I have a sticky note on the wall in my office which lists the six types of wealth: Money, Time, Relationships, Health, Knowledge, and Experiences. I put it there as a constant reminder that there are different types of wellbeing and wealth, not just financial. It’s a deceptively simple but powerful way to think about how to get the most out of life.
When we think about ‘being rich’ we immediately think in primarily financial terms. And of course, money gives us what we need to live, the freedom to make different choices and pursue personal goals. In theory financial security gives us the ability to invest in other forms of wealth (free time, relationships, physical activity, learning). In practice we often tend to focus on financial prosperity to the detriment of other types of wealth.
Time is surely one of the most underrated forms of wealth. We only have so much of it. We can always do with more of it. Not least because it gives us the freedom to invest in other forms of wealth. In his wonderful book Four Thousand Weeks (which is definitely worth spending time with) Oliver Burkeman says that trying to control and maximize every moment can easily lead to dissatisfaction.
Instead, we should embrace the reality that we cannot do everything and focus on meaningful, purpose-driven choices about how we spend our limited time rather than pursuing an impossible ideal of total productivity or efficiency: “The more you try to manage your time with the goal of achieving a feeling of total control and freedom from the inevitable limitations of being human, the more stressful, empty, and unfulfilling your experience of time will be”. Creating time wealth is about much more than productivity hacks.
Investment of time in things that contribute to our mental and physical health, or to the depth and quality of our relationships, or to lifelong learning, or to experiences that stay with us and help to define who we are, also contributes to a sense of belonging, purpose, and happiness.
In 2022 the Japanese government posted an article on their official website describing the Japanese concept of Ikigai as ‘that which brings value and joy to life: from people, such as one’s children or friends, to activities including work and hobbies’. Héctor Garcia and Francesco Miralles had already written what has become one of the most renowned books on Ikigai, and featured in it a Venn diagram (originated by US entrepreneur Marc Winn) to illustrate the concept:
The authors interviewed 100 elderly residents of Ogimi (often called the ‘village of longevity’) and noted how every one of them could explicitly describe what their Ikigai was. ‘Everyone knows what the source of their zest for life is, and is busily engaged in it every day’, says Garcia.
The fact that I somehow continue to fail at striking the right balance between these different forms of wealth is probably a sign that I need some other nudges to help me prioritise better. As Oliver Burkeman says, ‘what you pay attention to will define, for you, what reality is’. Every one of the six forms of wealth is deeply entwined with the others. An imbalance in one leads to shortcomings in the others. Being true to yourself and not leading the life that others expect of you means achieving the right kind of harmony between the six kinds of wealth.
Balance is the daily battle of life.
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Image: Nimbosa derived from works in the PUBLIC DOMAIN, CC BY-SA 4.0
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