When I ask people “What is your definition of wealth?” their responses tend toward financial and material values.
But when I ask them to complete the statement “Wealthy is the person who…,” most are more contemplative and altruistic in their answers.
Clearly, “wealth” is a relative term. For many, if not most people, wealth has a lot to do with money. But there are those who have a lot of money who would gladly trade it for a happy marriage, or great health, or a clear conscience. The definitions of wealth are truly limitless, unique to each of us.
When you begin to realize how multidimensional wealth is, you’re in position to discover (and hopefully realize) the nature of true personal wealth.
My Five Dimensions of Life and Wealth
Years ago, I coined the term “LifeWealth” as one way to describe true personal wealth. And I defined it as the accumulation of financial, relational, physical, spiritual, and intellectual capital. Each of these dimensions is important and has value. They integrate with each other, whether we realize it or not.
Focusing on these dimensions and bringing them into balance may help you enjoy a richer and more satisfying life. On the next page is a link to an assessment tool you can download and use to gauge your current capital level in each of these dimensions, as well as your “LifeWealth” progress over time.
Financial Capital
This is perhaps the most obvious and easily measured dimension of lifeWealth. It includes your money, assets, and material possessions – what a financial planner might identify as your “total net worth.”
Taking inventory of your current financial capital is a critical step in understanding where you are today as you begin to strategically plan for where you want to be in the future. Just as a physician will create a baseline for measuring your health, the same is true for measuring your financial status and progress made toward meeting your objectives.
LifeWealth is the accumulation of financial, relational, physical, spiritual, and intellectual capital
Relational Capital
This “LifeWealth” dimension touches all the people in your life: spouse, children, parents, siblings, extended family, friends, coworkers, neighbors, and acquaintances. So many people contribute to our lives and help us become who we are. But often, we don’t realize how wealthy we are with respect to those relationships.
We “inherited” relational capital at birth through our parents, siblings, and extended family. We continue to accumulate relational capital as we gain friends, marry, have children, join a church, work, and become socially active.
The first step in realizing the extent of our relational wealth is to take inventory of the important relationships in our life.
Physical Capital
Consider your physical well-being: health, wellness, fitness, and recreation. We’ve all been given the responsibility to care for the bodies in which we dwell on this earth. Just as we need to make wise decisions regarding our finances, we also need to make wise choices regarding the care of our bodies. The choices we make with respect to fitness, recreation, eating habits, rest, laughter, and stress management will determine how well we accumulate capital in the physical dimension.
However you define wealth, it’s likely that the five dimensions of “LifeWealth” will play key roles in helping you achieve it.
Spiritual Capital
This dimension encompasses the place God and faith occupy in your life. We all have a belief system that shapes who we are and how we live life. Our beliefs play out in the values and principles by which we live life and treat others. The foundation of our spiritual capital was most likely forged early in life, and we have made continual deposits and withdrawals from that portfolio based on our life experiences.
Spirituality is highly personal and unique to everyone. However, we all must face the question of what we believe and how it impacts the way we live.
Intellectual Capital
Under this umbrella, you can put your IQ and aptitudes, plus formal education, self-directed learning, job training, and skill development. We are all uniquely designed and hard wired in a specific way. Some things just come naturally for us, and we can perform in these areas effortlessly – establishing the core of our intellectual capital.
We can accumulate additional capital through learning, developing, and growing. Attending college or a trade school enables us to make large deposits in our intellectual portfolio. We also learn through reading, taking lessons, and simple observation of others. Keep making consistent deposits of intellectual capital, no matter how large or small, and with the passing of time, we may find ourselves incredibly rich with intellectual equity.
Are You on Track to Achieve True Personal Wealth?
However you define wealth, it’s likely that the five dimensions of “LifeWealth will play key roles in helping you achieve it. Keeping them growing, keeping them in balance, and keeping them in focus will bring purpose and guidance to enhancing the richness of your life.
