ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Definition of Wealth

Updated on June 9, 2019
jackclee lm profile image

Jack is currently a volunteer at the Westchester County Archives. Before retiring, he worked at IBM for over 28 years.

Introduction

Wealth and being rich is usually associated with money. How much money one makes and accumulates and also assets including house, cars, stuff...usually determines how wealthy a person is. On another level, wealth in spirit is another story.

- June 2019

Background

According to a recent article that appeared in the US News and World Report, a person is considered wealthy if they have $2.3 million in personal net worth. As pointed out in the article, it depends on where one lives and how they live.

Money is not the only metrics for wealth. It also depends on what you value. Some put more value in their family, or their health or their spirit. As we all know, money cannot buy happiness. A happy person is considered wealthy compared to a miser who accumulated lots of money but live a miserable life. This was the them of that classic movie “It’s a Wonderful Life.” George Bailey was “rich” because he had a loving family and a community of friends. He made a difference in the lives of others.

Perhaps, we should expand the definition of wealth to include other factors.

Financial Wealth

It is not how much you make but how much you save. This is an old maxim and still true today. You can make a million but if you spend 2 million, then you are cash poor.

The net worth is calculated based on assets minus liabilities. Your net worth is how much you have in the bank and in real assets that can be liquidated for cash. It is also tied to taxes. The assets you own are subject to taxation and therefore it is not as high as you perceive.

Investment is also a part of the equation. This is because of inflation. Your assets sitting in a bank will depreciate over time. You need to invest wisely to keep up with inflation or even surpass it. That is one way to preserve or increase your wealth.

Physical Wealth

Your health and well being is most important. Without that, any money in the bank means very little. Money is only a token. What you can do with it is what brings happiness. If you are physically handicapped, you cannot take full advantage of your assets.

Physical health requires proper diet and exercise and not abusing your body with chemicals and drugs.

Spiritual Wealth

The bible speaks of “the love of money is the root of all evil...” How true. We all need to be spiritually engaged in order to be “wealthy” in the eye of God. This does not mean going to church every Sunday or reading the bible daily...

Having a healthy spiritual life includes recognizing that we are part of something much bigger than ourselves. Our world is our family and friends and neighbors and colleagues. Our world also includes the animals and the plants that are part of nature. They are all God’s creation and are here for us so that we may have dominion over them. The resources at our disposal are for us to use but not waste or abuse.

Helping others in need, and serving is also part of being a spiritual being. Thinking of others first is not in our nature. We are born selfish. How we choose to live our lives and giving and helping others makes us a whole spiritual being.

Activities...

On a practical level, what is a person of wealth? What conduct or behavior does he exhibits?

  • mobility - a person of wealth can go where he wants and when he wants.
  • Independence - a person of wealth can do things on his own. He is not reliant of others.
  • Free will - a person of wealth has free will and can choose to do what he wants.
  • reputation - a person of wealth has a good reputation. He is known to others as being a “good” and kind and generous person. He is respected by his peers.
  • Defender of the weak - one is wealthy for acting to defend the weak and defenseless among us.
  • Speaking his mind - a person of wealth will speak his mind without being silenced.
  • Getting results - a person of wealth acts to deliver results and affect change for the better.
  • Share - A person shares his knowledge and his bounty with others less fortunate.

Conclusion

A wealthy person is much more than money in the bank. It is a state of mind and a lifestyle that will appeal to others. People respect you and want to imitate your actions and follow in your footsteps. Wealth is to be celebrated and admired.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2019 Jack Lee

Comments

    0 of 8192 characters used
    Post Comment
    • MsDora profile image

      Dora Weithers 

      2 months ago from The Caribbean

      This is a great article, teaching the real truth about wealth. I like the opening definition, the list of appropriate activities and everything else you teach here. Thank you.

    • jackclee lm profile imageAUTHOR

      Jack Lee 

      2 months ago from Yorktown NY

      Liz, you are right. My experience is happiness comes from charity and helping others in need. Also, happiness comes from individual achievement either an invention, or art and crafts, or physical and mental competition, like winning at sports or at beating an opponent in chess...nothing to do with money.

      Interesting enough, my wife gets the most enjoyment from finding a bargain while shopping.

    • Eurofile profile image

      Liz Westwood 

      2 months ago from UK

      Which wealth brings happiness? I have come across many financially wealthy people, but few of them are truly happy.

    • Ericdierker profile image

      Eric Dierker 

      2 months ago from Spring Valley, CA. U.S.A.

      I am not qualified. I have no poverty in any regard. I maybe I do not have enough $ but how would I know?

    • breakfastpop profile image

      breakfastpop 

      2 months ago

      Let's face it, wealth is a nice thing. Having money makes life easier, but it cannot buy you love!

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)