Three Types of Wealth You Cant Measure in Dollars

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Senior Tax Advisory Group

For more information about the author, click to view their website: Senior Tax Advisory Group

Posted on

Jan 16, 2024

Book/Edition

Colorado - Colorado Springs

For most of us, when thinking of wealth, we think about having lots of money, a big piece of land, material things, or multiple real-estate properties that may increase its value. All of these can lead to the accumulation of wealth.  Still, others have the idea that money is what makes the world go around. However, wealth is often not measured by monetary value, and the meaning of wealth can vary.

Although money and possessions may help support individuals and their families financially, self-care is an essential facet of wealth not to be overlooked. When you take care of yourself, it may be easier for you to take care of the people you care about as well. Here are different types of wealth that you cannot measure in dollars and cents:

Relationships

To consider yourself wealthy in your relationships can take work. But the rewards of relationships can be priceless to those involved. For example, being a friend can reward your friends and family with someone they can count on to lend support and a listening ear—you!

Devoting time to staying connected through events, lunches, golf games, or even watching over grandchildren can result in a healthy relationship and mental health. Building wealth in your relationships directly correlates to your self-esteem. It is part of nurturing a support system that can be helpful during the inevitable and often challenging times of one's life.

Personal growth

When it comes to personal growth, people may correlate it to earning money. Where should you go to college to help you land the highest-paying job? What should you study? Often, wealth through personal growth comes from other things besides education or professions.

To achieve personal growth, try something new that helps you see the world differently. Engage in conversations that challenge your current way of thinking. Surround yourself with people who will encourage you to be the best version of yourself. All these things can make achieving personal growth much simpler. In addition, by gaining knowledge and expertise in intentional ways, you may see improvements in problem-solving and leadership abilities, have empathy toward others, and become a positive influence on others.

Health

As we age, health often becomes more valuable to us. How we treated our bodies in our lifetimes may determine our health later in life—smoking, overeating, or a lack of exercise may lead to health problems and the early depletion of assets. But even more valuable than assets is our health—without health, personal growth, relationships, and accumulating assets becomes difficult. The saying, “Health is Wealth,” reflects this reality.

How do you define wealth?

Your definition of wealth determines how you plan for the future you envision. Connect with your financial professional to discuss your meaning of wealth and your financial goals.

 

Editor’s Note: This article was submitted by Darian Andreson, of Senior Tax Advisory Group. He may be reached at 719-596-4844 or by email at Info@SpringsTax.com

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