John Milton is quoted to have said "There is nothing that makes men rich and strong but that which they carry inside of them. True wealth is of the heart, not of the hand." How do you measure your wealth? Is it what you have or what you are? Your possessions or the value and contentment you derive from them? Is your wealth defined in ledgers or in terms of health, wellness, aptitudes, conscience, satisfaction, freedom or spirit? How wealthy would you still be in your personal definition if you were to suddenly lose a lot of money?
If these questions make you smile chances are you are much wealthier than you think you are. The following is a five step program from the Career Experts at Bayt.com to help you increase your wealth and wellness and determine your true net worth.
1. Measure your wealth holistically
Look at your wealth as a set of both tangibles and intangibles that you are completely in control of. Tangibles may include your net worth as stated on your bank statements and the value of your fixed assets including investments, homes, cars, furniture, art collections, jewelry, antiques etc. To these you can then choose to add a large number of crucial intangibles based on their relative importance and value to you.
These can include but are not limited to, health, family, friends, social standing, personal skills and aptitudes, free time, clear conscience, wealth of spirit, creativity, ability to pursue activities or hobbies you love, the freedom to travel, live and work where you choose etc. You will see that the intangibles and tangibles can complement each other but the non-monetary wealth variables are in and of themselves hugely influential in empowering a truly rich and fulfilling life.
2. Invest in Yourself
Once you have defined your wealth in broader parameters you can see how different variables influence others and you can decide where you would like to really invest. Remember personal wealth is a target you can fully control once you have determined how to approach your acquisition plan. Decide what special areas you would like to focus on immediately and approach them wholeheartedly.
You may find for instance that by tackling a severe weight problem you improve your wellness, fitness and health and also your stamina and productivity at work and consequently your monetary rewards. Another area you may want to focus on is skills acquisition. Run a personal inventory of skills you need to pursue the activities or work you love and take measures to improve areas of weakness and deficiency and perfect areas that could be further improved. Bear in mind that your skills are in many cases transferable and if properly nurtured and developed, will go a long way in making you more marketable in the workplace and more productive and prosperous.
3. Take a Long Term Approach to Your Investments
When investing in yourself invest for the long term. Remember learning should be treated as a lifelong endeavor as should the pursuit of other variables that affect your well-being including health, wellness, good family and community ties, social standing etc.
Choose where you would like to be 5, 10, 15 and 30 years down the road, feel the terrain in your mind’s eye and work towards that goal whatever that looks like and means to you. If it’s strictly an expensive large castle in a big city you dream of, you may want to start planning for the financial outlay you will need to live that lifestyle already and acquire any new soft or hard skills required to earn the requisite finances.
Plan early and plan smart. On the other hand it may be an abundance of free time you are targeting, to pursue relatively inexpensive hobbies such as painting, poetry and pottery. Or better health in which case you may be advised to pursue a less stressful career or adopt better lifestyle practices or move to a friendlier climate. It never hurts to take stock of where you are and where you would like to be in the long run and it’s never too early to start investing in yourself in order to achieve your goals.
4. Cut your Losses Where You Need To
The most successful people tell us the secret to success is not being afraid of failure. Stop and assess your situation regularly and often. If the path you are taking is not paying dividends in terms of your personal growth and wellness don’t be afraid to change course after carefully weighing pros and cons and assessing the potential risk-adjusted returns. It may be time to leave a job that has had you stuck in a rut for years, or to rapidly acquire the confidence, knowledge and skills you need to negotiate a better role or package or work environment.
Similarly a lifestyle that leaves you constantly depleted, drained and unhappy could probably use a little reinvigorating by focusing on areas you have neglected in the past and appreciating areas you may have taken for granted or under-appreciated.
5. Stop to Smell the Flowers
Free time and the freedom to spend it any way you like is a luxury many aspire to and few enjoy given the daily mental and physical demands and grind of the rat race. Make a conscious effort to stop and enjoy life’s quintessentially unique gifts and blessings regularly and often. Use these precious moments to genuinely bond with yourself and revisit your values and dreams as well as with family, friends, nature and the whole world around you. Don’t let these moments of well-being go unappreciated for what they are, moments of great personal wealth.
