The terms Money and Wealth are often used interchangeably which means wealth accumulation is often defined as the generation of more income or assets to create a better financial position.
Personally I disagree with this definition of wealth and here’s why...
Money is a tool and it can help us obtain and achieve wealth. But it's not wealth itself. You may think you truly value money, but I would suggest that it's more likely to be the peace of mind and security that money brings, or what you can do with your money that you truly value.
My definition of Wealth is defined as being when we have an abundance of anything in our life that we truly value. So it could be something material, a resource, an experience, a person or even a feeling.
If we apply this definition of wealth it means that the accumulation of wealth will be unique to each and everyone of us because we all value different things. We can personally define what it is that makes us wealthy and we can work towards it. It becomes meaningful and real.
Have you ever really considered what things in your life you would need in order to feel truly wealthy?
I sat down and thought about it for a while and my list came up a little like this...
1. Time with my family and the friends
2. My health
3. My yoga practice
4. Time at the beach
If I have these things are in my life, in abundance, then I consider myself to be pretty wealthy. But without them, even for all the money in the world I wouldn't feel happy or fulfilled.
Does this even matter you ask?
It does to me and to the people that I work with. And I think it should to you too!
Why? Well in my opinion, there’s no point working hard for something that you don’t truly value or which won’t ultimately bring you happiness, pleasure or satisfaction. If your goals in finance and in life for that matter aren’t connected to what we truly value and want out of life, then we will never really get to experience the success, money and wealth that the world has to offer. We're also likely to be constantly chasing more.
So my question to you is:
Do you know what you are accumulating? Is it money or is it wealth?