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It’s been said that we should have three hobbies we love: One to make you money. One to keep you in shape. One to keep you creative.
Famed rap group “The Lox” had a hit song called “Money, Power and Respect.” The hook to this song went like this: What’s the key to life? Money, power, and respect! What do you need in life? Money, power, and respect! You’ll be eating right! Money, power and respect! You can sleep at night! Money, power, and respect.
Jada Pinkett Smith wrote a highly controversial book titled, “Worthy!” In this book Jada talks about having everything including money, marriage, children, friends, family, houses, cars, resources, access, and a flourishing career, yet she still felt empty inside.
When we talk about wealth and prosperous living, we immediately conclude that it is a topic exclusively about money and overall financial health. If wealth and prosperous living was only about money, you’d only need a hobby that makes you money. If it was only about money, when The Lox posed the question in their hit song, “Money, Power, and Respect” what do you need in life? The answer would solely be money. If wealth and prosperous living was only about money, surely Jada would not have felt empty inside.
I was recently scrolling on Facebook when I came across a meme that was titled, “5 dimensions of wealth.” The person who posted the meme is a licensed financial professional whose name is Chin Richardson. The meme didn’t go into detail. It simply mentioned the five dimensions of wealth: Time Wealth (Freedom), Mental Wealth (Mental flexibility and spirituality), Physical Wealth (Health), Social Wealth (relationships) and Financial Wealth (Money). What caught my attention was Chin detailing her personal experience in not showing enough attention to her Physical Wealth. Chin gave me permission to share her words below:
“Real wealth isn’t just about stacking that paper!
“True wealth is way deeper than that. It’s about having enough time to do the things you love, the mental sharpness to chase your dreams, the physical health to enjoy life to the fullest, the solid connections that bring you joy, and the financial freedom to live without stressing about every penny.
“Are you putting in the work to build up all of your dimensions of wealth? Or are you just focusing on one or two? I’m challenging us all to take a holistic approach to our lives and strive for all aspects of wealth.
“I’ve been focusing so much on the other aspects of my wealth that I’ve been neglecting my physical wealth and I can feel it and I can see it. I’ll continue to work on the others, but my main focus will be my physical wealth right now. I can’t enjoy the other dimensions without it.”
In order to live an abundant, wealthy and prosperous life, we have to be clicking on all cylinders. As you can imagine, that’s a hard task. That’s why so many of us are chasing fulfillment and validation in various things including material possessions, status, sex, drugs, and alcohol, etc., only to end up feeling empty like Jada.
I second Chin’s challenge for all of us to take a holistic approach to our lives and strive for all aspects of wealth. I’ve identified seven dimensions of wealth which I’ll detail below. In my personal experience, even when knowing and pursuing all the dimensions of wealth, you can be unbalanced in your pursuit. I put so much energy into my intellectual growth and development over the years, my physical health and my personal relationships suffered. In layman terms, I committed myself so much to learning and understanding my craft as a personal finance expert, I wasn’t taking the time to properly exercise and diet. Nor was I taking the time to properly nurture relationships with family and friends. The end result being I became sharp in my craft but I grew out of shape and many of my close relationships with family and friends became distant. Over the past couple of years, I’ve been working diligently to balance my pursuit of an abundant life in all of the wealth dimensions mentioned below:
Financial Wealth: While financial wealth is an important aspect of prosperity, it should not be the sole determinant of our overall well-being. Achieving financial stability, managing our expenses, and building a solid foundation for the future are crucial in ensuring a comfortable and stress-free life. This dimension encompasses having enough resources to meet our basic needs, save for the future, invest wisely, and enjoy some luxuries along the way. However, it is important to remember that money alone cannot guarantee long-term happiness and fulfillment.
Physical Health and Well-being: Our health is our greatest wealth—without it, all our other achievements may lose their shine. Physical well-being includes maintaining a healthy lifestyle through regular exercise, nutritious eating habits, and sufficient rest. It also involves taking care of our mental and emotional health, as they are interconnected with our physical well-being. Prioritizing self-care, seeking regular medical check-ups, and pursuing activities that bring us joy and relaxation are vital to maintaining optimal health.
Mental Health and Emotional Well-being: Emotional well-being refers to our ability to handle and express emotions effectively. It involves cultivating self-awareness, managing stress, and nurturing positive interpersonal relationships. Emotional wealth allows us to navigate life’s challenges with resilience, enhances our overall satisfaction, and fosters meaningful connections with others.
Intellectual Growth and Development: The pursuit of knowledge and personal development is another dimension of wealth. Intellectual growth involves expanding our horizons, acquiring new skills, and fostering a curious and open mindset. Wealthy individuals recognize the value of continuous learning, whether through formal education, reading, attending seminars, or engaging in thought-provoking conversations. Intellectual wealth enhances our understanding of the world, broadens our perspectives, and fuels personal and professional growth.
Time Flexibility and Freedom: Time is a precious resource, and having control over how we spend it is a dimension of wealth often overlooked. True wealth involves having the freedom to pursue activities and experiences that bring us joy and fulfillment. It means finding a balance between work, family, hobbies, and personal interests. Prioritizing time freedom allows us to savor life’s precious moments and create lasting memories.
Social and Relationship Capital: Social capital represents the relationships, networks, and support systems we have in our lives. It includes family, friends, mentors, and communities. Cultivating strong social connections and contributing positively to our communities are essential aspects of wealth. Social capital provides a sense of belonging, fulfillment, and a support system during both prosperous and challenging times.
Legacy and Generational Wealth: Giving back: Wealth should be seen as a tool for positive change and a means to create a lasting impact. Leaving a meaningful legacy involves sharing our blessings with others and giving back to society. This dimension goes beyond financial contributions and includes volunteering our time and skills, supporting charitable programs, and being an active participant in making the world a better place. Creating a positive impact and leaving behind a legacy that inspires future generations can bring a deep sense of fulfillment and purpose.
(Damon Carr, Money Coach can be reached 412-216-1013 or visit his website at www.damonmoneycoach.com)
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