When we think of wealth, the first images that might come to mind are stacks of money, luxury cars, and sprawling estates. However, true wealth encompasses far more than just financial riches. At Succession Financial Planning (SFP), we believe in a holistic approach to wealth that integrates happiness, health, relationships, and a sense of purpose.

True wealth is not merely about the accumulation of money and material possessions. It's about a sense of fulfilment (remember our blog about ‘full’ vs ‘busy’) and wellbeing that comes from various aspects of life.

This idea is beautifully explored in Brian Portnoy's book, "The Geometry of Wealth." Portnoy argues that wealth is not an end in itself but a means to a richer, more fulfilling life. He presents a framework that intertwines purpose, priorities, and the practical aspects of financial planning.

One of the most significant components of true wealth is happiness. Studies consistently show that beyond a certain point, increased income does not correlate with increased happiness. The famous Easterlin Paradox (1974) highlights this: while wealthier countries tend to have higher average life satisfaction, within those countries, richer individuals are not necessarily happier than their poorer counterparts. Instead, happiness often comes from non-material sources such as meaningful relationships, personal achievements, and a sense of community.

Health is another critical pillar of true wealth. As the saying goes, “health is wealth”. Without good health, no amount of money can buy happiness or peace of mind. Investing in your physical and mental wellbeing through regular exercise, a balanced diet, and mindfulness practices can lead to a more fulfilling and wealthy life.

Strong, meaningful relationships are another cornerstone of true wealth. Human connections provide support, joy, and a sense of belonging, all of which contribute to our overall wellbeing. Building and nurturing these relationships often prove to be more satisfying than any material gain. Again, in his book, Portnoy emphasises the importance of social bonds and how they can significantly enhance our quality of life.

A sense of community also plays a vital role in feeling truly wealthy. Being part of a community where we feel valued and can contribute meaningfully, enhances our sense of purpose and fulfillment. Volunteering, participating in local events, and engaging in community projects can enrich our lives in ways that material wealth cannot.

Purpose is perhaps the most profound component of true wealth. Knowing that our lives have meaning and that we are working towards goals that align with our values can provide immense satisfaction and contentment. This sense of purpose drives us to achieve more and to make a positive impact on the world around us.

At SFP, we encourage our clients to define their purpose and align their financial planning with their life goals. Financial strategies should not only focus on wealth accumulation but also on how that wealth can be used to achieve a meaningful and fulfilling life.

Our teams understand that true wealth goes beyond financial assets. Our approach is to partner with you to create a financial plan that reflects your values and life goals. We delve into understanding what truly matters to you, helping you align your financial decisions with your broader life aspirations.

Let us help you redefine what it means to be wealthy and assist you in building a life that is truly rich in every sense of the word.