Being wealthy could mean different things to different people. For some, it is having a nice and comfortable home to live in, a car to drive around town, sufficient money to meet all their needs and more money to get them through life after retirement. Or living a luxurious life with lots of money to spend on whatever they want and the power and ability to control others.
For others, it means waking up every day healthy, happy, and well. And still, for others, it could mean not having to work at all.
This is what CFP Jeff Rose suggests via Business Insider:
“Before you chase wealth, define what wealthy means to you. Being wealthy does not have to revolve around money. You can have wealthy relationships with family and friends, or a wealthy experience in travel and adventures. Having wealth can also be defined as having a lifestyle business that replaces traditional 9-5 jobs.”
Our money goals and financial decisions may vary, depending on our definition of wealth. For example, someone whose idea of wealth is not working might focus on passive income. Defining wealth adds a little more direction to your goals so you must know exactly what you’re working toward.
For me, what it means to be wealthy is being able to do what I enjoy for a living without having to worry about having enough money.
The Definition of Wealth
Whenever people are asked how they define wealth, they immediately think of money, power, fancy cars, and big houses. That’s because wealth in ordinary language conveys an idea of prosperity and abundance. In short, wealth is anything that has value.
Although money is a form of wealth, it must be noted that all wealth is not money. Money and wealth aren’t the same things. As a matter of fact, most of us have pretty vague ideas of what wealth is.
Poverty, Riches and Wealth: Moving from a Life of Lack into True Kingdom Abundance
By: Kris Vallotton (Foreword: Jentezen Franklin)
Prosperity. It’s one of the most dividing words in the Church. Some pastors use it to tell their congregations that God will make them all rich, rich, rich!
Others spurn the word and insist that true Christ-likeness is found in forsaking all worldly riches and possessions. The truth is, neither of these extremes is fully right or fully wrong.
In his latest book, Kris Vallotton mines the Scriptures in an eye-opening study of what the Bible really says about money, poverty, riches, and wealth.
In it, you’ll find keys to:
· overcome the never-enough mentality to experience true abundance
· break free from a poverty mindset that reaps lack in your life
· demystify biblical teaching on money so you can discover peace in your finances
· learn the difference between riches and wealth
Kingdom prosperity begins from the inside out. When you learn to cultivate a mindset of abundance, no matter your circumstances, you will begin to experience the wealth of heaven in every area of your life.
What does it Mean to be Wealthy?
Being wealthy is never the same as earning a lot of money. The key to being wealthy is the choices and decisions you make every day along with your behaviors around money. These behaviors are no longer confined to how you invest money but they radiate out everything that money touches.
The amount you spend for your home, or how often you dine out with your family or how much do you plan on spending on your children’s education or for your charities.
Yeah, most people’s definition of wealth always includes making money but the bigger question is: How much? How much should you be making in order for you to be in the “wealthy” category?
Classification of Wealth
In Economics, wealth is synonymous with economic goods and can be classified into:
a) Personal wealth – referring to personal qualities such as skills, intelligence, etc.
b) Social wealth – refers to the things owned by society such as roads, buildings, etc.
c) Individual wealth – are material possessions like cash, land and other assets
d) Cosmopolitan wealth – is the wealth of the whole world or the sum total wealth of all nations.
e) National wealth – refers to the total monetary value and assets of a certain nation.
My Personal take on Wealth
We all have our own specific idea of what wealth means and our notion of wealth probably comes from our idea of what we would do if we’re blessed with all the money in the world. The truth of the matter is that wealth cannot be translated into just one word because wealth can be happiness; it can be the rich experiences that life can give or the joy we have in the Lord. Wealth, unlike money and possessions, cannot simply be quantified.
As a believer and follower of Christ, I believe that God is the ultimate source of everything, including wealth. All wealth flows from God’s loving provision and our role is to be sensible and faithful stewards.
God owns everything and God gives us everything we need. He designated us as caretakers of His assets and properties so our spending and investments should be extensions of His will. God is the source of all riches and He has called us to manage His gracious gifts.
We are unable to produce and amass wealth apart from the benevolence of God. Although we labor and toil to earn an income, God remains to be the sole source of every blessing. God as the Creator is the prime giver and fountainhead of life. He is the source of health, food, sun, and all other elements necessary for us to prosper.
God’s Definition of Wealth
Wealth from God’s standpoint is not limited to currency. Biblical wealth may be defined as the ability to experience and enjoy God’s blessings. Rich men and women whose bank accounts are overflowing are not necessarily happy and blessed as their souls could be impoverished. Poor people who know God as Lord and Savior have indescribable wealth compared to those who reject Him.
Does this mean we should not strive to be wealthy? No, not at all! On the contrary, we should aim to live in abundance so we can be a blessing to more people. Wealth is not at all bad especially if we use it to serve God and our fellowmen.
As a matter of fact, God wants us to enjoy His blessings and live in abundance. He wants us to be prosperous but not greedy. And let us not forget that true riches are found in God alone.
There are many ways by which you can increase your cash flow while doing things you love to do. One of which is by starting an online business. How exactly are you going to do that?
Well, there’s an online platform designed to teach anyone and everyone how to start a website that has the potential to become a steady source of income. It’s called Wealthy Affiliate. The good news is, you can try it out for free.
16 thoughts on “The Concept of Wealth”
Thanks for a great website Alice.
I enjoyed the way you brought together for us the link between health and wealth. I do know that life goes smoother when I take the time to pray, read scripture and connect with God. I have had ups and downs in my life and they have been extreme, but one thing I know is that when I am in contact with God, the rest matters much less.
You did expand my perception of constitutes true wealth. What an enjoyable read, Alice. Thanks again.
Hi Tom, great to hear from you.
When it comes to the concept of wealth, people have different opinions. However, it is apparent that most people think of money and material possessions as determining factors. While we all need money and striving to be wealthy is never a bad thing, I think it is equally important to acknowledge the “primary source” of everything – God.
Thanks for sharing this inspirational post. I agree with you that wealth is a lot more than just money and stuff. There are many different kind of wealth as well. It all depends on how one define it.
However, there’s one specifically good definition of wealth brought up by Robert Kiyosaki – Wealth is the amount of time we can survive without working for money. So, a lot of people may seem wealthy because they have high paying jobs. But at the same time they have a lot of mortgages and stuff. Plus, their income is “active income”. When they stop working, they may only be able to survive for 2 to 3 months.
A truly wealthy people can survive and live a freedom life without working and worrying for money. So we need to build and accumulate true assets that can produce passive income for us so that we don’t have to work actively for money.
I like Kiyosaki’s definition of wealth too. As a matter of fact I was supposed to include it in this article but had a change of heart during the final editing. I know a lot of people who seem to be wealthy on the outside because they have high-paying jobs but after exchanging words with them about finances and investments, I found out that most of them are buried in debt. That’s when reality sunk in that people who are receiving higher salary are not necessarily better off financially.
If we define wealth in terms of money, I agree with you that truly wealthy people are those that survive and live free without having to work and worry about where the money comes from.
Hi Alice, I agree that wealth should not be measured in terms of luxury and money, although it is really nice to have those. True wealth, in my opinion, is determined by the inner peace of mind and certainty. For me, fitness is a big determination to my health, if I go for long periods of time without exercising, my skin feels flaky, and I feel really uncomfortable. To me, Wealth is being healthy, and having clarity!
People have different concept of wealth but wealth for most is often associated with money and luxury. But then again, I don’t think money is evil or aspiring to be wealthy makes a person greedy.
I like your definition of wealth, that is, being healthy and having clarity. Because money is worthless if you’re not healthy enough to enjoy it. And money becomes worthless if you don’t have peace of mind. True wealth is not confined within the boundaries of money and power.
Alice, nice post…I agree that wealth is not just about money, and I think most people are much wealthier than what they realize. Talk to someone who is sick or has physical limitations who may be financially wealthy and they would give it all up for healing. We are sometimes not thankful enough for the blessings we receive everyday.
Most people do not realize what they have until it’s lost and often times people value the things that are far less important. Such as in the case of wealth over health. But I believe it’s all a matter of prioritizing things. I do not agree that money and material things are bad and irrelevant because we also need them in order to survive but we should know which is more important. At the end of the day, everything on earth is just temporary. As king Solomon said: “Everything is meaningless.” (Ecclesiastes 1:2; 1:14)
Real wealth and treasures are found in God and our love ones.
I found this page to be incredibly interesting. I have never thought of wealth in so many ways. I think you are right in that people chase wealth without even determining what wealth means to them. I have never really determined what wealth is to me either but I’ve also never tried to chase it. My goal in life has always been to do what makes me happy and hope that in doing so I help others too. For example, I love horses and have one of my own which makes me happy but I also use my horse in our horse therapy program and volunteer by helping in therapy lessons which helps others, primarily kids with disabilities. So, after reading this page, I believe I am wealthy and it has nothing to do with money!
Hey Trisha! Most of us don’t realize that we are already wealthy not because of money but because we’re happy and content doing what we love to do. Yes, money is one form of wealth but me must realize that there are a lot more to wealth than just money. Thank you for sharing your thoughts and I’m glad to hear that you consider yourself wealthy because you are able to do the things that make you happy.
First off, Nice Layout.
Your site is very pleasing to the eye and welcoming. The photo of the runner with the warm tones really sets the mood.
I have to admit, though, the title caught my attention. I like the connection of stay healthy and get wealthy. Both are great goals to achieve.
Your comment “For me, what it means to be wealthy is being able to do what I enjoy for a living without having to worry about having enough money.” resonates with me.
That was me back in my days of education. These days, “For me, what it means to be wealthy is being able to do what I enjoy in retirement without having to worry about having enough money.”
Although we’re wealthy enough to have retired in our 50’s, we don’t have the spending money that we use to. It’s a trade off, we have the freedom, but not the money. I’m working on that. 🙂
I like your classifications of wealth, but I’m a bit confused by: “e) National wealth – are the natural resources like rivers, oceans, etc.” To me, that would be Natural wealth. Just my thoughts.
Great peace and I’m going to share it on my website as one of my Weekly Fav 5.
Keep up the great job. I’ll be looking forward to more good stuff.
Hi Keith, appreciate your comment and thanks for pointing out my error on national wealth. I stand corrected. Rivers and oceans are under the natural wealth category. National wealth refers to the monetary value of a certain nation. I’ll go back to my post and edit it. Two or more sets of eyes are always better than one.
I thought at first my niche was too broad but I believe they’re very much related because we cannot reach our goal of becoming wealthy if we’re not healthy to begin with. I still believe that our health is one of our greatest wealth. What do think?
Great to hear that you retired early and that’s exactly what I’m aiming for that’s why I’m working really hard today to achieve that goal. At the same time I also don’t want my health to be compromised just so I can have what I want. I just wished I’ve known before what I know now. Because it’s only after working my butts off for 15 years that I was informed about the many ways I can do in order to retire early. But hey, time is one of the things we can never get back once it’s gone. And dwelling in the past is just so “not me.”
Thank you Keith for your words of encouragement. I wish you nothing but the best.
Wanted to let you know that I found your article in Wealthy Affiliate, as one to comment on. I didn’t read carefully what to do, so I commented here, not in the WA system.
Thought your article would be a good one to share. Would like to talk to you about possible guest posts at Money is not Taboo.
If you’re interested, shout at me through my contact form.
Looking forward to reading more of your stuff.
BTW- You can find me in WA as KShin.
All the best from Texas!
Hi Shin, I’ll definitely consider writing for you, thanks for the invite. I’ll be following you at WA so we can talk about helping each other out. I need your help more than you need mine. See you around Shin …
By the way, I left comments on some of your posts, you can check them out.
I enjoyed reading your article. Being a Christian myself, I let money and wealth of living a comfortable life get in the way of who really has control over all and my happiness. This was a great reminder and a very enjoyable read. I love your honesty and openness that you provided. Thank you. 🙂
Hi Hannah, I’m glad you liked my post. The thing with Christians when it comes to the topic of wealth and abundance is that most of them feel guilty for even aspiring to have a more comfortable life. They think that it is not God’s will for Christians to be wealthy when the Bible nowhere teaches that wealth and riches are bad. Wealth in itself is not bad, it’s how people use them that could make it evil. The important thing is that we acknowledge the Source of all that we have.