What Does Wealth Mean to You?

When people think of wealth, they might think of examples in film, such as Veruca Salt from the 1971 classic Charlie & the Chocolate Factory. Little Veruca had everything she wanted in life but desired one of Willy Wonka’s geese that laid golden eggs. When Wonka refused to sell the little girl’s father one of his prized fowls, the girl broke into song about how she wanted everything… and ultimately labeled a “bad egg” and sent down the garbage shoot.

Therefore, the truth is people don’t always fixate on money and possessions—even those who have plenty of it to support their families for several generations. The meaning of wealth can be different depending on the person. Here are different kinds of wealth that you cannot measure in dollars and cents:

Relationships

Wealth in relationships is spending quality time with friends and family. It’s devoting time to staying connected through lunches, golf games, and watching over grandchildren. It’s phone calls made just to check-in or walks in the park to discuss triumphs and trials. Building strong relationships contributes to overall well-being, and the efforts you take to stay connected socially can pay off immensely. Staying connected through relationships builds a support system to lean on during trying times, especially as you age.¹

Personal growth

For some individuals, wealth allows laser-focused personal growth. In addition, this can be through education and experiences. Wealth helps them see the world differently. By gaining knowledge and expertise in intentional ways, they can improve their problem-solving, leadership, empathy, and influence.

Life meaning

Many individuals identify wealth as having a purpose in life and choosing to help make the world a better place. Perhaps in their younger years, someone helped them overcome a challenge or disability, so they donate funds and volunteer for causes that are personally close to them. Establishing a way to give is a fulfilling way to leave a lasting legacy for these individuals.

How do you define wealth?

Your definition of wealth determines how you plan for the future you envision. Connect with your financial professional to discuss your personal wealth goals. Doing so can help you feel more fulfilled by leaving a legacy that will make you proud.

¹ Psychology Today. The Importance of Relationships in Aging. Marisa T. Cohen Ph.D., CPLC. March 1, 2020.

Disclosure: This newsletter is being provided as a service to you. Please note that the information and opinions included are provided by third parties and have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Financial Professionals should ensure they continue to follow the current policies on the use of any advertising, third-party materials, and/or social media as required by your broker/dealer and/or the carriers that you represent.

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As a retirement income specialist and 38-year veteran of the financial services industry, August H. Velten understands what his clients need in order to enjoy a comfortable retirement. Augie is a former instructor for the Life Underwriter Training Council. He once occupied the legislative seat for the Maine Association of Life Insurers. At August H Velten & Associates, we know that it is your retirement, and you should have control over it. We offer our experience and knowledge to help you design a custom strategy for financial independence. Contact us today to schedule an introductory meeting!