Four Types of Wealth, Ep 4
A frequent topic I hear from high performing sales professionals is how to achieve a better work-life balance. I’m sure a lot of you have, like me, spent many years working 14 hours a day spending at least one day of the weekend at the office. At some point, you begin to question what’s important. Personally, it took me a long time to achieve a better balance and I’ve found it’s something you have to continuously work at. In today’s episode, I’ll be talking about balancing the four types of wealth: financial, social, time freedom, and physical. Don’t miss it, you never know, you might just learn something.
You will want to hear this episode if you are interested in...
What are the four types of wealth? [1:02]
Wealthy type #1 [1:58]
What income makes Americans happiest? [2:24]
Wealth type #2 [2:41]
What makes people as happy as doubling their income? [3:04]
Wealth type #3 [3:36]
Wealth type #4 [4:17]
The sales tip section [5:30]
This week’s FLASHBACK [6:46]
Losing health and freedom for wealth and status does not = a better life
Let’s go over the four types of wealth. 1.Financial 2.Social or status 3.Time freedom 4.Physical. Be wary of jobs that lure you in with promises of one and two, but rob you of three and four. For some reason, when I heard this it resonated with me. Perhaps it's because after working for other people for so long I am now my own boss. Maybe it’s just because I’ve had this conversation often with both clients and friends. Whatever the reason, I’d like to dig into it a bit.
Financial and social wealth
We can all agree that financial wealth is pretty straight forward. It simply refers to how much money or assets you have. The goal is to meet your needs, live a lifestyle you enjoy, and have something left to put away for retirement. However, a recent study showed that Americans become happier as they APPROACH $75,000 and that the impact of rising income on your overall happiness tends to flatten out after that. Making more money will likely come at a cost but is it one worth paying?
Social wealth being friends, connections, or even followers one may have on the various social media platforms. This could also extend to how many likes shares, comments, retweets, etc. one may get. I’ve read, if you belong to a group that meets monthly it will produce as much happiness as doubling your income and that just being married has been quantified to be worth $100k in terms of annual emotional gains. I’d venture to say that 5000 followers don’t come close to the value of 5 good friends in real life. Join a group and make real connections this balance is important.
Time freedom and physical wealthbeing
We all know someone who has a great job— but it seems that they're constantly working— that might even be you. I have plenty of clients that fall into this description as well. I often have conversations about carving out personal time and taking a vacation or two. I usually get the “you work for yourself, so you control your schedule” look. While this is true— and maybe the biggest benefit of becoming my own boss— I've been very careful to structure my practice to have the freedom to spend time where it matters most to me. Einstein proved that time only moves in one direction and I'm fully aware that time is something I can not get back.
I’ll bet you also know someone who’s always waiting until they have time. Maybe they waited until retirement to enjoy themselves. Except by then, their health was too poor to do much of anything. The travel, golfing, playing racquetball with friends, or hiking in the woods they had planned to do is no longer feasible. What is the point of good wealth without good health?
My, point with all of this is when thinking about wealth, it's important to reflect on personal goals. That when we are pursuing those goals we make sure that if we're seeking wealth, we realize there will be trade-offs and analyze if the trade-offs are worth it.
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