When we think of wealth we usually define it in monetary terms. A wealthy person is seen as someone who possesses great material wealth, mainly in assets and cash.
But unbeknown to many research shows that families who have had continuous wealth for over more than 3 generations see it from 4 different perspectives:
- Self (human capital)
- Relationships (social capital)
- Values (cultural capital)
- Money (financial capital)
Most people only focus on the last category and think that they are not wealthy because they do not have an abundance of material possessions. But being wealthy also means having an abundance of valuable resources. And one of our greatest and most powerful resources is our mind – an asset that people usually fail to make use of.
In order to be a well-rounded wealthy person in all 4 categories we need to gain wisdom and use our wisdom to make smart decisions that result in favourable outcomes.
So what is wisdom and how do we gain it?
Wisdom is defined as ‘the quality of having experience, knowledge, and good judgement.’ When you mix this with intelligence and common sense it means that choices that are beneficial and productive will prevail.
Gaining wisdom is easier said than done because it usually requires reflecting on the past, thinking about the lessons learnt and how you can use these lessons going forward. We learn from experience.
I believe that we can gain a bank of wisdom by;
- Challenging ourselves & our beliefs
- Stepping outside of our comfort zones – being uncomfortable breeds growth
- Staying prepared – planning for the future is not something to shy away from
- Continuous learning – reading, watching videos, listening to podcasts and doing online courses are all ways to develop upon new and existing skills (both in the personal & the professional sense)
- Increasing our network and learning from both our peers and those with more experience than ourselves (again both in the personal & professional sense)
- Sharing our wisdom with others
If we choose to combine our potential with our wisdom, hard-work and determination, success is inevitable. We all want to be successful and I believe that true success comes through genuine happiness and being content with life.
Once you have the type of wealth that stems from wisdom you can convert this to create an abundance of valuable resources suitable to produce wealth in all 4 categories stated above.
So every time we think about how wealthy we are let’s remember that there is more than one wealth category.
Which category can you work on growing today?