Need y'all's help again; What is True Wealth?

[catherine]

So I'm now working on the 7th chapter of my book.

Chapter 7 is on True Wealth. At this point in the book, I'm ready to cover the "joy in enough".

So I'm so happy to be here "in the choir" for this topic!!

I'm calling it True Wealth, based on Thoreau's quote: "Give me poverty that enjoys true wealth."

So I'm asking you, a body of people who have learned what it means to honor your life energy by living simply...

What does True Wealth mean to you?


I really hope to hear from many of you, because you all have walked the walk here.

Think about it. Make it as long or short as you want.

Thank you!

[iris lilies]

True wealth in terms of money is being able to buy or donate anything that you want without thinking “can I afford this?”

But core wealth is good health and mental peace.

[frugal-one]

True wealth in terms of money is being able to buy or donate anything that you want without thinking “can I afford this?”

But core wealth is good health and mental peace.

Ditto!

[bae]

When I first read Your Money or Your Life in 1999, I thought True Wealth meant freedom from compulsory work. For a long time, that was exactly right.

In that era of my life, True Wealth meant:

- near-total control over my time and energy
- autonomy
- being present with my wife, daughter, and dogs
- not trading life energy for money reflexively
- knowing that time, not money, was the real currency
- escape from the madding crowd

But decades later, I see that was only the surface.

After years of prudent stewardship and growth of my capital base, True Wealth now means something deeper to me:

- My decisions are driven by clarity of value, not fear of loss
- I have enough margin to live deliberately rather than defensively
- I can improve my daily life without moral drama
- I can reduce friction instead of postponing comfort in the name of optimization
- Money serves life, rather than being guarded from it
- I have the time, energy, health, human connections, and capital resources to engage in projects that benefit society without fear
- I trust that the systems I built for capital management have done their job and will continue doing so with low risk

[iris lilies]

When I first read Your Money or Your Life in 1999, I thought True Wealth meant freedom from compulsory work. For a long time, that was exactly right.

In that era of my life, True Wealth meant:

- near-total control over my time and energy
- autonomy
- being present with my wife, daughter, and dogs
- not trading life energy for money reflexively
- knowing that time, not money, was the real currency
- escape from the madding crowd

But decades later, I see that was only the surface.

After years of prudent stewardship and growth of my capital base, True Wealth now means something deeper to me:

- My decisions are driven by clarity of value, not fear of loss
- I have enough margin to live deliberately rather than defensively
- I can improve my daily life without moral drama
- I can reduce friction instead of postponing comfort in the name of optimization
- Money serves life, rather than being guarded from it
- I have the time, energy, health, human connections, and capital resources to engage in projects that benefit society without fear
- I trust that the systems I built for capital management have done their job and will continue doing so with low risk

What an excellent list!

Beyond the “core wealth” items I mentioned, health and mental peace, bae’s list reminds me that having a life full of interesting things things to do, achievements to reach for, makes for a rich life. and by “achievements “here I don’t mean necessarily getting something practical done, it could mean traveling down the Mekong River.

I think the “moral drama “freedom is touched on by my core wealth attribute of “mental peace.”

[catherine]

Yes, thanks to both of you for weighing in.

Money serves life, rather than being guarded from it

bae, interesting idea--how and when does that radical pivot happen? Is it a certain amount of money? Is it a point in life?

iris, with regard to a rich life filled with achievements--what role does "money wealth" play and what part does "core wealth" play?

[bae]

bae, interesting idea--how and when does that radical pivot happen? Is it a certain amount of money? Is it a point in life?

All of the above. In the beginning, this was new to me, and scary, and at the age of 36 I had a 60 year time horizon that my assets had to endure. I also had a 2 year old kid, a wife, a mother to support, and two Basset Hounds.

From 1999 to today, my time horizon shrunk, my confidence in the financial model grew, and the natural changes in lifestyle that happen with aging reduced my concern of "running out of $$$ and eating cat food while living under a bridge" considerably.

[Rogar]

I see that as opened ended. As it's that time of the year, my accountant is totally invested in equities, which is contrary to my conservative theory. His defense is that he could lose it all and still be able to live on social security. And he's over 70, likes his work, has no plan to retire. That's a good verion of wealth, but not necessarily mine. I assume YMOYL gets into the true meaning of money, but wealth is about friends and family, being able to peruse some sort of self actualization, health, and security. I could go along with Manslow's hierarchy of needs, but personally have always liked Picasso's quote, "I'd like to live as a poor man with lots of money".

[happystuff]

I agree with what others have stated. My opinion is that, yes, there are many different kinds of wealth - or things that can be considered "wealth". However, without financial/monetary wealth in hand, it is hard to keep focus on some of these other types of wealth. When you (generic "you") don't have the financial assets to simply live at a basic or even modest level, one's focus remains primarily on the financial wealth - or lack thereof. As bae states, one tends to live more defensively rather than deliberately. (I do like the way you put this, bae!)

[iris lilies]

Yes, thanks to both of you for weighing in.



bae, interesting idea--how and when does that radical pivot happen? Is it a certain amount of money? Is it a point in life?

iris, with regard to a rich life filled with achievements--what role does "money wealth" play and what part does "core wealth" play?

Core wealth, health and mental peace, is more important. A lot of core wealth, and only a little bit of money wealth is a good thing. The reverse, not such a good thing.

Of course, all this is from my point of view here in the safety and security of the United States. Here in our easy lives we can debate these concepts.

If I was living in war torn countries or under threat of government intimidation and violence, I don’t actually know which would be better.