What do you imagine when you hear the word “wealth?” Dollar bills? A yacht? Scrooge McDuck swimming around in a sea of coins?
If you want wealth, one of the first things you need is a proper definition of the concept. One that goes beyond “money.” Ultimately, you’ll have to piece it together for yourself over time, but MJ DeMarco, author of The Millionaire Fastlane, provides some great starting points. According to DeMarco, three things represent wealth:
1. Meaningful relationships
2. Being healthy
3. Freedom
Surprised? Money is not even part of DeMarco’s definition! Not directly, anyway. Of course being rich will help with these things, but the money is not what it’s about – it’s about what you can do with it.
How much does money do for your relationships? Very little. In fact, sometimes it makes it harder to forge meaningful connections.
Money also does only so much for your health. Sure, it can buy good food, a personal trainer, and great treatment when you’re sick, but at the end of the day, you’re the one who must eat the right food, do the workout, and stay patient when you’re ill. If you don’t cultivate the right habits, you’ll never be fit.
Freedom, that’s where money really shines – and that’s pretty much the only reason you should want it. You don’t need the coins. You need the freedom. The freedom to spend your time however you want, with whoever you want. The freedom to travel where you want, when you want, and stay in a place that’ll make you feel at home. The freedom to follow your hobbies and passions, even if they lead nowhere or are expensive to pursue.
That’s what wealth is for. Freedom. Don’t get tricked by the money.
Define wealth for yourself, and make sure freedom is part of the deal.
Action Item: Create your own definition of wealth
It could be three sentences or an image of someone who embodies the kind of life you admire. It could also be a commitment to a value you hold in higher regard than money, but that money might help you embrace, like continuing to learn about new cultures through the means of travel.
Whatever definition you come up with, put it to the test. How centered is it around money? How much do you really care about numbers? What can you do to shift your definition of wealth away from “money for money’s sake” and towards what money will allow you to do and be?
In money as in life, thinking for ourselves is one of the most important habits we can form. Sadly, it’s also a lesson we often learn too late and at too great a cost. Starting today, even in this small way, might make all the difference down the line.
