Defining DifferentTypes ofWealthCanLead to a HappierLife - Home

Are you a wealthy person? Most of us will answer that question based on our own assessment of our finances.Forthe majority ofus, the definition of wealth equals one thing: money.But that definition may be far too narrow, and discovering thedifferent typesof wealth might help us all live happier and more fulfilling lives.Weencounteredthat ideaearlier this yearin a column written by reporterMiranda Levyin which she profiled a man wholeft a lucrative career to pursue a lifestyle centered around his family.Wereincluding a link tothe original article inThe Telegraph,a British site, but please note that an online account may berequiredto access thateditionof the article.

For that reason,werealsolinkingto the version that appeared onMSN.We should note that the subject of Levys profile, Sahil Bloom, has done quite well financially hedidntexactly choosethe type oflifestyle most of us might relate to.Yetwe thinkhis idea that wealth has at least five definitions has merit.Letsdive in.If Money Doesnt Buy Happiness, What Does?Levy begins by introducing us to Sahil Bloom, anIndian-Americanfinancierand former Stanford University athletewho stepped intoa luxury lifestyle ata relatively earlyage when he landed a six-figure salary at the age of 23, straight out of college.This led to the promise of millionsof dollarsfromcarriedinterest, a performance-based payreward, and the chance tolivelarge:expensive cars, international travel, and five-star hotels.But,Levy tells us, at age 30 Bloom pulled back.Something was missing.Indoctrinated to Follow the Traditional Path Toward WealthWhilemany of Blooms friends in childhood bore the markers of a wealthy lifestyle, such as private jets and personal chefs, he was raised by an Indian mother and Jewish-American fatherboth academicsand grew up comfortable but notexceptionallywell-off.He says,Growing up,Idbeen convinced that material wealth was thefast-track to a happy, stress-free life.

It was the way I had been programmed to measure success.He adds,I was indoctrinated.Ididnthave the time to question whether the definition of rich was the correct one.I thought my lifes goal was to find out what the wealthiest people did.Slowly, then all at once, he started to realize that he was on the wrong path.After a meeting with a friend an encounterthat henowcalls a gut punch(explained below)Bloom re-evaluatedhis circumstances,then quit his job.

Now, at 34, Bloom describes himself as an author, entrepreneur, and investor;his book,The 5 Types of Wealth: a Transformative Guide to DesignyourDream Life,waspublishedin early 2025.Abandoning the Single-Minded Pursuit of MoneyWhile working in financea joboftendemanding 80 to100 hoursa weekBloomcouldnteven enjoy his own wealth.It was more like money was a scoreboard, he says.Id sit on my net worth trackingapp, andsee the number going up and up.But this pursuit of money had consequences.When he and his wife, Elizabeth, started to talk about having kids, he wouldbalk:he worried that havingchildrenwould distract him from his work.His decision to walk away from thisgold-platedlifestylemet with mixed reactions.On paper, it made no sense, he says.

Almost everyonetold me I was crazy.My firm was supportive and kept me on as an adviser, but I was still turning my back on theenormous carriedinterest.My mentor told me: This will either work out or be the worst decision you have ever made.Thankfully,itdidturnout well.

Within two weeks of setting up their home on the east coast near his parents, Elizabeth was pregnant with their son (now two and ahalf).Bloom decided to concentrate the rest of his life and career onwhat matters most.Define theThings in Life That Make You HappyLevypoints out to Bloom thatthe idea that moneydoesntbuy happinessisntnew or groundbreaking.He agrees but saystheresmore to the equation.Absolutely: its not enough just to saythat,Bloomreplies.But what you can do is define how to measure the right things in your life that create happiness.

These are the things you can track.Bloom is aware of how this can come across from someone who has clearly made his own tidy sum of money.Of course, having a certain amount of money allows you to have choices, to take risks and have experiences, he says.Moneyisntnothing, but itcantbe the only thing.It is a tool, not the end goal.Idlove people to question their own definitions of a successful life.The following isBlooms list ofthe fivetypes of wealth.We think this is a thought-provoking list for all of us to ponder, especially retirees as they peer into an uncertain futureand ask, Am I wealthy?TimeWealth: HowManyOpportunitiesRemainto be with Loved Ones?As mentioned previously, Bloomsgut punchepiphanycame after he met up with a friend for dinner, almost four years ago.He asked me: how old are your parents? Did you know that if you only see them once a year, you are only going to see them 15 more times in your life? The fact that I could count this on my fingers and toes shook me to the core, he says.This conversation changed everything.I could see that my parents were already slowing down, he says.

SoI decided to take those 15 potential meetings and turn them into hundreds.Today,Bloomurges people to ponder the ways weactuallyspend our time compared to how weshouldbe spending it.Levy writes, For example, in his book, Bloom discusses a tool called theenergy calendar, where the reader goes through their diary, color-coding events green (for energy-creating), yellow (neutral) and red (energy-draining).The goal is then to spend more time on the former, and phase out the latter.SocialWealth: WhoMight Beat theFrontRow ofYourFuneral?I always wish people had their funerals while they were still alive, says Bloom.

Close your eyes and imagine your own.Who is sitting in the front row? These people your front row people are the ones who truly matter.Make sure you cherish and show up for the people you want to show up for you.With this in mind, Bloomencourages us to assess our relationships, grading them fromhighly supportive to ambivalentand all the way todemeaning.Fromthis scale, we should decide which ones to pursue and which ones to drop.Surprisingly, he says,while you might expect demeaning relationships to be the most damaging, research has shown that ambivalent and inconsistent relationships create the most trouble for your physical and mental wellbeing.He also examines this through the lens of wealth and status.

Do you secretly hope to buy respect and admiration through outward displays of wealth?Itsmuch better, he says, to earn your status throughcultivatingloving relationships, givingyourfree time, sharing yourexpertiseand wisdom, and gaining respect.These are things thatcantbe bought.MentalWealth: How Do You Define Your Life Purpose?Your time on the earth is finite, writes Bloom, so choosing the pursuits personal and professional that deliver the greatest returns on that time is essential.Take this time to step back and ask: what is your purpose?In his book, Bloom outlines ways to jump-start yourmental wealth.

To do this,write three separate lists: on thefirst, the things you lovedoing,that bring you joy.On the second, the things that come easily to you.And on the third, the things that you need to do, such as care for family or go to work.(This also makes a good Venn diagram, hesays.)Your life purpose sits in the middle of these intersectinglists, andis the starting point for you to explore it further, says Bloom.

Remember that your purpose does not need to be connected to your profession.Additionallymaybe uncharacteristicallyfor a list like this he advises everyone to find one thing that they love doing but that they are bad at, so that you can learnand grow.For me, it was running, he says.But I got better.PhysicalWealth: WillYoubeDancing atYour 80thBirthdayParty?A healthy body is a status symbol, says Bloom.Levy adds that Bloom certainly lives out this viewpoint, as a keensportsman, baseball player, and fan of the gym.Treat your body like a house you have to live in for another 70 years, he says.Yourein control of the present and future state of your house.

Keep the foundation and roof in good order, fix minor issues as soon as they arise, and make the small daily,weeklyand monthly investments required for it to last a long, long time.In the book, he suggests threecategories of physical fitnesschallenges: gold, silver, and bronze.Levy explains, Bronze includes moving for 30 minutes a day, eating whole, unprocessed foods for 80 per cent of the time, and sleeping for seven hours a night.Silver and gold[involve increasing]the amount of sleep,exerciseand healthy eating (as well as drinking a pint of water when you first wake up).The idea is tobuild towardyour personal fitness goals.FinancialWealth: How Much is Enough?From his time spent among the super-wealthy, Bloomobservedthat, no matter how much wealth one has,there was always someone with a bigger boat, better car, or fancier house.Hisrich friendswere trapped in an endlessgame of comparison.During my time in finance, I looked around me and there were so many rich, unhappy people, he says.

There was a billionaire entrepreneur who had four children he didnt speak to, and a multimillionaire with three divorces.So, one might ask,how much moneyisenough?The 2010 study fromNobel prize-winner Daniel Kahnemanfound that money could only boost happiness up to a point about $75,000 (around �70,000) in annual earnings, says Bloom.But while that might be OK in a rural part of the US, itprobably wouldntbe in London, for example.Idsayitscertainly higher than that.WhenLevypressed,Bloomsuggested: maybe a household income of $200,000 (�162,000)? As we said, Bloom has done well despite his career changes.But I dont really want to be drawn on a figure thats actually quite dangerous, says Bloom, as the article draws to a close.The key point is that money brings you some happiness for sure it fulfills your basic needs andpleasuresand you can take care of people.

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