The Four Types of Wealth That You Must Know About
The word 'wealth' is not restricted to just money, and it is a narrow point of view to know what it means to be wealthy. Wealth consists of many aspects like our health, relationships, finances, and time and can be broken down into four categories :
- Money (Financial Wealth)
- Status (Social Wealth)
- Freedom (Time Wealth)
- Health (Physical Wealth)
1. Financial Wealth
Financial wealth means financial freedom to do more of what you like—complete freedom from every other financial crisis.
Financial wealth comprises understanding areas like investments, savings, and budgeting, and they want to be financially savvy. Now, imagine yourself in the future not worrying about money anymore. How would that make you feel, and how would that change your relationship with the world, people around you, and your family situation.
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2. Social Wealth
Social wealth - The underrated wealth. Status has its value, fulfillment, but who would have thought of it as a form of wealth? Have you heard of the phrase - 'keeping up with the Joneses' and the obsession attached to do it? Taking debt every time to buy trendy things can lead to a substantial financial and emotional downfall.
Social wealth majorly comes with how one interacts within the world, and yes, it comes with luxury cars, houses, one's appearance but primarily with what kind of character one creates and how others perceive it.
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3. Time Wealth
Freedom is having our own time to spend how we want, where we want, with whom we wish to. Time is what we crave. However, time is rare in modern times, where most of us spend earning money and building a social symbol, and to embrace it, everyone needs to understand that time is limited and can never be on our side. There is one more common term, 'cash-rich and time-poor' and we are sure that you want this position to be there to feel wealthy.
4. Physical Wealth
The grip to all other types of wealth and our life put together. Without this, one cannot achieve the different kinds of wealth – well, not in a long and sustainable course of action. Health is our true wealth, and the majority of us fail to invest in our body and mind and or even worthy of achieving other kinds of wealth, but with the right plan, one can easily enhance their health. Small changes in your diet, sleep, and other activities can lead to a considerable impact. If we couple who understand more about our body and minds by reading and surrounding ourselves with the right people, it can be a real game-changer for our overall sense of wealth.
Everyone can fulfil all four types of wealth within their lives. All you need to do is find the right kind of balance, and you will thrive on your own.
Each of these wealth requires years of practice, dedication, humility, understanding, and learning. Consider it as a lifelong practice that does not end because there is no final destination.
(Check out 'Learn & Grow with Wizely' 'to read and learn all about personal finance and financial planning.)