The Definition of Wealth
Things I've heard others define wealth as freedom, time, opportunity, not worrying about bills, setting bills on auto payment, being rich, living a lavish or luxury lifestyle, a state of mind, health, and the list goes on.
The dictionary defines wealth as an abundance of valuable possessions or money. The state of being rich; material prosperity.Plentiful supplies of a particular resource.
Wikipedia defines wealth as the abundance of valuable financial assets or physical possessions that can be converted into a form that can be used for transactions.
Investopedia defines wealth as Wealth measures the value of all the assets of worth owned by a person, community, company, or country
So the numbers part of me wondered if someone dared to define the amount to be wealthy. And sure enough, this is a recent statistic I found. Most Americans say that to be considered “wealthy” in the U.S. in 2021, you need to have a net worth of nearly $2 million — $1.9 million to be exact. That's less than the net worth of $2.6 million Americans cited as the threshold to be considered wealthy in 2020, according to Schwab's 2021 Modern Wealth Survey.
My definition of wealth is: having financial security, a prosperity mindset, increasing my self-worth, and the ability to create experiences. The ability to fully experience life.
In the early 2000s, I was broke as hell, a newly single mom to an infant son, I was over my head in damn near every area of life. With the ability to financially restart by filing bankruptcy, I got to the point of being able to pay my bills in full and on time, which was wealthy to me. Then I achieve the goal of being able to save and keep money, I thought I was rich AF. Wealth to me became financial security. Then I created a business that wasn't profitable. Back to square one, my 9-5 funded that business for over 2 years with no profit. Then almost overnight, it became profitable enough to allow me to quit my full-time job because I'd exceeded what I was making there. My definition evolved again to financially stability.
My lifestyle began to change and I wanted a business model to support that, so my definition of wealth evolved again to encompass time freedom. I became strategic in how I spent money, I began to live my life as a business. I stopped just traveling for enjoyment and to turn up but for networking, collaborations, VIP days, with the bonus of relaxation and resetting my mind and body. I added create new experiences and opportunities to my definition.
My definition of wealth has evolved as I have and the quality of life that I want to achieve. I now have a life and business that I’m falling in love with by my own terms.
So based on the season you’re in, how are you defining wealth?
Takisha
