Wealth
Almost everyone seems to have a different idea of what 'Wealth' is as well as building financial wealth. Many people equate it to being 'Rich' or at least having gobs of money. So, allow me to give you a better idea of what I mean by 'Wealth,' a definition that may make more sense and hopefully you too can adopt.
Wealth Defined
Some words that define Wealth:
- abundance
- in plentiful supply
- prosperity
The word Wealth comes from the old English word "weal", which means "well-being". The term was originally an adjective to describe the possession of great qualities. This does not exclude building financial wealth.
It was not until much later when the word became associated with great big gobs of money in building financial wealth only putting everything else aside.
Sustainable wealth means meeting an individual’s personal, social and environmental needs without compromising the ability for future generations to meet their needs. Taking only what a person needs, not any more, so everyone can do the same, now and in the future.
Wealth as I see it means having enough resources, namely money - independent wealth management, to meet current and future needs without undo stress or worry over being able to meet all financial obligations. Said more simply, you have enough money to never worry, today or in the future about being able to pay the bills or ability to retire comfortably. This does not include being stinking rich. Also, it does not include 'wants' only needs: roof over your head, food in the belly, cloths and a few luxuries - the basics. Once you step into the real of wants you are no longer wealthy, because then you are spending your wealth, not maintaining it.
Another way to look at wealth - independent wealth management - is to add up all of your bills and having enough money to pay them on time every month, never being behind, and still having money left over to put aside for emergencies and retirement. Having wealth means never having to decide which bill is not going to be paid this month or juggling credit card balances. Also, having wealth means you are living Debt Free: no credit card payments, the car is paid off and the home you live in is affordable or paid off.
You do not need to be rich to be wealthy, but rather independent wealth management is important. Just because someone is rich, has lots of money, does not mean they are happier or any better off. There are a lot of rich unhappy people who are deep in debt. Some of the so called rich if you take a closer look owe far more in debt than they actually have in way of money saved of earning them money through wise investments. Who wants to pretend their rich? So the goal is to have enough of everything you need in life and never have to worry about whether you are able to afford them.
