How You Measure Wealth

I heard this saying the other day and thought it was interesting:

You measure your wealth based on things you wouldn't trade for money (good health, great relationships, etc.)

It's an interesting concept -- and the same reason I started my "More Important than Money Category."

What's your take? Is this a good saying, bad saying, or somewhere in between?

Comments

[Phillip]

I think the statement is largely true, but not until you reach a certain level of financial success. It is hard to see yourself as successful until you can provide you and your family the basics of life, as well as a level of comfort beyond the "needs", providing some "wants". If you can never buy a new car, or go on vacation, or splurge on a nice meal out, I think most people would not view themselves as successful.

[Todd]

I think it's a great saying. It is a reminder that we should not get too attached to our possessions. They can disappear in a flash and without those other things all the financial wealth in the world won't fulfill you.

[Plex]

Without a doubt the thing I consider to be not worth trading for money is retirement time.

It is a bit paradoxical though, in order to obtain retirement time, I have to give up my time to work. All I have control over is to reduce the time I will have to work by keeping my expenses low ($9k/year), my income high ($60K/year and it will soon be $135k/year), and to invest as intelligently as possible (setting an appropriate asset allocation plan and sticking too it).

Obviously though, it is very important to not exchange something you would not ever want to give up with something else you would never want to give up (such as overworking yourself and giving up your health) (or not spending time with your family and/or failing to develop meaningful relationships with others)

Life is one big balancing scale of Things You Do Not Want to Give Up. The key is to keep them balanced, and it is a task that never ends.

[Jo]

Plex: Did I read that right? You only spend $750/month and save/invest $30,000+ a year (figuring taxes, etc). If so that's amazing!

[Jo]

I agree that is important to look outside of money for a true sense of wealth. The 'wealthiest' people I know live happily in the Andes mountains of Peru, with very little to their name.

But I do agree with Phillip it is hard to see yourself as a success if you barely or can't afford the basics and/or can't ever take a break or have something new.

It is a good saying to keep in mind so one doesn't get caught up in all the hype and lies that the world can feed us.

[Moneymonk]

agree

money comes and goes. You can always make it up. Great relationships are hard to come by

[Anom]

I think the problem with material possessions is people always want more.

You start with a used neon, and you are happy. But then you want more.

So you go and get a new civic, and you are happy. But then you want more.

So after a few years you upgrade to a new maxima, and you are happy. But then you want more.

Now all of a sudden you need a Lexus is300 to be happy. And you are, for a little. But then you see your neighbor with the brand new Lexus is350.

So what brand new toy can we find now?

[Bob]

We have been retired for some years. We travel and rent for three months at a time, carrying only what we can in our car. If our house was destroyed while we are gone the only thing that I would truly miss would be our photo albums, not that I look at them all that often. But I guess it is one thing that we could not replace.

Friends and family mean the most when you get down to it. Money comes and goes, what it buys comes and goes but friends and family you can always have.

Bob

[poor boomer]

Re: Plex: Did I read that right? You only spend $750/month and save/invest $30,000+ a year (figuring taxes, etc). If so that's amazing!

I only spend $750/month and cannot save a dime.

[Mark]

This is an interesting concept! There are things that I would not trade, sell swop or barter. You cannot put a value on the things I prize like my children, my friends, my health, my wife, my relationships and even my grumpy friends. To me they are all priceless, not for sale and they all make my life the richer and have all been nurtured. There are some things money just cannot buy and some rich people are rich in money but poor in friends, children and relationships! I think that saying has hit the nail on the head.

[whatever you choose to call me sir]

Not that I love Suze Orman but I thing she might have the basics right.
People first, then money, then things.

[Art]

Yes, I believe that wealth does not mean abundance of money alone, it resonates many things like faith, persistence, health, relationships and enthusiasm. What would happen even you have unlimited money but your health is frail? It is like winning the battle but you loss the war.