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)
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.