A few weeks ago UBS Investor Watch had a survey of over 4000 of its members, many of whom have a worth of more than $5 million. To me, the main finding of the report (as told by NBC Today), was that the group thought that one had to make a lot more than $1 million in order to be considered worthy.
Sigh.
It gets worse, to me—-check out this quote: “Half of the respondents said that, more broadly, being wealthy means having “no financial constraints on activities.” Only 16 percent said it meant “surpassing a certain asset threshold” and 10 percent said it means “not having to work again.””
Really? I mean, sure, I can see the point of that, and I would basically agree that one is wealthy if they don’t have any constraints on activities. Yet, how could someone with a worth of $1 million have any constraints on their activities? OK, I suppose it is possible that these people have a net worth, and that perhaps through careful saving. Maybe they are people only making $50,000 a year, but are very frugal as well as very good investors. If that is the case, then I will withhold my censure.
My frustration, as I wrote about 2 years ago in a 2 part series about the wealth of Tiger Woods (Part 1, Part 2), is that there is a huge, growing disconnect between Americans, wealth and consumerism. If someone who has $1 million, or worse, someone making $1 million a year (or heck, even someone who clears $100,000 a year), does not believe they are wealthy….if they don’t believe that they have no restraints on activities….that person is blind to their extreme wealth.
To be clear, I don’t have a problem with someone making a lot of money, to be wealthy. I know from my study of history, there will always be the wealthy and the poor. I accept that. What I don’t accept is that many currently wealthy people in the US do not seem to believe they are wealthy. That leads them to make mistakes with money, with their expectations of society. It also leads the entire consumer system into issues.
Well, what is true wealth anyway? As the school year inches closer, as many of you prepare to head back into college so that you can gain a degree in order to follow a career path, please remember what true wealth is. It is not in what we call money. It is rather in a life well-lived, and “well-lived” has nothing to do with money. This idea has been the theme of my life’s work for years. When I started up this current iteration of my writing, back in April 2009, I said it this way:
to live powerfully every day, pursuing dreams with an understanding that hard work is required. Above all else, I want you to see that true Success for Life is found in the journey. Live Well each day. One of my favorite posts is by Jonathon Swift when he said, “May you live every day of your life.”
You do that by spending time with others. You go there by helping someone less fortunate. You live well when you stay devoted to your friend, even when your friend hurts you in some way. You find true success when you help a child, smile at a stranger, share guidance to another, give of your time to someone you don’t know.
That is true wealth. And it’s not north of $1 million. Cash or money has nothing to do with it.