Types of Wealth and How to Acquire Them

Wealth is about more than money and other assets. While many people want to gain financial wealth, there are other types of wealth that are very important in life. For instance, if you have financial wealth and you don’t have mental health, you can’t have a fulfilling life. As such, it is important to balance between the four types of wealth

In this article, we are going to look at the different types of wealth and how to acquire them.

Types of Wealth and How to Achieve Them

There are 4 types of wealth. They include:

  • Financial wealth - Money
  • Social wealth - Support
  • Time wealth - Freedom
  • Health wealth - Mental and Physical

1. Financial Wealth (Money)

When you hear wealth, money comes into your mind. Financial wealth is measured by how much money one has accumulated or the assets they have. There is a lot of pressure in the society to achieve financial wealth and this has a negative effect on the ability to achieve other types of wealth.

The financial type of wealth is what a majority of people are striving to achieve. That is why people want to get good and well-paying jobs. Some people get well-paying jobs and later realize that the jobs are too demanding and deprive them time to spend with their family and friends.

Some examples of financial wealth include:

  • Liquid cash
  • Bank balance
  • Physical assets
  • Investments
  • Net worth

How to Achieve Financial Wealth

To build financial wealth, you need to have financial literacy skills. You need to apply financial literacy principles like budgeting, saving, investing, and spending. You need to know how to balance all of them to build wealth. Learn about personal finance and how to build wealth through investments and debts

2. Social Wealth (Support)

The other type of wealth is social wealth. Human beings are social and emotional beings, making social wealth very crucial. Social wealth is created through connections and interactions with family, friends, and the community at large. People around you have an impact on your life depending on how they support you.

People around us impact our lives in different ways. Make sure to keep a network of people who give you ideas that can help you grow in all aspects of life. They should have positive influences. 

Some examples of social wealth include:

  • Family ties
  • Filial love
  • True and genuine friendships
  • Positive interactions

How to Achieve Social Wealth

To build social wealth, you need to surround yourself with people who can impact your life positively. These are friends who can support you and help you grow. You need a genuine circle of people with good intentions at heart.

3. Time Wealth (Freedom)

Time wealth is having the freedom to spend your time. Unfortunately, many people overlook time wealth and instead work for more money by taking multiple jobs. Working for long hours deprives you social wealth. As such, you don’t get enough time to spend with your family and friends. Many people with demanding jobs lack time and social wealth. With time, it also robs them mental health.

The advantage of time wealth is that it allows you to pursue your passion in life. When you have free time, you are able to do the things that you love.

Examples of time wealth include:

How to Achieve Time Wealth

The best way to build time wealth is by creating multiple passive income sources. With passive income sources, you continue to make money while you sleep. You don’t have to continuously work to earn. Some of the best passive income ideas include rental income, blogging, and income-generating investments.

4. Health Wealth (Mental and Physical Health)

Health is wealth. Health is very critical in our lives. If you can have all the other types of wealth and miss on this one, it becomes much harder to live a fulfilled life. You need to be mentally and physically fit to achieve health wealth.

Examples of health wealth include:

  • Having enough sleep
  • Eating healthy food
  • Living a life with a purpose
  • Having positive thoughts
  • Exercising regularly

How to Achieve Health Wealth

One of the ways to achieve health wealth is by exercising, managing stress, meditating, having enough sleep, and eating healthy. Taking care of your mental and physical health helps to improve your well-being. When you have mental health, it becomes easier to manage anxiety and stress.

Summary of Types of Wealth and How to Acquire Them

There are 4 types of wealth and they are equally important in our lives. Society is putting too much pressure on financial wealth and misleading people not to achieve the other types of wealth. Don’t let society or your job rob your social wealth or time wealth. Time and health are equally important and you can’t live a fulfilling life without them.

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This article was updated on November 9, 2022

Vincent Nyoike

Vincent Nyoike is an experienced business consultant and financial analyst. He is a CPA and is currently pursuing a Master of Science in Finance and Accounting at JKUAT. He holds a B.Sc. in Applied Statistics from the University of Eldoret