‘He’s lost the lot.’
Money. Status. Family.
All gone.
The ‘he’ I refer to is a former acquaintance.
His all-too-predictable fall from grace has been the subject of (occasional) reporting by a capital city newspaper.
It makes for sad reading…on so many levels.
Here at The Daily Reckoning Australia, our primary focus is on wealth creation and retention.
Identifying opportunities and keeping you out of harm’s way. These twin tasks are the source of daily motivation for our editorial team.
Today, I’m taking the liberty to broaden the scope of our remit.
My former friend’s downfall has been a timely reminder to ask, ‘What’s the REAL wealth we are trying to create and retain?’.
What are your values systems?
What do you measure your self-worth against?
Is it money? Social status? Professional prestige?
If it is, the amateur psychologist within me suggests you’re going to live in a permanent state of unhappiness.
Through social circles and family associations, I’ve encountered people who (to varying degrees) covet money and position. At their core, they are not happy people.
Why?
Because someone always has more money than them and stands higher on the social ladder.
Envy is never far from the surface.
Whenever our paths do cross, I cannot help but feel sorry for them.
The words they use. The priorities they have.
These are all telltale signs of people who may have or have had money and crave status, but do not have REAL wealth.
If you want an extreme example of how the coveting of money and status can leave a legacy of misery, watch the Netflix documentary Ghislaine Maxwell: Filthy Rich.
The origin of wealth
The original meaning of ‘wealth’ actually had nothing to do with money or material possessions.
According to Google’s etymology (the study of the origin of words) guide:
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| Source: Google |
The word wealth was actually derived from a combination of ‘well’ and ‘health’.
Real and lasting wealth is measured by the health and well-being (physically, mentally, and spiritually) of ourselves and our loved ones.
Our lives are the sum total of the decisions we make.
At a conscious or subconscious level, our value systems drive the choices we make. If win/lose is your value system, then at times you may win, but ultimately, you will lose.
And the loss could be far greater than just material possessions…it could be love, respect, friendship, reputation, and/or freedom.
While the creation and retention of money is important, it really is only a small part of living a truly rich life…one built on values grounded in creating and nurturing REAL wealth.
From my life experience, these are the basics for crafting and cultivating a genuinely ‘wealthy’ life.
Communication
Open and honest dialogue is the cornerstone to a healthy, well-adjusted family, social, and business life.
Communication styles vary — some are chatty, others like to get to the point, some want more details than others — but what can NEVER vary is the transparency of the message.
When you are less than honest, you risk sowing the seeds of doubt.
And, when you open the door to doubt, it can lead to trust issues.
Trust
Trust is central to all human interaction.
We deposit money in the bank because we trust in the orderly operation of the banking system.
We buy property because we trust in the rule of law to enforce our right to the title.
Every time we fly, we put trust in the pilots to get us to our destination safely.
Without trust, the system grinds to a halt.
It’s no different in our life.
Any relationship that has ‘trust issues’ will never realise its full potential.
Conversely, where trust exists, people are generally eager to participate…giving of their time and sharing their ideas, energy, and knowledge. Helping each other be better versions of themselves.
Trust, or the lack of it, is the difference between standing united or falling divided.
Trust is the key to remaining united, which is why open and honest communication is absolutely critical.
Giving back
Humility is a real strength.
Ash Barty has it. Bernard Tomic doesn’t.
Giving back to society — be it in charitable donations, working pro bono, participating in fundraisers, giving your time to worthy causes — is not only good for the soul, but it makes you appreciate just how fortunate you are.
Through no fault of their own, some people have been dealt some extremely difficult cards in life. Knowing and appreciating how the ‘other half’ live and the daily struggles they face is truly humbling.
Never lose sight of what really matters in life…good health, the comfort of a home, and the support of a loving family, loyal friends, and colleagues.
The value of giving back to society is one way of hopefully keeping you and yours grounded and appreciative…not resentful, plotting, and vindictive.
Gratitude
There are many qualities we hope our loved ones develop…persistence, self-esteem, critical thinking.
However, in my opinion, the ‘attitude of gratitude’ is paramount.
That’s why giving back is so important.
With an attitude of ‘entitlement’ creeping into society, developing an attitude of gratitude is crucial.
Saying ‘please’ and ‘thank you’. Being appreciative of the efforts of others. Expressing gratitude for our daily blessings.
Several years ago, I started a daily ‘Gratitude List’…the little and big things I need to remind myself to be appreciative of.
As a constant reminder, the list starts with these quotes:
‘Enjoy the little things, for one day you may look back and realize they were the big things.’
Robert Brault
‘As we express our gratitude, we must never forget that the highest appreciation is not to utter words but to live by them.’
John F Kennedy
‘Reflect upon your present blessings, of which every man has plenty; not on your past misfortunes, of which all men have some.’
Charles Dickens
There are the obvious blessings for me to be thankful for…good marriage, our children, our financial position.
Then there are less obvious ones.
Like having the use of all my limbs, good nutrition, the sense of smell, clean bedding, running water, electricity, proper flooring, peace, access to a first-world health system.
There are so many things we take for granted and simply assume as a given.
But that’s not how it is in all parts of the world.
In some countries, people — who have feelings and emotions the same as you and I — are living in squalor and have a constant threat to their personal safety…think Ukraine.
We have so much to be grateful for…instilling an attitude of never taking what we’ve been blessed with for granted is one of the enduring gifts we can give to ourselves and our family.
And it’s important to remember, our family values are ‘caught not taught’.
Children (young and not so young) observe what we do daily…and, make no mistake, our actions speak far louder than our words.
Building a strong bond — developed on love, trust, mutual respect, humility, and gratitude — is the best chance we have of succeeding in our quest for a genuinely ‘wealthy’ family and a truly rich life.
During my professional and personal life, I’ve encountered plenty of dysfunctional families. Parents estranged from their children. Parents playing children off against each other. Bitter sibling rivalries. These families may have material possessions, but they do not have genuine family wealth.
Having lived long enough to appreciate the broader perspective of life, I can say with absolute confidence, the most rewarding investment you’ll ever make is in creating and nurturing true wealth.
Regards,
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Vern Gowdie,
Editor, The Daily Reckoning Australia
