What is wealth?
What do you think "wealth" is? Do you think we make decisions based on what makes us and our community wealthy? How do you see this changing in the future?
Good Answers (22)
Matt W.
Senior Staff Scientist at Pall Corporation
Best Answers in: Wealth Management (1), Green Business (1)
1) What do you think "wealth" is?
I think the broadest, most common, historical definition of wealth is "the amount of well-being possessed by an entity". The "entity" can be either a person or something communal like a "nation" or a "corporation". "Amount of well-being" has been measured on both external/physical/objective dimensions (goods, material resources, physical health, money) and/or internal/mental/subjective dimensions (happiness, joy, information, knowledge).
2) Do you think we make decisions based on what makes us and our community wealthy?
In short, yes and no.
I'm pretty sure that there's a lot of good peer-reviewed data out there from psychology, economics, and anthropology which show that sometimes we make decisions based on what we think will improve the well-being (and, hence, wealth) of us/our family/our community. But oftentimes well-being never enters into our decision making process. And, even when we do think about well-being, we often make the wrong choices.
3) How do you see this changing in the future?
I don't see it changing in any substantial way, at least not in the medium term (<50 years).
I believe as a group, we'll continue to be the same flawed, confused, largely hardwired creatures we've been for the last 200,000 years or so. We'll continue to confuse material wealth with true well-being (choose the "candy" over the "gold"). Although, I also believe some individuals can and will become more enlightened.
As a community, perhaps we will make some slow progress. Over the centuries, in what appears to be in a reasonably sustainable manner, we have managed to make slavery substantially less practiced and significantly broadened voting rights (among other good achievement). So, maybe, over time, we'll continue this trend and make our societies a little more just and wise and have a broader, more thoughtful, more nuanced take on "wealth" I wouldn't hold my breadth, though.
Joyce M.
CURATing, CSSing and RSSing Alot of Stuff
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It's a state of mind.
ilangovan P.
Consultant at University (in Cbe)
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In the recalcitrant present, where the world isn't doing everything to promote globalization: Wealth is getting people in remote locations to do things and carry out services so people in such countries can figure out how to live it up when they have "free time" :-)
In an actually globalized future: Wealth is when people either from remote locations or from closer home cooperate with each other to produce things and services in cost-effective and environmentally conscious ways.
My two cents' worth...
Ilangovan (Mr)
Ramesh K.
CTO & Human Search Engine
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Wealth is what you have in plenty.
It may be cash or knowledge. Knowledge brings wealth in cash! ( Many times your knowledge brings wealth to your Boss :-)
They also say Health is wealth.
it is not necessary that all decisions lead to wealth.
In general terms wealth is 'cah' and wealth creation is an ongoing process. Once you make the community aware of good health and guide them to make money, you may have achieved a great goal.
Macro finance schemes are introduced in rural areas to make the rural population belive that they can become entrepreneurs in their own way. Things like these are great initiatives.
Ramesh
The Human Search Engine
Chris M.
Financial Architect - Freedom Fast Track
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Wealth is being abundant in all areas of your life by always striving for excellence in those areas - a constant state of progression. One could be completely broke financially and be wealthy because they are in a state of mind and being that can eventually help them have abundance financially too.
I believe we make decisions based on "what we believe" will make us and, potentially others, wealthy. I see a greater sense of community increasing over the next decade or so. I sense a civic mindset that many are wanting to connect and band together to make our lives collectively better. You will see less individualism because it is not about "me" but about what I have to offer others.
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Judy B. M.
Business WRITER | Editor | Blogger | Strategic MARKETING COMMUNICATIONS | B2B | Web Content Creator | BusDev
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Wealth in the context of community is reliant to a large degree on taxpayer-funded social programs, a government that uses its tax dollars wisely to build infrastructure of benefit to everyone, corporations that invest in the communities in which their employees live, work and do business, and the volunteer and fundraising efforts of individuals and groups dedicated to promoting social responsibility.
John P.
Head of Corporate Sales - AllStar
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Hi Jessica,
I believe wealth is having more than you need, such that you can afford to give to others from your own resources.
Dylan R.
CERTIFIED FINANCIAL PLANNER™ professional, Accredited Financial Counselor with an Hourly, Fee-Only private practice
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Wealth is not about having more; it's about needing less. I think a lot of decisions are based in the pursuit of "more." Once we achieve more, more becomes "some," and we once again seek more. Never actually getting there.
Having time for friends and family (quantity and quality time). Time to find, prepare, and enjoy great food. Time for exercise and meditation. Being able to financially support one's passion (work that matters), able to afford support for the important projects of others (creating a better world). A comfortable living space. Not being burdened by financial worries (able to keep financial commitments to others). Interestingly, I know more people in their 20s living on a shoestring who have this kind of wealth than people in the later generations who are struggling to attain a different kind of wealth for different reasons. This is my off-the-cutt response and sure I will have more refinement of my defintion upon reflection. Thank you for asking, Jessica!
James C B.
JCB Capital Performance - Personal Wealth Management, Asset Manager, Financial Planner, Wealth Adviser
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Hi Jessica,
Wealth is a relative matter - generally in comparison to another person's...
JC Brandon
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Mary L.
Relocation Services | Moving Links 4 You | ReloMary | USA
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Hi Jessica,
I think a lot of folks got confused when the money was rolling in a few years ago - that wealth was about money. And then it stopped and everyone had to adjust to realizing that wealth is really about something completely different...
For me, it is about good relationships starting with family and friends...
Cheers,
ReloMary
Links:
Wealth is what people want, beyond basic needs. It is that which improves quality of life.
We make decisions in large part based on what we want, yes.
I don't expect these fundamentals will ever change.
Wealth has almost nothing to do with money or possessions. In fact I believe it is safe to say that true wealth is almost perfectly opposite from the misleading drivel we are all exposed to in broadcast media these days. Seems their constant prodding for us to "keep up with the Jones" only propels us further in the wrong direction.
Think of how many people you may have met who have many material blessing but are - at their core - fundamentally unhappy people. I believe most of them might think that increased happiness or joyfulness (quite different) would offer a higher level of wealth.
My work takes me to disasters and humanitarian crisis zones all over the world, most often in developing countries. I have always found it interesting that some of the happiest and wisest people I have ever met live in little grass huts in deplorable poverty. This is not to say that there is something about poverty that is good or that I think everyone should live in grass huts (I know I don't want to). However there is something interesting to learn from these people.
Most of these people live in areas where death and suffering is an ever present daily reality. Likewise the simple things in life, like food, water, shelter and family, are of the utmost concern. As such these people respect and appreciate the gift that "IS" today. For none of us know with any certainty how many tomorrows we will have.
Ok, so now to finally get to my point. True wealth is not what car, what jewelry or the square footage of our home or in what neighborhood it is located. true wealth is the things no money can buy. It is loved ones. It is friends that are there for you. It is helping others in their time of need. It is going to sleep at night knowing you have done what is right and having a clear conscience.
Do you think we make decisions based on what makes us and our community wealthy? That depends entirely on what you see as wealth. The best way to increase the wealth of your community is to share your wealth with them. Not necessarily money, but also love, concern, empathy and human engagement. Sometimes that can be in the form of money, more often it can be just in the form of showing you care.
How do I see this changing in the future? The depends a lot on how much we mindlessly accept the misleading images shared in our media, how much we continue to buy into the misleading concept of "political correctness" and how much we focus on ourselves instead of others.
Here's wishing you GREAT “TRUE” WEALTH!
Randy Roberson
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Bill N.
Content Creator and Technical Writer
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That's a good one. Is this related to 'prosperity' I wonder? I guess they are synonymous. Not sure.
I think that sometimes an awareness of the greater good (family, community, other group) can inspire our decision one way or the other.
I think that the relative value of community awareness and solidarity vary with the economic climate and with the nationality of the group under discussion, but the ability to use an extensive network can be very important.
Frank F.
►CEO/Bd Director ►IT Governance Advisor ►Future-Proof Strategy ►Keynotes ►Inno-Change ►Social Media Mktg ►China Advisor
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All the wealth ever created has come from ideas,
i.e., from inventions/innovations which enhanced
productivity to allow us to do more with less.
During eras of irrational exuberance and false
economic booms, people fall into the trap of
thinking that wealth can be created by inventing
and trading, for example, lunatic derivatives that
bear no relation to their underlying asset value.
Wealth has to be earned, not created from some
mathematical formula.
The crash of the debt-based financial system
will change attitudes about money and wealth.
There will be a "depression era" mentality of
frugality that will last a generation or more.
There will be a rethinking of what quality of
life means versus quantity of life.
Dave M.
Professional trade show booth traffic builder and party entertainer. Corporate and private sector events.
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"It's a wonderful life" with Jimmy Stewart:
"Atta Boy Clarence"
Heidi T.
Editor at Wordsmith Pros
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Wealth is an illusion. What is important is having enough food, clothing, shelter and heat to get through the winter and money to pay for things.
Daniel K.
Executive Vice President / Controller at Shuter Industry Co., Ltd
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Two most important things in life can be considered to be WEALTH and it is free....HEALTH & TIME. If you don't have good health nothing worth mention, If you have health but no time, life is meaningless, with money, you can't buy time and health.Imaging you are too busy making money, would you be having a good dinner with your loved ones??? Making you life interesting with good health and quality time, is what's all about.
Rich H.
Solid experienced Commercial Litigator - NYC - www.litigatelaw.com
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I think wealth comes from the word "weal" meaning well being, as in the Commonwealth of Massachusetts and Pennsylvania.
I think the Beatles do well with the yin yang of it: "Money Can't Buy Me Love" and "Money" (the best things in life are free but you can give 'em to the birds and bees" - not an original song by them).
I disagree with an earlier comment about derivatives. I think there will always be people trying to make as much as possible as quick as possible and way ahead of the legal system regardless of public reaction and new legislation - the crooks are always way ahead of the system in manipulating it and getting around it and three years later pleading innocence to their actions when they (in the minority) are caught.
What an appropriate question. Real wealth is to be rooted in "expectation"--not necessarily money, valuables, or belongings? Expectation? People in the US have such high expectations. Think about it: wealth to most Americans is likely emulated by sports stars, big cars, and the mansion--often new, upper middle class, first generation mini-wealth. The old money, Rockefeller wealth is probably unfathomable.
As Americans, we make EVERY decision based upon how we can fulfill or show we're "Movin' On Up"--even when it's a lie, or if that "wealth" is a complete fabrication. How will it look to others? Will we look like we have power? Money? Do we look like Rockefellers (P-Diddy???) nearing the ultimate American Dream?
The future is not bright here. Worldwide valuation of "superimposed wealth" (e.g. designer labeling) shows no sign of lessening. China's youth--many the first generation benefiting from capitalism--are consuming high-end goods and McMansions just like their American counterparts.
I have to have hope, though (or crawl into a grave early), that as Americans we see our wealth comes from non-monetary sources: social freedom, natural resources, and an uncommon history. Expectations have to become realistic in order to balance many social and environmental issues.
Josia N.
International Consultant
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Hi Jessica,
"Wealth" in the future will be how aligned you are with nature. Meaning instead of us worshipping the takers, in tomorrow's corrected society we will start worshipping the givers.
Great question!
You can follow me on Twitter for more @josia
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Catherine W.
Training Developer, Training Program Manager, & Instructional Designer for Recruiters & Staffing Pros!
I recommend you read Deep Economy by Bill McKibben. http://www.billmckibben.com/. It asks exactly the question you are asking and discusses what we can do now that we live in an age where "more" is not necessarily "better." Great book.
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More Answers (6)
Maureen S.
Sharib - Telephone Names Sourcer/MagicMethod Trainer
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Interesting question.
Indira C.
Banking Professional
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Wealth is that UNSPENT money that could be used as a tag to be called WEALTHY....
ocean of knowledge. business acumen. adroit execution. precise planning and scores of things are wealth of our humanity other than money.
