You are here: Home > Living

What is wealthy, anyway?

Virginia Graham
Thursday, August 6, 2009
Getty Images
Getty Images
With more and more media focus being on unemployment, poverty, the global financial crisis and how long it all might last for, it seems like now is a good time instead to be thinking about wealth and what it means.


According to recent research I read in by George Kinder of the Kinder Institute in the United States, how you think about wealth and your relationship to it, is probably the biggest factor in determining how wealthy you'll be, at least financially.

The federal government has made many changes to taxation and Medicare entitlements, defining wealthy couples as those who earn more than $150,000 per year. Yet with the high cost of housing and education in Sydney, for example, while higher than average this income would still not allow a family with three children pay the average mortgage for an average house in any of the top 20 suburbs in Sydney.

So what number is important? Does a joint income of more than $150,000 make a couple wealthy, or would it take more or even less? Is the number even important when it comes to defining wealth?

A few years ago I directed a segment for a television pilot in which my friend Shelley Skyes interviewed a successful actor, a successful businessman and Edward de Bono. All three were asked what wealth meant to them and if money was important.

Strangely, they all provided similar answers. They decided they were "wealthy" first and then the money followed, rather than the other way around, and they did not focus on a number or money. They focused instead on what wealth meant to them and how happy they were that they felt wealthy.

To each of them, wealth meant different things. To the actor, wealth meant the fact he was living his dream and that he loved his job; better jobs and money then flowed from that. To the businessman, wealth meant he was happy he was really putting people first at his company and was thrilled that he got to watch people grow and succeed, then money flowed.

Edward de Bono had pure joy in his eyes when he said he was very happy with his life and felt grateful and wealthy for the simple joys life brought him. He also seemed to like helping others think differently, expanding their minds, maybe even allowing them to experience the joy he had. He specifically said it was never about money. He felt wealthy first and then the money flowed towards him. It was strange because I thought when these people were interviewed they would tell us their wealth secrets and it would be all about investments and goals. But it seems the secret to wealth is to be really grateful for what you have, while doing what you truly enjoy.

The fantastic thing about this is, anyone can do it now.

Virginia Graham is a mortgage broker for Model Mortgages.

Your say: What do you think, is wealth a decision? Tell us below.


SHARE:
MESSENGER
FACEBOOK
MORE
Blog on Spaces
Add to delicious
Add to Digg
Share on MySpace
?
Share, bookmark, and save your favourite ninemsn articles and features.  Learn more.
User comments
Being wealthy is definitly being truly happy. If you are happy with having lots of money that is ok too but being healthy and having friends and family support makes a person truly wealthy. Money cant make you happy.
To me wealth is having mental and physical health. Being happy with life and having a bit of money for extras.
Wealth, has a different meaning to different people. We cant escape a thing called currency, something we use and is a needed evil in todays society. But if people find that they lose trust in using gold coins as currency and decide to use bags of salt instead, then the person with the most bags of salt will be considered the richest person(Societies measuring stick). Ok now lets put this into complete perspective on the number 1 value of wealth. If you were trapped on an island with fresh water and there was no one else, what would be the one thing you would want to have with you, Piles of gold coins, or a friend or family? And your reasons why.
Many people have said that the ability to pay for child's education is "wealthy" in their view - this is expensive if you are living in Australia, however Sydney provides the best place for education at little cost. Why would you pay $120K plus for a private high school when you could have your child educated a a selective school (best schools) at little cost to the parent, as the state pays. Wouldn't this money be better spent on paying off your child's university, allowing them to graduate from university with no debt on their shoulder's. Were you graduate and what you graduate in is far more important than which school you perceive is better as it costs more, however academically is second-tier. Wealth is a choice and unless you make the switch in your brain to become wealthy it will never occur. Majority of people have their income match expenses - regardless of income, hence unless you learn how to create an asset base you will never get ahead!!
Wealthy people are not content they are always striving to improve something in their lives. Wealth is the stock value of assets a person accumulates, pursue wealth, health and happiness. There is nothing wrong with accumulation of assets - 150k is hardly wealthy. If you are smart you will not be living in the house you are paying off, you should be renting simultaneously with having tenants paying down the loan's on your investment properties - which eventually will buy your dream home.
This time last year the whole monetary system was on the brink of collapse. I think it is a fantastic time 'now' to re-define what is wealth. For those, that think that the concept of what we call 'money' is wealth, I would encourage you to search the concept of "mondern money mechanics" It will soon come apparent to you why money exists in the first place. Free youself of these materialist concepts and you will soon redifine the meaning of wealth. Take care.
Wealth is not what our senses tell us,for eating good food is not being wealthy seeing good things is not being wealthy,having money to achieve these things is not wealthy.Wealth is something which mulitplies when given away and I believe sincecerely that knowledge is wealth and having a lot of knowledge makes you wealthy.With knowledge you can achieve all those things which make you content,and you can still give it away without being the poorer for it.Enhance other peoples lives with knowledge and they will remember you after you have passed away.
The Bible has a great things to say about wealth. Keep falsehood and lies far from me give me neither poverty nor riches, but give me only my daily bread. Otherwise, I may have too much and disown you and say, 'Who is the LORD ?' Or I may become poor and steal, and so dishonor the name of my God. Proverbs 30,8,9 We are a church family, with one income, but we have never lacked for anything. AND we have enough to help orphanages in Bali and needy people in many countries. Seeing the looks on their faces when we visit is wealth beyond measure.
Hey spactime, central coast. You may only be able to sit in 1 of your 100 most beautiful chairs BUT... after say hmmm a couple years you get sick of it, all you have to is get up and sit in a new one. Easy as that. Having alot of "things" and money can make you happy. Let it be known that there is never enough that i'd trade my family for anything but, if anyone, ANYONE says that they would not have both..... You're kidding yourselves!
Lets be serious. Its great having family and health and yes i am very proud and happy. BUT.... i would be alot happier if lotto was to ring up and say that i was $20M richer. You CAN NOT tell me that no financial worries would substantially make your life better and happier. The people that say money isn't wealth are the people that haven't given up trying to have more.

Write a comment
Email: *
Your email will not be shared with any third parties or published with your comment.
Nickname: *
Location: *

Subject:
*
Comment:
*
Maximum characters 1000

Comment guidelines
Avoid using:
  • Personal attacks
  • Irrelevant comments
  • HTML tags
  • Personal information
  • Offensive language
  • Text in ALL CAPITAL LETTERS
See full comment guidelines
Comment guidelines X
Thank you for sharing your opinions with other users of NineMSN. People will find your comments more helpful if you include relevant information and avoid some common pitfalls.
Please note: All reviews and comments submitted are subject to moderation, NineMSN reserves the right to alter and / or remove any content that does not comply with usage guidelines.
What to include in your comment:
  • A title that briefly summarizes the opinion expressed in the comment.
  • Additional comments adding more detail.
  • Comparisons to other similar products, if this is relevant.
  • To create a new paragraph, press the Enter key twice.
What not to include:
  • Information that will quickly go out of date.
  • Comments on other comments or commenters.
  • Language that other users may find offensive.
  • comments of one sentence or less. Provide information to support your opinion.
  • Personal information like your email address or telephone number.
  • HTML coding. Tags like <b> or <i> will not be recognized.

Also in this section

Recipe Search

Tip: Try "lamb & potato" or "Low GI"
advertisement
Features
Pictures
Video
Say good riddance to fat: Manage the IN vs OUTMagazines feature new fad diets every week. Low fat, no carbs, South Beach Diet, cabbage soup diet, high fat, Atkins … are you confused? Fed up with all the hype and the fact you are still trying to lose weight? Read on. Robin Hood for divorced womenYou hear the same old story trumped out a lot, the woman who was happily married to a well off man in a wealthy suburb, has three young children then all of a sudden, he moves out. The no-diet weight loss strategy that actually worksThe no-diet weight loss strategy that actually works. Strength training for women; the secret to an amazing body at any ageStrength training does not make you 'big'. To get big muscles you need to train a lot, very hard and with very heavy weights and you also need testosterone. This is hard enough for men and extremely difficult for women... Overcoming the weight loss plateauHere’s something you won’t read about all that often: weight loss is not a linear process. In other words, you’re unlikely to lose a predictable 1 or 2 kilograms per week until you get down to where you want to be.
ww |

inspire me

Barbecued soy and ginger lamb with...

Barbecued soy and ginger lamb with coriander potatoesThe barbecue is the perfect way to cook a butterflied leg of lamb. Have your...More >

Char-grilled t-bones with potato pancakes

Char-grilled t-bones with potato pancakesLet the crisp potato pancakes soak up some of the zesty chilli and ginger...More >

Recipes in your inbox

Recipes in your inboxWe send you the latest recipes from the weekly straight to your inbox.
Sign up now >
ww |

topics

Handy hints(740)/ Expert advice(533)/ natural health(427)/ diet(265)/ Gardening(190)/ Books(179)/ Craft(165)/ Cleaning tips(149)/ Kids(121)/ Health(101)/ Beauty(95)