wealth definition

‘The greatest wealth is health’

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Financial security simply refers to the peace of mind you feel when you have no money worries. That stage you get to and your source of income supersedes your expenses. It also means that you have enough money saved to cover emergencies and your future financial goals. When you are financially secure, your stress level goes down, leaving you free to focus on other issues.

Wealth creation however encompasses that stage of your life where you do not only have money to spend and keep but your lifestyle is stable, your health is good, you have peace with your maker and others. It is a whole life of goodness, so when you get to read my column here, don’t even think all we talk about is money and how to acquire more.

There is a popular saying that HEALTH IS WEALTH. This is because if you are unhealthy, money will not make sense to you until you get well.

From my study on the issue of health is wealth I came across the target study article, which explains further that ‘Health is Wealth’ is a proverb which means that state of well-being, free from disease or diseases, both physical and mental is indeed wealth. The Adage is an ancient one, as can be observed from a great Classical Roman Poet, Virgil’s (Publius Vergilius Maro) Saying – ‘The Greatest Wealth is Health’. Virgil is considered to have suffered bad health throughout his life and perhaps it is possible that the status of his health inspired him to introduce this proverb as a word of advice for the coming generations. Similarly, a Spanish Proverb goes like this – ‘A man who is too busy to take care of his health is like a mechanic too busy to take care of his tools.

For the majority of us ‘Wealth’ means having lots of money, a big piece of land, jewelry, cars,  houses, or any property which has the potential of having a monetary value in the market. This however limits the scope and vision of the term ‘Wealth’, though, in the conventional sense and dictionary definition, it is very much apt. But if we broaden our thinking and look beyond our limited vision towards ‘Wealth’, we will see and witness that, wealth is not just only what is being said about it.

To better understand this, let’s observe our own lives. We study at school, college or have a profession and the ‘Knowledge’ and ‘Experience’ gained in this environment is also a ‘Wealth’, though you cannot touch or feel it.

Moreover, you can also create more wealth with the application of ‘Unconventional Wealth’. Amongst various forms of such Unconventional Wealth comes ‘Health’ which is by far the most important wealth one can have, more or less at the same level as that of ‘Spiritual Health’. This brings into light, the fact that ‘Wealth’ is actually dependent and linked with ‘Health’ in more than one way.

It is however not wise to be ‘Unwealthy’ to be ‘Healthy’, i.e. don’t get obsessed with health to such an extent that it becomes a hindrance towards your productive capacity for wealth.  Health is as much wealth and an important one, whose value is comprehensible by those who actually consider it wealth and not just a fad. Those who are yet to realize this need to think harder.

Health is the foundation for other Wealth – Health and wealth are related in many ways.

Feeling financially safe entails knowing what your assets and liabilities are, as well as how your income compares to your expenses. If you aren’t tracking these, you might not know you’re struggling. For true financial safety, you need to consistently make a budget that addresses both your basic needs, such as food, clothing, and shelter, and your long-term goals, of paying down your debt, savings, and investment. As a woman, you should also include life insurance to cover your children’s well-being in case of death. Never depend on your partner for this. Truth be told, if you pass on before your husband or partner, I can tell you for free that no one can take care of your children as well as you would have done.

Your next assignment is to ensure you prioritize your long-term goals.

Make sure you’re setting aside money for long-term goals, like an education fund for your kids, a down payment for a future home or a retirement account for your golden years.

Build an emergency fund. Whether you call it an emergency account, or a rainy day fund, setting aside several months’ worth of living expenses is critical on your journey to wealth creation. That way, when something unexpected like a job loss, refrigerator breaking down, or a child having to go to the hospital pops up, you have the funds to deal with it rather than having to go into debt.

 

Track your expenses or spending.

Don’t just spend money, track it. The same way you track your journey when you travel. Become a “monitoring spirit” to your personal expenses.

At the end of every week, create time to check how you have spent your money. Then take some time to gather everything together at the end of the month. At my investment club, I help members to keep track on their expenses; and this has helped everyone to actually see where their money is going. The moment you are able to identify where your money goes; your money worries are half solved.

A greater percentage of the people I work with to track their expenses have discovered that they spend more on car maintenances, extended families, food, and impulse spending, to mention a few. This has now helped them to manage their money easier.

I once met someone who said she becomes terrified whenever she wants to track her expenses as such she has dumped that activity for the past 1 year.

Please don’t be afraid to track your expenses; though what you find out may sadden your heart if you have a bad spending habit, it however guides you on designing a better spending habit for yourself.

If you received my free financial planning template, you will be able to design a good spending habit for yourself on a regular basis.

Start this weekend and track your expenses.

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