what is "wealth"?

Postby zippyflounder » January 18th, 2013, 3:22 pm


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Saw this over at the business insider, struck a cord, how do you define "wealth"?

"So here it is, my definition of wealthy: If you have enough assets plus passive income to cover your personal lifestyle expenses for the rest of your life, and that money allows you to work at something you love – without concern for the amount of compensation – then you are wealthy."

Read more: http://www.bankers-anonymous.com/blog/w ... z2IMPVILpl

Re: what is "wealth"?

Postby Greenman » January 18th, 2013, 3:46 pm

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Certainly not in monetary terms.

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Re: what is "wealth"?

Postby Cameron » January 18th, 2013, 3:48 pm

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Wealth and wealthy are two different things. Although I'd submit that most people who don't think they are wealthy, really are.

Wealth to me is value. Everyone has some of it. It may be a person, a skill, a talent, a thing, a technology, a service, etc.

I definitely agree that your philosophical approach makes the definition akin to 'happiness,' which I think is a good way to look at it. Happiness definitely has a lot to do with attitude and a decision to be content. I personally love design and awesome stuff, but I don't know if they make me 'happy' per se. I'd say they give me pleasure, which I think is something different. However, I would say that design, or the process of creation, makes me truly happy.
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Re: what is "wealth"?

Postby jon_winebrenner » January 18th, 2013, 4:00 pm

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Cameron wrote:or the process of creation, makes me truly happy.


This is something I have figured out lately for myself. Something that's been missing.

It's kind of like Hugh McLeod's S3x & Cash Theory: http://gapingvoid.com/2004/03/25/the-sex-cash-theory/

Re: what is "wealth"?

Postby zippyflounder » January 18th, 2013, 4:36 pm


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Cameron wrote:Wealth and wealthy are two different things. Although I'd submit that most people who don't think they are wealthy, really are.

Wealth to me is value. Everyone has some of it. It may be a person, a skill, a talent, a thing, a technology, a service, etc.

I definitely agree that your philosophical approach makes the definition akin to 'happiness,' which I think is a good way to look at it. Happiness definitely has a lot to do with attitude and a decision to be content. I personally love design and awesome stuff, but I don't know if they make me 'happy' per se. I'd say they give me pleasure, which I think is something different. However, I would say that design, or the process of creation, makes me truly happy.


Ok, (in my walter bishop voice) what makes me happy is bright shinny object that dance and sing . That and pudding pops. :lol:

Re: what is "wealth"?

Postby jon_winebrenner » January 18th, 2013, 5:12 pm

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Seems we're not the only ones pondering this today:

http://www.theverge.com/2013/1/17/38852 ... aul-miller

Re: what is "wealth"?

Postby Mr-914 » January 18th, 2013, 11:20 pm

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Wealth is accumulated social power.
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Re: what is "wealth"?

Postby yo » January 18th, 2013, 11:56 pm

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For me, simply put, wealth is being able to do what I feel I need/want to do with a minimum of fuss. So, in that definition, limiting and eliminating needs/wants increases wealth as much as increasing earnings and position does.

Re: what is "wealth"?

Postby johnmansfield » April 15th, 2013, 6:28 am


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Having a saturated amount of an object or feeling that leads you to feel satisfied and accomplished. This will very from person to person. For some money, for others love. But so long as that person has a sense that their comforted desires are overflowing than they are indeed a wealthy person.

Re: what is "wealth"?

Postby Generatewhatsnext » April 15th, 2013, 7:52 am

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I've always considered wealth to be a generic term for excess...ie, having more of any given thing than what is needed to comfortably subsist in your culture/society.
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Re: what is "wealth"?

Postby iab » April 15th, 2013, 8:23 am


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Wealth and asset can be used interchangeably, atmo.

Wealthy is a highly subjective term. For me, its $300MM in assets and $30MM annual income. Someone in China, for example, may think otherwise.

Re: what is "wealth"?

Postby Stuffed Vulture » April 15th, 2013, 9:22 am


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Not that subjective.

Your income in a global context? Try this: http://globalrichlist.com

Re: what is "wealth"?

Postby Liam Carter-Hawkins » April 15th, 2013, 11:37 am


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Wealth = 3 F's

Family
Freedom
Fitness

I guess money could only come into the freedom part, the freedom to do as you please when you please.

Re: what is "wealth"?

Postby jon_winebrenner » April 15th, 2013, 1:31 pm

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Stuffed Vulture wrote:Not that subjective.

Your income in a global context? Try this: http://globalrichlist.com


It's absolutely subjective...especially in context to the link you provide. The "global rich list" is motivated solely to try and make me feel guilty for being where I am at in the world and "donating" my "excess" money to causes that they feel are worthy of my "donations".

I see nothing objective about that link at all aside from placing a ranking on where I MAY stand in relation to the rest of the population when it comes to my annual salary.

Re: what is "wealth"?

Postby iab » April 15th, 2013, 3:21 pm


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jon_winebrenner wrote:
Stuffed Vulture wrote:Not that subjective.

Your income in a global context? Try this: http://globalrichlist.com


It's absolutely subjective...especially in context to the link you provide. The "global rich list" is motivated solely to try and make me feel guilty for being where I am at in the world and "donating" my "excess" money to causes that they feel are worthy of my "donations".

I see nothing objective about that link at all aside from placing a ranking on where I MAY stand in relation to the rest of the population when it comes to my annual salary.


Totally agree.

I can even make the case that Bill Gates is NOT wealthy. I'll wager any amount that the Bill and Melinda Gates Foundation does not have enough wealth to fulfill everything they would want to do with the foundation. And since it is Bill's goal to give all of his wealth to the foundation and it's still not enough, he would not be wealthy.

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