2782: What is Wealth? by Ashley Kipp with Get Rich Slowly on Saving Money & Personal Finance

[00:00:00] This is Optimal Finance Daily, episode 2782. What is Wealth by Ashley Kipp with GetRichSlowly.org. And I'm your host and personal finance enthusiast, Diana Merriam. For now, let's jump right into our next post and start optimizing your life. What is Wealth by Ashley Kipp with GetRichSlowly.org.

[00:00:27] The dictionary defines wealth as 1. Abundance of valuable material possessions or resources. 2. Abundant supply, profusion. 3. All property that has a monetary value or exchangeable value. 4. All material objects that have economic utility, especially the stock of useful goods having economic value in existence at any one time.

[00:00:59] Society usually views the wealthiest people in society as those that have the most things or the most financial resources. From third world countries in Africa and Asia to the wealthiest nations in the civilized western world, the concept is universal.

[00:01:17] Recently I read a news blurb that the CEO of Oracle worth a whopping $36 billion purchased the island of Liani with the pocket change of $600 million. Whoa, now that's wealth. With such a common definition of wealth being mainly material, it seems that many of us

[00:01:37] simply brush over the deeper significance of the dictionary's second definition. Abundance supply, profusion. But abundance supply and profusion of what? Must the answer be tangible? Does wealth have to be material or economic? Of course not. After all, even the dictionary leaves the meaning as a flexible statement.

[00:02:03] Wealth can be and is so much more than what our basic thought process allows. Wealth is abundance, profusion, and prosperity of so many things. Rather than thinking of my own wealth in strictly financial terms, I find it helpful to look at where I have abundance in other ways.

[00:02:22] For example, I'm wealthy in… Number one, home. I have a roof over my head and a place to live. It may not be anything like the Ritz-Carlton, but in terms of what things could be, I'm very blessed. Two, food.

[00:02:40] Yes, I look for coupons and track my budget when shopping for groceries or eating out. There are times when I see something really enticing at the local specialty store and think how grand it would be to use $45 bottled extra virgin olive oil every day.

[00:02:56] Instead, I choose a more reasonably priced alternative. Still, I'm able to buy my weekly groceries. I won't starve. This makes me feel wealthy. While my first two examples of personal abundance weren't supposed to be quite so tangible, in reality they are. I'm a product of modern society.

[00:03:17] Going back to my initial idea of thinking about wealth in a different way, I find tremendous abundance in… Number three, company. I'm surrounded by tremendous people in my life. The friendships and relationships that I hold most dear truly fulfill me more than any sort

[00:03:35] of material object ever could. I know that my nearest and dearest would do almost anything for me, and I for them. My heart feels full. That to me is worth far more than anything that any sort of money can give me. Money is temporary. True friendships are eternal.

[00:03:56] Number four, health. I've had my fair share of health challenges. I've had many surgeries over the past decade. At times it's been rough going. I remember once telling my husband, I don't remember what it feels like to feel good anymore.

[00:04:13] Those days are over, and I've been surgery free ever since. For the most part, I'm now a wealth of health. When I look around at the world, even at my immediate surroundings, I'm so much better off than many people I know. And number five, spirit and attitude.

[00:04:31] I'm also rich in spirit. Even on my worst day, I can force myself to look around, muster up whatever lies deep inside to remind myself of the blessing it is simply to be on earth. I'm surrounded by the physical beauty of my environment, nature, and even man-made architecture

[00:04:49] and intricacies. Whatever I want to create from inside, whatever those around me choose to create, and whatever comes from above, if I choose to believe it's abundant and awesome, then it is. All of us are wealthy in so many different ways.

[00:05:06] One of the greatest lessons is to stop, look around, and truly enjoy all of our blessings and all that life has to offer. A quote by 19th century author and clergyman, Maltby D. Babcock resonates with me.

[00:05:22] Quote, better to lose count while naming your blessings than to lose your blessings counting your troubles. End quote. No matter who we are, honestly, all of us have and hold some sort of wealth in our lives. Virtually none of the wealth in my life is financial.

[00:05:41] In fact, on some days it can be very hard to appreciate all that I have. But I imagine that the billionaires in the world who can easily write a check to buy an island in an afternoon struggle to appreciate their financial abundance many days too.

[00:05:57] It takes work and an attitude change to stop and look around to live out the lesson. With discipline though, all of us can take the time each day to count our blessings and appreciate the true wealth that abounds in our lives.

[00:06:12] So while my musings won't necessarily help you to build up a hefty savings account or provide strategies for wise investing, I believe that my ideas provide a challenge to rethink and reroute our focus in life away from just money.

[00:06:28] How much richer would our lives be if we spent even a little bit more time and energy on the non-monetary sources of wealth and abundance that exist all around us? You just listened to the post titled, What is Wealth? by Ashley Kipp with GetRichSlowly.org.

[00:06:49] And I'll be right back with my commentary. Have you been frustrated with personal finance apps that are cluttered with ads, difficult to use, or rarely updated? So has Monarch. They built a new kind of personal finance app that's intuitive and powerful, ad-free

[00:07:04] and constantly improving based on customer feedback. Maybe you're saving for a down payment, a wedding, a dream vacation, your kid's college. I found that Monarch makes it so easy to help you reach your financial goals, whatever they are.

[00:07:18] I definitely wouldn't be able to allocate my finances or plan as clearly without help from Monarch. In fact, Monarch is the top rated all-in-one personal finance app. It gives you a comprehensive view of all of your accounts, investments, transactions and more.

[00:07:34] Create custom budgets, set goals, and collaborate with your partner. And now get an extended 30-day free trial when you go to monarchmoney.com. After trying out Monarch for myself, I understand why it's the top rated personal finance app.

[00:07:48] And right now, get an extended 30-day free trial when you go to monarchmoney.com. That's M-O-N-A-R-C-H-M-O-N-E-Y.com for your extended 30-day free trial. The idea that wealth isn't just about having loads of money definitely resonates with me. Imagine someone who's financially rich but lonely or in poor health.

[00:08:15] Sure, they might have a fancy car or a big house, but can they really enjoy it without good company or feeling well? On the flip side, someone with close friends, good health, and a fulfilling life might not be rolling in cash, but they're genuinely happy.

[00:08:31] This perspective makes us realize that true wealth is about more than just what's in our bank accounts. Focusing on non-material wealth helps build resilience. Think about the last time you faced a rough patch, maybe a job loss or a financial setback. What really got you through?

[00:08:49] Often it's the support from family and friends or the inner strength that you've developed over time. By valuing these aspects of our lives, we can handle challenges more effectively. It's comforting to know that our worth isn't solely tied to our financial situation.

[00:09:07] I will say, however, that we shouldn't gloss over the effect that financial security provides. The examples of having a home and food in this article are things that require money. But I think the point here is that you don't need a ton of money. You just need enough.

[00:09:25] That brings us to the end for today though. Thanks so much for listening all the way through, and I'll catch you tomorrow for our next episode where Optimal Life awaits.