Over the years, I have taught the concept of amassing 4 types of wealth.
Money; which is highly desirable, is only one representation of financial wealth, and other types of wealth, as listed below, are worth considering as well.
Financial Wealth( Money)
Social Wealth (Status)
Time Wealth ( Freedom)
Physical Wealth ( Health)
Let’s dive a bit into physical wealth.
Your body is the most important tool in your quest to live an amazing life.
Even the soul or the spirit cannot function when the body shuts down.
Your body is the vehicle that can take you to any and everywhere you desire to get to in life.
The quest to make more money, in order to live an amazing life is beautiful, but unfortunately, a lot of people focus on financial wealth, without taking good care of their bodies.
In addition to the natural causes of deterioration and aging of the body, weather conditions are there to contend with,
Pollution and its side effects are things that threaten our wellbeing
In some parts of Africa, lack of proper amenities and much more are things that shorten the lifespan of a lot of people.
The impact of Coronavirus and the fear of contracting it, could be inundating on another hand.
A lot of social-economic issues are some of the things threatening the well-being of people, on a general level.
Nonetheless, being physically fit is imperative, and it’s everyone’s individual responsibility.
You have to eat well and at the right time, to provide your body with the necessary nutrients for optimal performance
You have to exercise.
You have to try to achieve a work-life balance as you take care of your family in the process.
But we all know making money is paramount in achieving these goals, and living the amazing life we so desire and it is important to put systems in place to make these things happen.
That’s where and why the importance of considering other types of wealth comes in.
Time Wealth entails understanding optimal time management.
Social wealth entails, collaborating with the right set of people, and leveraging other people’s time, efforts, energy, and skills, in a mutually beneficial way.
Financial wealth is a function of understanding how to make, manage and multiply money.
As part of financial wealth, investing is one of the surest paths to building wealth.
Investing entails putting your money to work and your money in turn generating more money for you whilst you sleep.
The amount you are starting with is not as important as being consistent in putting your money aside and making it work for you.
Build the muscles of consistently doing the right things with your money.
Essentially knowing how to MAKE, MANAGE and MULTIPLY money.
Have you read the “Cashflow Quadrant” by Robert Kiyosaki?
It’s a book you should read as we head into a new year.
It shows you why you must necessarily aim at becoming an investor in the long run.