The Nature of True Wealth

AmericanFurryBoy

I guess I could agree with you on that one.

MayCaesar

I see everything as an asset, hence having some value that can be expressed in the currency equivalent. For example, time is a very valuable asset. Time can be spent working and earning money. Time can be spent developing one's skills or doing other activities that will later bring more money. Time can be spent on hobbies or other enjoyable activities, the enjoyment from which has a value (people pay money to watch movies, for example). Time can be spent on developing skills that later will bring a lot of enjoyment, which has a value. Time can be wasted doing nothing, losing the value that could otherwise be bought for it. Time can also have a negative value, when the person, for example, is having a root canal done by an unskilled doctor, and the longer the procedure lasts, the more the person suffers.

The true wealth of the individual, in my eyes, is the combination of all their assets expressed in some equivalent, for example, the US dollars. It may be hard to calculate that value, but it can be very roughly assessed all the same.

Is a person who doesn't have much money, but who is extremely happy all the time, loves their job, has a lot of awesome hobbies, is very fulfilled in their personal life, etc. - more or less wealthy, than a person with a billion dollars in the bank, who is a psychological wreck and is about to end their life? Of course. In terms of raw money, the latter person is wealthier, but in terms of the total value of all assets, the former wins by a large margin.

All that said, monetary wealth is one of the best pathways for happiness. When you have money, you have opportunities. If you love travelling, then having a lot of money lets you purchase any tickets, get anywhere you want quickly. If you love playing guitar, then having a lot of money gets you the best guitar available on the market, it lets you buy your way into a jamming session with your favourite musician, and it gets you the best seats on the guitar concerts. If you love a person, then having a lot of money guarantees that one of the greatest relationship breakers - financial issues - will not be a factor, and your love will be more formidable, harder to break.

I do believe that financially a very poor person can be very wealthy in terms of the net wealth of their assets - but it is very rare, and probably would not work for the vast majority of people. I know that I personally need, at least a few thousands dollars a month to not fill held back by my finances on the way towards my self-realization. I am not demanding, but I do have some minimal standards, and, say, living the material life of the average Indian or Chinese person simply wouldn't work for me. As long as I live in a First World country and have $4-5,000 to spend every month, my financial preferences are fulfilled and I can focus my attention on other things. Until then, a part of my time will necessarily be invested into increasing my income.