THE SIX TYPES OF WEALTH – PART 1: TIME WEALTH

As we chase financial success, we often neglect the six other forms of wealth that shape a meaningful life. Here’s why it’s important to know and choose what matters.

A common mistake is made when we consider wealth. The first thing that we think about when we hear “wealth” is money. Wealth extends way beyond only money and assets.

There is much truth in the saying “money makes the world go round”. However, wealth must be measured in more ways than just how much money you have, although having enough or sufficient money is important.

Research shows that once you reach a baseline of financial well-being, more money is unlikely to affect your overall happiness. Money does, however, improve overall happiness at lower levels of income by reducing financial burdens and stress. At these lower levels, money can buy happiness.

Once you have reached the level of wealth where you are comfortable and able to meet daily requirements plus some, it is unlikely that money will buy you more happiness (maybe a bit, but it is likely to be short-term happiness), money cannot mend relationships, cannot buy you friends (not the ones you want), cannot buy you health and longevity (although affording healthcare can help), and it cannot buy you time.

To achieve a balanced life and overall wealth, all these factors have to be considered. Money is not nothing, but it simply cannot be the only thing.

If we rank the six types of wealth by importance, money is most significant for lower earners and younger people. This importance should shift as we progress through life, and some of the other types of wealth should move up the rankings. Different types of wealth can rank differently depending on income, age, health, and relationships. It becomes a problem if one is fixated only on financial wealth in later years. There seems to be an inverted correlation between striving for financial wealth (at the cost of all other wealth) and happiness as we age.

It is easy to fall into the trap of thinking that “being financially wealthy” solves all problems and ensures happiness. Unfortunately, we often see how relationships falter when people become fixated on financial wealth. A Harvard paper published in 2018 refers to a study conducted where a group of millionaires were asked how much more money they would need before they achieved perfect happiness. The average was three times more than they had and there were billionaires included among them. Once on the treadmill of becoming financially wealthy, all other types of wealth seem to fade. Don’t fall into this trap…

Your wealthy life may be enabled by money, but in the end, your life and happiness will be defined by everything else.

I am going to cover the 6 types of wealth in my next couple of articles, since the content is too much for a single article. This article will deal with Time wealth.

I borrowed much of the content of this article from a book written by Sahil Bloom. If you enjoy reading inspirational books, get yourself “The 5 types of Wealth” written by Bloom. It hits hard and it hits deep.

The six types of wealth that I will deal with over the next couple of weeks can be headlined as follows:

• Time wealth

• Social wealth

• Mental wealth

• Physical wealth

• Financial wealth

• Spiritual wealth

Time wealth

Time wealth is the freedom to choose how you spend your time, whom you spend it with, where to spend it, and when to trade it for something else. It is time to understand the precious nature of time as an asset, its value and importance.

Take control over your time, establish your own priorities and set terms on which you say yes or no to opportunities. Saying “No!” is a challenge for many people. You will be surprised how liberated you can feel if you learn to say no more often. Avoid becoming trapped in a perpetual loop of busyness, ending up with no control over your time, how to spend it, or who to spend it with. Take control of your time.

How many moments do you have remaining with your loved ones?

Think about your age or the age of your parents or siblings. Now, add some health challenges that you or any of those close to you have. Consider how often you saw them over the past three years and when you plan to see them again.

When we think about the numbers, we come to realise that if we see someone twice a year, and there are health or age challenges on either side of the relationship that limit longevity, to say 10 years, then we discover we probably are only going to see that person 20 more times at most before one of you die. Simple math. Hard fact.

If you are 40 and your parents are approaching 70 and you see them twice per year, the chances are that you will only see them 20 more times before they die if they live to age 80. If you are the parent, you will see your children 20 more times in this scenario. It works both ways.

The above works on realistic expectations. Now consider situations where loved ones are ripped away from us unexpectedly. A child who dies in an accident. A close friend or loved one who passes away too soon due to cancer or another ailment. I have two clients who tragically lost teenage children in accidents some years ago. Both families will be prepared to forfeit vast sums of money just to have more time to spend with their deceased children if that were possible. Time is priceless.

There are specific windows during which certain people and relationships will occupy your life. You may have only one more summer with all your siblings, two more trips with that old group of friends, a few more years with a grandmother, and one more long walk with your parents. If you fail to appreciate or recognise these windows, they will quickly disappear – these windows are much shorter than you care or admit. It’s much later than you think.

Time spent alone gradually increases throughout your life. Enjoy time alone when you are young, and cherish it. Find happiness and joy in your “me-time”. There will be more of it as you age.

Here are six key time lessons for life:

• Family time is finite – cherish it.

• Children time is precious – be present.

• Friend time is limited – prioritise real friends.

• Partner time is meaningful – never settle.

• Coworker time is significant – find energy.

• Alone time is abundant – love yourself.

Despite not being at the end of your life, you may very well be nearing the end of your time with some of the most important people in your life. Make time with them count.

No matter how many times you do something, there will come a day when you do it for the last time. Be aware of time’s impermanence and direct your attention to the things that really matter and ignore the rest. Time wealth is achieving control over your time – how you spend it, where you spend it, and with whom you spend it.

“Enjoy yourself, enjoy yourself, it’s later than you think” (lyrics of a song by Guy Lombardo).