types of wealth

The 5 Types of Wealth You Need in Your Life

When many people think of wealth, they are usually thinking of financial wealth or how much money one has. In reality, there are many different types of wealth than just financial wealth. These other forms of wealth are key to our happiness and well-being.

Many people think that if they could just solve their money problems, they’d be happy. This is not always the case. People who are unhappy with their lack of money will find their life completely fulfilled once they do have money. For true happiness, you must find other ways to fill your life up with meaning and joy rather while you are on your financial journey.

There’s a reason so many lottery winners end up unhappy after they hit it big, and it’s typically because they lose direction and purpose in many other areas of their lives.

Let’s dive in to the different types of wealth for a balanced life.

See related: Leaving the Rat Race for the Simple Life

Financial Wealth

types of wealth- financial wealth

Financial wealth is what most people think of when they hear the word “wealth”. This type of wealth refers to how much money you have or how many assets you own. You can earn financial wealth through a job, investing, side hustles, etc. Having financial wealth is important because it grants access to necessities and luxuries in life such as food and clothes which can be hard for someone without financial stability to get on their own.

Having financial wealth also allows more freedom in life such as being able to pay for education, pay off debts, travel, and buy the things you want.

Examples of financial wealth

  • Assets like rental properties or cash flow positive ventures
  • Money saved in a bank account
  • Investment Portfolio/401k
  • Businesses you own that generate cash

You can grow your financial wealth by doing things like saving as much of your money as possible, investing in the stock market or real estate, working a side hustle, selling unwanted items online, and earning more through your job.

See related: The 9 Best Books on Financial Independence

Social Wealth

types of wealth- social wealth

Another type of wealth is social wealth. Social wealth refers to the resources and benefits you have based on your relationships with others. This includes things like connections, influence, knowledge, and skills that can be helpful in your daily life. Having a network of people who are willing to help you is a critical part of life for many people. These connections, whether it be friends, family, or mentors can be used to get favors, advice, and provide support throughout your life.

Social wealth allows you to have a strong support system that could come in handy during tough times such as when you want to find a new job or need help fixing your car. Having social wealth also makes exploring new opportunities much easier. For instance, having social wealth can help you find temporary housing when relocating to a new city or give you someone to explore the world with.

Examples of social wealth

  • Family that supports you
  • Friends that stand by your side when you’re feeling down
  • Social media connections with people who may be able to provide career advice
  • Feeling connected with your community

You can grow your social wealth by strengthening relationships with people who can provide value to you and your life, connecting with your community through volunteering or participation in events, and paying it forward by being a good friend to those who you know are struggling.

Time Wealth

types of wealth- time wealth

Another form of wealth is time wealth which refers to how much free time you have in your life. Many people dream of having more free time in their lives because it gives them a great opportunity to explore and pursue personal interests. However, due to work or other commitments, they find that they don’t have enough hours in the day for all the things they want to accomplish.

Time wealth can also be beneficial in other areas such as when you want to spend time with friends and family, go on vacation, take classes, or go back to school.

Examples of time wealth

  • Having the freedom to work on your own schedule (remote job)
  • Being able to take days off when you like
  • Having extra time for hobbies you enjoy
  • Retiring early

If you want more time in your life, a good way to do it is by cutting back on commitments that aren’t as important to you and working smarter instead of harder. Many people pursue financial independence so that they have more time wealth.

Health Wealth

types of wealth- health wealth

Health wealth is another type of wealth. Being healthy means that you have a good amount of energy, motivation, and mental clarity to do the things you want in life. However, many people may find it hard to stay healthy because of stress, poor lifestyle habits, and lack of time to focus on their wellness.

Examples of health wealth

  • Having enough energy to accomplish your goals
  • Being healthy enough so you can be physically active comfortably
  • Not having physical pain that limits your ability to do the things you enjoy

It’s important to prioritize your health in order to improve it. This could be by exercising, eating healthily, getting enough sleep, and avoiding stressful activities in favor of relaxing ones. Health wealth is one of the most critical forms of wealth because without it you won’t be able to enjoy anything else.

Soul/Self Wealth

types of wealth- soul wealth

The last type of wealth is soul wealth. This is often referred to as personal development and includes things like self-awareness, life purpose, and mindfulness. Many people feel like they lack a sense of their life’s purpose or don’t understand why they exist.

Soul wealth enables you to live your best life possible by having experiences that make you happy and chasing your dreams rather than settling for an unfulfilled life that many people stick with.

Examples of soul/self wealth

  • Having a strong sense of self and making decisions that align with your values
  • Solid connection with your intuition and the universe around you
  • Understanding why you’re on this Earth and live out your life purpose

Soul wealth can be hard to achieve but there are many ways to do it. You can spend time meditating or doing yoga, spend time in nature, read self-help books, go on a retreat, develop your skills more by taking classes, or learn how to listen to your intuition better.

Why each form of wealth is important to your happiness

The different types of wealth discussed can help give your life a greater sense of fulfillment and enable you to lead a happier existence. Each type of wealth serves as a critical pillar to living a fulfilled life and having access to more types of wealth gives you chances to develop yourself and do things that make you happy.

When it comes down to it, the only thing stopping you from having all the forms of wealth is your own limiting beliefs and mindset. By trying to change how you see the world and accepting that there are opportunities for improvement everywhere, it’s much easier to achieve.

Take inventory of how wealthy you feel in each category and come up with a game plan for improving what you feel is lacking. Wealth is relative and having happiness and fulfillment in your life depends on how much each area has to offer you.

See related: 5 Productive (and Free!) Ways to Grow Your Wealth