What is true wealth?

Have you ever been asked that question?

This is an interesting topic to discuss with people. Whilst lots of us may have similar mindsets and aspirations, we are all individuals and have our own priorities. What may be important to one person may not be to another.

It is common that one of the first thoughts in mind is to be financially well off. But sometimes this can be confused with being ‘rich’, because at least to me there is a difference between being ‘rich’ and ‘wealthy’.

There are other elements that contribute towards this. In my view, there are three things that contribute to a person having ‘true wealth’.

  1. Freedom of money

This is the first component and as stated above most likely the one people consider most frequently. Having the financial means to be able to live in the manner that you would like without having to worry. This is the part that I work with clients towards achieving.

  1. Freedom of time

Whilst money is one thing, what use is it without the means to spend time in the way that you would like. I can’t imagine wanting to be financially free but then also chained to my desk all hours of the day with no time to spend any of the financial wealth accumulated.

  1. Freedom of purpose

The first two probably make sense, but having time and money without purpose can lead to an unfulfilling life. Think about the lottery winners who blow of their money having quit their job, this is probably as a result of lacking in purpose. Now think about the business tycoons who happily continue to work despite not needing to – this is due to purpose.

So when you think about whether someone has true wealth, or even whether you have it, maybe you should consider it in the context three things rather than one.

How many of those do you think that you have right now? And which of the three is most important to you?