What IS wealth? Does that seem like a strange question for a financially-related podcast host to be asking? Maybe it is, but I think it’s important. A quote I recently read got me thinking about this question in a new way. It’s proved to be very helpful as I analyze my own life and how I help clients think through their future. Are you interested in knowing the answer to the question? Might it be different for you than it is for me? Listen and let’s learn together.
You will want to hear this episode if you are interested in...
4 types of wealth
I recently came across a quote that really impacted me when it comes to the way I think about wealth, and my life. Here’s the quote, then I have a few things to say about it…
There are four types of wealth… ONE: Financial (wealth), TWO: Social (status), THREE: Time (freedom), FOUR: Physical (health). Be wary of jobs that lure you with one and two but rob you of three and four.
For some reason this quote really resonated with me. Maybe it’s because I’m now my own boss or because I have conversations related to these topics. This episode is focused on unpacking each of these.
Keep your goals in mind when you think about accumulating wealth
It’s great to have money, statistics do show that it contributes to happiness… but that degree of happiness begins to flatline about the time individuals hit the $75K/year mark when it comes to income. Why is that? Because it’s not all about the financial side of life. What good is tons of money if you don’t have time or health to enjoy it, or people to enjoy it with? When working toward wealth, keep other things in mind. Fit it into your goals. Never set things up so your earning of money is in competition with the other things that make life rich.
This week’s FLASHBACK:
I’m a big “Jane’s Addiction” fan… I love those guys. I first saw them at the University of Akron, at the James A. Rhodes Arena, but I saw them again at Lollapalooza. It was my first all-day concert. I found out what “Lollapalooza” means, and more.
Resources & People Mentioned
I’m Dan Johnson, CFP®, founder of Forward Thinking Wealth Management. I run a flat-fee financial planning and investment management firm located in beautiful Akron, OH. Although I am in Akron, OH, I work with clients regardless of location. I cater to owners of equity compensation positions who are looking to organize their financial lives, keep more of what they make, and do the things they want in retirement and even now.