The 6 Types of Wealth

The 6 Types of Wealth

Welcome back! It’s a New Year, and if you’re planning on making some financial changes, just remember, ‘wealth’ goes well beyond money. There’s:

  1. Financial Wealth (Money)
  2. Social Wealth (Relationships)
  3. Time Wealth (Freedom)
  4. Physical Wealth (Health)
  5. Mental Wealth (Mind)
  6. Shared Wealth (Community)

Clearly, it’s important to get your finances under control. But what’s the point of building financial wealth if you don’t have the relationships, freedom, or health to make use of it? Improving the other parts of your wealthy life are investments too.

“Improving the other parts of your wealthy life are investments too.”

I’ll be honest. My own relationships, health, and mind have suffered during the pandemic. Like so many of you, I missed seeing my family, friends, and the people within my profession. This is where I share experiences, learn, and gain mental wealth.

I stopped running with any real consistency, put on a little weight, and somehow managed to put my back out during the summer. Not being able to ride the waterpark flumes with my kids, at the only time we got away from home together, was so frustrating. But, although I haven’t been my usual self, I know I’m very fortunate in comparison to so many others during the pandemic.

But I’ve now made changes. In addition to reviewing my own financial investments and savings rates, I’ve signed up to run another marathon later this year in Chicago. It does wonders for my psyche. The set date and forced training will also give me the consistency I need to improve my health, and the travel aspect with my wife is an experience shared.

I’ve joined a weekly Pilates class for both the social aspects and the protection it offers me from another back spasm! The cost is just another investment I can afford to make, but for the benefit of my social, physical, and mental wealth.

“The cost is just another investment I can afford to make, but for the benefit of my social, physical, and mental wealth.”

And finally, I’m making an active choice to get back out there seeing friends and clients. This is when the easy, and unfortunately now habitual option, is to stay at home or continue using Zoom. Can you believe I have new clients I’ve never met in person!

Some of this is really hard. Running on a cold, wet, Tuesday night in January isn’t much fun. But I know how beneficial it is to me in the grand scheme of things. And the added headspace to switch off and clear my thoughts works wonders.

But let me be clear. I don’t have it all figured out and probably never will. However, I’m constantly learning, re-evaluating, and making small changes. And I know the small changes over time, when added together, will lead to big things both individually and collectively. And it is the collective result that will make me wealthier.

“Small changes over time, when added together, will lead to big things both individually and collectively. And it is the collective result that will make me wealthier.”

I hope you’ve also got plans, however small, which will improve some aspect of your wealth in 2022 and beyond. I’d love to hear about them the next time I see you face to face.

Follow me on Twitter @AlexandreRiley

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