What Does True Wealth Look Like?
Written by: Martin Shields, CFP®, AIF®
When most people think of wealth, they often picture one thing: financial prosperity—the state of being rich. While this definition works, it’s quite limited. It overlooks other important aspects of life that can be just as valuable, if not more so, than money.
I prefer a broader definition of wealth: "a plentiful supply of something desirable." This definition helps my clients see beyond just finances and focus on what truly matters in life. These conversations often reveal that financial riches are just one part of the equation.
The graphic below* provides a visual representation of what truly adds value to our lives. In this perspective, financial wealth falls under the category of Options—not because having a large portfolio itself brings joy, but because the choices and opportunities it provides add real value.
At Bouchey Financial Group, our motto is simple: Health, Wealth, For Life. Younger people tend to focus on financial wealth, but as they near retirement, they begin to value time, health, and relationships more. This shift in thinking helps reduce anxiety tied to money and encourages gratitude for the real wealth in life.
Let’s break down the four key components that contribute to true wealth:
- Health
This includes your physical, mental, and spiritual well-being. As we grow older, many of us experience health scares that remind us of how precious life is. No matter how much money you have, it’s difficult to enjoy life if you’re not feeling well. Just as we work to build financial wealth, we must also strengthen our health in all its forms.
- Time
Busy executives, small business owners, and parents know how valuable every minute can be. Often, they’d pay handsomely for just one extra hour in the day. Time is a finite resource—be mindful of how you spend it. Make sure you’re investing your time wisely, in the people and things that matter most.
- Social Connections
Even the most independent people realize that relationships are the foundation of a rich life. The connections we share with family, friends, colleagues, and our communities add tremendous value. George Bailey in It’s a Wonderful Life is a great example: at the end of the movie, his brother calls him “the richest man in town”—not because of his bank account, but because of all the people who love him. (If you haven’t seen this classic, I highly recommend it!)
- Options
One of the most rewarding parts of my job is helping clients see that they’re financially secure and can start using their wealth to enhance their lives. The idea of spending instead of saving can feel daunting, but when you plan carefully, it becomes liberating. Financial wealth, when used wisely, opens doors to endless possibilities and experiences that bring joy and fulfillment.
Through financial planning, I’ve watched people shift from a narrow definition of wealth to this broader view. This mindset change can profoundly impact how they live and what they believe is possible.
Bouchey Financial Group has offices in Saratoga Springs and Historic Downtown Troy, NY as well as Boston, MA and Jupiter, FL.