Have you thought of wealth? Have you thought of what wealth means to you? At which point will you say or did you say, ‘I am wealthy?’.

In this post, you can check what does wealth means to me & results of a twitter poll on this topic.

Wealth does not just mean money in the bank or a successful business. It means different things to different people. Here are some responses to the question – When will you consider yourself wealthy?

  • When I have enough money to have a comfortable lifestyle for me and my children.
  • When I have Rs. 1,00,00,000.
  • When I have so much money that I do not have to work again.
  • When I can do what I like and do not have to worry about money.

Here are some quotes on wealth –

May help you in understanding your meaning..

What is Wealth

Wealth is the ability to experience life. – Henry David Thoreau

If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed. – Edmund Burke

Wealth is well known to be a great comforter. – Plato

Lack of money is the root of all evil. – George Bernard Shaw

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Who is wealthy?

Some people may not be able to buy luxury homes or vacations but still might consider themselves wealthy. Some people might have enough money to last the next two generations but still, want more.

It is important to understand what wealth means to you. It will help in creating the right financial plan. Check – Returns can’t be your Financial Goal.

What does wealth mean to me?

Wealth Means a mix or balance of 4 things (print out of this is placed on my side table)Real Wealth

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Here are some guidelines to define wealth –

  1. Money and Wealth are different – Money is a medium of exchange. It has some value. It can be used to possess something – food, car etc. Money helps to measure wealth. On the other hand, wealth is having enough money and other possessions to live life the way you want now and in the future. For example, you may have a lot of money and you will buy a BMW car, a big house and the latest PlayStation games for your children. But suppose you get stuck in somewhere in the city away from home due to heavy rains and flooding will any of this help? If you have clean drinking water, some food, the presence of mind and fitness to reach home, you would be wealthy.
  2. Wealth is not just about the money – Some people might want a lot of money. Some others might want to be able to pursue their hobbies or passions without worrying about daily expenses. Some people might want to have wealth to support their ageing parents and children. If you are constantly stressed, work long hours and do not spend any time doing what you love, even if you have a lot of money, you might consider yourself poor as your mind and spirit are not healthy. If you have a balanced life in terms of money, health and social/family life, you might feel more wealthy than anyone.
  3. Long-Term Satisfaction – Being wealthy means you are able to manage your financial goals with money you earn easily for a long term. You win a lottery and you become cash rich. If you spend it within a week, you were not wealthy, you just had some extra money for a small period of time. Being wealthy means you have money to take certain risks, be able to create income streams and lead a comfortable life with your personal and financial goals being achieved or on the course of being fulfilled.

I recently did a twitter poll & I am really happy with the result – for most Wealth = Freedom

Wealth Poll

How will the definition of wealth help you develop a better financial plan?

If you are a kind of person who believes that being wealthy means having a lot of money and to be able to buy a lot of material things, you would need to incorporate your expenditure in your financial plan. You would have to allocate funds for them and also determine how will manage to get money to satisfy your needs.

If you are a person responsible for a family, you would want to provide the family a comfortable life and provide them for their needs and wants. This means your financial plan needs to have short-term and long-term goals involving all family members.

If you are a person, who wants to make some money and then go the spiritual path, you may not require to reach up the corporate ladder to make more money. You could take care of basic expenses and follow your passion.

Being wealthy can mean being cash rich, being able to run a different marathon in a different city every year or taking time off from work to be with family. You should define the meaning of wealth for yourself. You will be able to take better financial decisions that will benefit you and your close ones.

Must Read – A dynamic life can’t have a static plan

Do you think you are wealthy? Let us know why you think so… If you like this post – must share with your friends…

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Hemant Beniwal is a CERTIFIED FINANCIAL PLANNER and his Company Ark Primary Advisors Pvt Ltd is registered as an Investment Adviser with SEBI. Hemant is also a member of the Financial Planning Association, U.S.A and registered as a life planner with Kinder Institute of Life Planning, U.S.A. He started his Financial Planning Practice & TFL Guide Blog in 2009. "The Financial Literates" is a dream & mission to make Indians Financial Literate.

3 COMMENTS

  1. If my life goals are completed like having enough money to lead retirement life, daughter’s education, daughter’s marriage using my hard earn money then I can consider myself wealthy.

  2. To me anyone who have a calculation that after attaining senior citizen/retired status, when you may not require any financial help for/from your kids. If you have the sufficient corpus/pension to sustain a reasonable standard of living for you& your spouse in further life and when you feel peace and happiness with what you have can be called wealthy.

  3. I agree with Sir, Mr.Hemant Beniwal, People have different – different thinking about wealth, some people can’t afford luxury goods, Those type of people have their family and social wealth.
    Off my opinion, I am wealthy, when I achieve my goals.(financially, happiness, Social Status, and family support etc.). When I am ready to fight the Future all Situation.

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