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  • Writer's picturePhojes

Understanding "Wealth"

Updated: May 3, 2022

Wealth how do you measure it, and what does it mean? Yes, there are some obvious answers to this, but I want to look a bit deeper into it and explain what I now know to be one interpretation. I would define wealth as an “Emotion” or a “Comfort Level”, let’s look at the two separately.

Comfort Level – Where you are in a position to do the things you like to do and still have some money left over. So, for example, say a person (1) earns £10 000 per month, and they spend £10 000 per month, are they rich? Say person (2) they earned £3000 per month and spent £3000 per month are they poor? See one makes so much more, yet a month to month they find themselves broke and waiting for the next paycheck; they experience the pressure, and if there were to be a need for a largely unplanned spend, they would be out of pocket or choose to go without something they would normally have. This, to me, is not wealthy; this is "Struggling."

Lifestyles do play a big part, and what are they accustomed to. These two people are obviously living two different lifestyles, but if they are happy with them, then there is no issue. So, if one spends £5000 and the other £1500, they clearly have different lifestyles and accommodations and if they are happy in their chosen lifestyles, then they can both be classed as privileged. Because they have everything they wanted and still had money to buy more if they needed it.

Emotion – Looking at value, what does this mean? I have been lucky enough to spend the night in a “Very Expensive” hotel room, one that is definitely only for people with a lot of money. The place was amazing for sure, and I had a great stay, but at the end of the night, you need a comfortable bed to sleep in and a quiet environment. The room did give me this, but is it worth £………... per night? If you can afford it then great. If you cannot, then I would say it’s not that big a deal. You shouldn’t justify a status by not being able to afford luxuries, because this is not a “Need” it’s a “Want,” and there is a difference.

What people really enjoy is the experience, and this is not always something tangible. It is usually through interactions with other people, and this should not cost you anything. This is what is remembered and taken away from situations, and emotional experiences. As you get older, these are the things that will mean the most to you, especially if you have shared them with a person close to you. This is true wealth; think about it.

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