wealth, consider these questions:
- Why do you exist?
- What are your core beliefs and how did they come about?
- Why are you pursuing your goals?
- What legacy do you want to leave behind?
- What gets you excited about life?
One of the unique qualities of spiritual wealth is that you can experience more of it anytime you’d like. All you have to do is find someplace quiet, relax, and think. On top of that, these are all within your circle of control whereas many aspects of the other types of wealth are not!
How to Gain Greater Spiritual Wealth
- Work on your mindset
- Meditate
- Practice gratitude
- Be of service to others
- Do things that light you up
What good is having financial wealth without the time, health, friends, or spirit to enjoy it? Truth be told, it’d be pointless and a complete waste of energy!
In today’s society, too many people chase money and status at the expense of their freedom and health. While they may gain financial success and prestige, they’ll miss out on the other types of wealth that would allow them to enjoy to the full extent!
Don’t let society trick you into thinking that only financial wealth matters. The truth is that you need to build all the different types of wealth to be happy, fulfilled, and have a higher quality of life!
Which types of wealth do you still need to build? Comment below.
There is one way to be wealthy in every way: live your life doing what you are passionate about – you will never run out of energy !
Agreed! Thank you for commenting.