What is ‘True Wealth’?

“I believe the key is being able to maximize wealth in both facets as much as possible without sacrificing one or the other too much.”

There is a standard definition of ‘wealth’ as a concept: An abundance of valuable possessions, money, or other resources to the degree that it causes prosperity. However, what is prosperity to you may not be prosperity to others. I like to think of wealth is not an abundance not just of material possessions or of money or of how much you can acquire but also how much you value what inherently belongs to you. What I mean by that is your time, your health, and your freedom. While building wealth is key to having success in life, there are other facets to wealth that we can neglect if you are not careful.

Wealth will come with sacrifices whether it is your time, your freedom, or your health as there are tradeoffs involved. You’ll find that to become more prosperous, you may have to sacrifice time, freedom, or health to build that wealth up whether in the form of money, resources, or material possessions. I believe the key is being able to maximize wealth in both facets as much as possible without sacrificing one or the other too much.

In order to gain more money, you may have to sacrifice your time in the sense that you exchange your time to earn money or you are not as free to do what you want each day because you have to work a job, grow your business, or learn new skills in order to earn the money to become wealthy. The same could be said of your health whereas you may have to sacrifice the time you could use to invest in your own health to build material or resource wealth with the time you put in to earn money or other assets. That time that could be used to be spent at the gym, on a run, going on a hike, or practicing a sport could go to your job or your business or investing into a new asset.

If you can find out what you truly value and what you want to maximize in terms of your wealth, make sure you prioritize it to have true wealth for you. For example, if fancy cars, big houses, and a lot of material possessions appeal to you, maybe you don’t mind putting a lot more time into working for that, putting your health on the backburner, and sacrificing certain freedoms to do what you must instead of what you want to. On the contrary, if you care less about possessions, material wealth, but still want to be comfortable in terms of money or investments, then maybe you can work less, focus on your health and free time more, and exercising more freedoms to do what you want with the extra time you have as a result.

You should decide what kind of wealth is best for you. What truly will make you happy, what you are passionate about in life, and what you want to get most out of life, you’ll be able to build that true wealth. I think the key for anyone is to maximize the 24 hours in a day, 7 days in a week as much as possible. If you can build your wealth passively to get some of your time back, that is a key advantage in my view to having true wealth too. When you can be financially successful by having multiple sources of income, multiple options to build wealth, and with some or a lot of autonomy in your work or business pursuits, that really can be an advantage in not only being successful but happy too.

Wealth is not just about being financially well off but also about being well off in other areas including health, time, and exercising freedom in what you do and how you do it. There is a distinct difference between someone who must rely on others for their wealth building and someone who is able to create their own opportunities or build their own means of wealth in a business, in real estate, or in investments that can create more freedoms rather than slowly eliminate them.

You can have as many possessions as possible, houses, cars, and money in the world but if you have no free time, no health, or no autonomy in what you do or how you earn that wealth, then you may need to reassess if that is the true wealth that you want out of life. I hope that you’ll rethink what wealth means to you because only you can decide what you would like to prioritize as you build it. You must consider that sacrifices will have to be made, that time, money, and health are all commodities that can be saved or lost depending on what you prioritize these days.

I only ask that you realize that having the freedom to do what you want and when you want is underrated. It is a form of wealth within itself along with keeping your health in good shape as long as possible even if you must sacrifice some time or freedom as a result. Consider that you can be very wealthy in the material sense but if you are unhealthy, working all the time, and have to answer to others in order to keep building that wealth, are you truly wealthy or is it only one kind of wealth that you have?

Think about what you are willing to sacrifice, what you are willing to earn, and how to passively build on the wealth you want to earn to save more time and freedoms that can be used for health, time spent with family and/or friends, or enjoying what the world has to offer outside of your own wealth building. Wealth takes many forms as I mentioned so remember that while we often think of money, cars, houses, and other assets, we should remember that wealth can be time spent away from an office to enjoy a vacation, wealth can be an extra hour in the day to use the gym or go for a hike, wealth can be starting businesses that matter to you with hours of work that you set for yourself and only you can hold yourself accountable for. Think about the wealth that you want to build throughout your life and how you want to make it work for you.

Restoring The Social Contract

“If everyone just decided to opt out, to not pay their share, to simply protect everything they have, not only would things generally decay quite quickly but the foundational trust that any society is built upon would crumble as well.”

When we are born, we start off with new responsibilities, commitments, or duties. We are purely helpless and rely on other people to assist us in everything from feeding ourselves to being clothed or to even how to be cleanly. Oftentimes, we rely on our first teachers and friends, our parents, to care for us. Of course, not everyone has the luxury to have both or one parent to care and nurture for them, which is why we rely on adoption, local and state services, and even foster care to make sure those who are young, vulnerable, and in need of care are provided for.

If you did not have parents around to guide and nurture you, it is likely that at one point or another, to prevent you from being hungry and homeless, you relied upon services provided by a local, state, or national government. In exchange for such services provided for in part or by whole by taxpayer funding, you would receive support as a child or teenager to receive public schooling, get publicly funded health care or subsidized health insurance to make it more affordable, and even food if you are able to get breakfast or lunch at no or low cost due to circumstances beyond your control. These different services, especially to the young, the poor, the homeless, or even the elderly are part of what I like to call the ‘social contract.’

By participating in the ‘social contract’, you receive certain necessities to live such as food, shelter, housing, and ideally, health care in exchange for later contributing back to the society either financially through taxes and even voluntarily through charitable donations, volunteering, or being active in the political process. The key thing to remember is that the better the taxpayer money is spent and the more accountable it is in those areas, the better those services will end up being.

Going back to the case of an orphaned or abandoned child, since their parent(s) were not there for them when they needed that love and care the most, who else should step in but society itself? Would it be better to abandon such a child to the streets or to an uncertain future to likely starve, to miss school, to be homeless, and to fall into despair or rather should we as a society remember that it could have been us in that situation as a child or a newborn and to ensure that the child will have the same opportunity or chance to succeed despite being born into uncertain circumstances?

Children or teenagers don’t pay taxes but by investing in them, we invest into the collective future of our society. Even if we use private health care, private schools, private roads, etc., the worse off the general society gets, everyone will be negatively affected by it even if those who are well off seek to shield them from such a deformed society. After using such services rather than not having had them at all, I find that it is much more likely that that child will grow a contributing adult to the general society rather than if we had not collectively invested in him or her at all.

Many such issues in adulthood involving joblessness, alcoholism, drug abuse, higher likelihood of prison can be avoided if there are safeguards in place because a home without parents can lead to a slippery slope of lack of opportunities and an eventual grim future if society through our provided services funded by each of us does not help to fill in the gap.

Now, that does not mean that personal responsibility should not be accounted for, and each person should work hard to achieve their goals and pursue opportunities if they put the effort in. You can’t just be given these services and expect them to give you an easy life. You still must be able to finish your schooling, find work in your field, and become part of the large pot of contributions that keep our society running. If everyone just decided to opt out, to not pay their share, to simply protect everything they have, not only would things generally decay quite quickly but the foundational trust that any society is built upon would crumble as well.

Any well-run society in any country always has two fundamental pillars going for it: accountability and trust. If you only have one and not the other, the society will be on shaky ground and be deteriorating in the other area after a while. If you lose both, the society will generally collapse until it can be built again after re-establishing at least one of these two fundamental tenets after it has taken hold in the general population again. Advanced societies are inherently fragile because if you can’t be held accountability regarding why certain services are not given when you believe you are paying a lot into the society and feel like you’re not getting much back in return that you can see, feel, touch, or enjoy, then there is a big issue at hand.

If there is no accountability given on behalf of those who provide such services like health, housing, defense, basic services such as water, energy, or even food production, then people will become increasingly distrustful of each other and seek to provide those services themselves outside of the state or society or focus on only having private means of acquiring such services, which due to the profit motive, may leave part of the society out in the dust if they cannot afford the private services and there are no public ones available as a substitute.

As U.S. Supreme Court Associate Justice Oliver Wendall Holmes Jr. once said about the means of taxation, “Taxes are what we pay for a civilized society.” As much as people will complain about their taxes, if we don’t have them, how else would we provide for clean water, clean air, reliable energy, good schools, safe streets, plentiful hospitals, etc.? The key idea to keep in mind is that if we don’t see our taxes going to these areas that improve upon society or advance it further for the well-being of the population, then there is a lack of accountability there that should be rectified.

Waste, fraud, and abuse of taxpayer money is a serious offense and so is an inability to break down for the taxpayer where their money goes to fund local, state, and national services year after year. Collectively, there should be a role in taxpayers demanding accountability from those in power to know where are taxpayer money is going, how can we make it more responsive to societal needs, and are we reaching enough of the population to justify the level of taxes we incur?

While it is seriously unlikely, we ever get a full accounting of where our tax money goes individually, it would improve the trust and accountability tenets of society to know which percentage of our taxes are spent on health care, housing, safety, defense, education, etc. and if we have that general idea, I do believe there would be more transparency to change those percentages at least at a local, state, or even national level to be more befitting with the priorities of the general public.

If we see that millions of people do not have access to public or private health care, perhaps our societal priorities can change to accommodate for that in the general contract. If we believe that economically, our roads, bridges, tunnels, airports, and public transit are not enough to compete in the 21st century, that should change the calculations. If our schools are crumbling, our teachers are underpaid, and the schoolchildren with parents or no parents are growing hungry there because there is no free lunch or breakfast accommodated for, that should change the calculations.

These are all good examples of how our general societal contract can be expanded and adapted to. Everybody, regardless of their social class or economic upbringing should have basic dignity afforded to them. I believe that social contract needs to be upheld especially if we are paying into it but not getting enough out of it in exchange. When health care, housing, food, and even school are considered luxuries rather than necessities, that contract is fraying and needs to be strengthened.

If our society becomes complacent and does not allow for such public services including health care and housing to care for all, either it will be privatized or it will vanish from being accounted for. We should begin to account for the societal contract where if you work hard, play by the rules, pay your share, and invest back into your community and country, you should get back what you put in especially if you need a leg up when you fall on hard times. Public necessities like education, health care, housing, and good public transit should not at all be considered luxuries.

We should believe it to be absolutely absurd to hear about people with two jobs not able to afford housing, two hard working parents not able to afford to send their children to publicly funded colleges and universities, or even going bankrupt because you have taken on too much medical debt. The societal contract we pay into and hope to receive back in return is fraying when that becomes not only common place in the society but accepted by the population. There should be push back in terms of accepting that kind of contract, which has to be either rewritten or redone entirely.

U.S. President Franklin D. Roosevelt delivered a speech on January 6th, 1941, titled the “Four Freedoms” speech. It addressed what should be what we would consider common sense for a social contract to be based on but during the era of Nazism, fascism, and totalitarianism on the march, it was a key historic event where he lined out what people around the world regardless of birthplace, creed, ethnicity, and background should be born with. They are the freedom of speech, freedom of worship, freedom from want, freedom from fear. Without addressing the whole of human needs from birth, Roosevelt argued that the general society in the United States and in countries around the globe would be worse off.

While FDR did not specifically mention health care, housing, education, or infrastructure in his speech, it can be inferred that economic security made up the ‘freedom from want’ part of the four freedoms. If we do not have a roof over our head, food in our belly, medicine, and care when we get sick, or school / work to give us opportunities to afford such needs as we age then general insecurity and the society itself will fray as a result.

Roosevelt understood that if the social contract does not include the four freedoms or the additional needs encompassed within these four freedoms of humanity, then our societies and the world at large will fall victim to another war, another depression, or general malaise and misery. FDR may have given this speech on the ‘Four Freedoms’ over eighty years ago but his words and his call to action remain as ever necessary in our society today. If there is a child without parents, we must be there to provide and care for his or her future, if a teenager can’t find work, we must provide that community college or technical education to give him an opportunity to succeed, and if that man or woman can’t find a way to get health care when they get sick and are in between jobs, we must step in to fill the void.

Simply put, the social contract is what we decide it is if we work together and find common ground on where it’s lacking based on what we pay into it and how we implement it to see the benefits of what comes out the other end. There is no doubt in my view that the four freedoms of FDR should be upheld and strengthened, especially around economic security or the ‘freedom from want’, which would eventually ensure that more and more of the general population would have the means to pursue their dreams, to be better able to succeed, thrive, and live their lives to the fullest extent.