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:

1.    Money (Financial Wealth)

2.    Status (Social Wealth)

3.    Freedom (Time Wealth)

4.    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.

Read more: Financial Planning Tips For Beginners

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.

Read more: How to Financially Prepare for Your Wedding

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.

 

Source: Types of wealth

Comments

Post a Comment

Popular posts from this blog

What is SIP? How Systematic Investment Plan Works?

SIP stands for a systematic investment plan. This is a system that allows investors to invest regularly in a scheme automatically or by themselves. This system will enable them to invest small amounts, which eventually add up in the long run and prove to be extremely useful. Another considerable advantage of this system is that it helps reduce the burden of market volatility through dollar-cost averaging. Since you are investing on a particular day each month, you are likely to get an average purchase price for the asset you bought at the end of the year. Example Let us suppose that you are in a job and earn a salary of Rs. 50,000/- per month. You are looking to invest in mutual funds and can afford to invest about Rs. 10,000/- every month. In such a scenario, you can opt for a SIP plan in your desired mutual fund. This will do that. Rs. 10,000/- will be invested on a particular day of each month in the mutual fund of your choice at the rate at which it would be trading on that...
Read more

आईपीओ क्या है और इसे कैसे खरीदते हैं?

  अभी हाल ही में आपने खबरों में सुना होगा कि जॉमेटो और कई अन्य प्रसिद्ध कंपनियों ने अपने आईपीओ निकाले है। आईपीओ आज  निवेश के उन माध्यमों में सबसे ऊपर है जिसमें जोखिम और रिटर्न दोनों ही बहुत ज्यादा है। कम समय में पैसों से अच्छा मुनाफा कमाने का यह तरीका बहुत  बेहतरीन तो माना जाता है लेकिन इसके जोखिमों पर भी ध्यान रखना चाहिए। आइयें आईपीओ (IPO) से जुड़ी कई अहम बातों को सरल तरीके से समझा जाए। प्रारंभिक सार्वजनिक पेशकश या इनिशियल पब्लिक ऑफरिंग (आईपीओ) क्या है? एक प्रारंभिक सार्वजनिक पेशकश या इनिशियल पब्लिक ऑफरिंग जिसे सरल भाषा में आप आईपीओ के नाम से जानते हैं, एक निजी कंपनी के शेयरों को जनता को देने की प्रक्रिया को कहा जाता है। सार्वजनिक शेयर जारी करने से कंपनी को सार्वजनिक निवेशकों से पूंजी जुटाने की अनुमति मिलती है। निजी से सार्वजनिक कंपनी में संक्रमण निजी निवेशकों के लिए अपने निवेश से पूरी तरह से लाभ प्राप्त करने का एक महत्वपूर्ण समय हो सकता है क्योंकि इसमें आम तौर पर वर्तमान निजी निवेशकों के लिए शेयर प्रीमियम शामिल होते हैं। इस बीच, यह सार्वजनिक निवेशकों को भी पे...
Read more

10 Creative Ways to Save Money

  Saving money is difficult, we all know that, but did you know that it can be made a little easier and enjoyable using some creative tricks. See, saving money is all about building the proper habits, and if you can think of some interesting methods that will almost convert saving money into a game, you can get consistent at it while having some fun. We have compiled a list of some straightforward ideas that you can easily incorporate into your life, and we are confident that they will help you save a lot of money in the long run if you follow them the right way. Building good financial habits can help you retire early in life.   True   False Submit So let's get right into it. Invest all the unexpected income and financial gifts -  When you get a bonus or a monetary gift from a friend or family, you don't need that money to maintain your lifestyle. It is extra income, and if you don't have a plan, you will probably spend it immediately on something you didn't plan fo...
Read more