Wealth: What Is It?

Wealth is a word that almost everyone uses yet fails to understand. There are many definitions of wealth because most experts fail to agree on a precise meaning. Therefore it is essential we come to a basic agreement as to how the word wealth is defined here.

The wealth definition I prefer is: An abundance of valuable possessions or resources. It is interesting that this definition does not use the term money. Let's take a closer look at the two parts of this definition.

The first part deals with the idea of abundance. To be abundant is to have an over-sufficient supply of something. We all have abundance in something(s), though we may be abundant in things we do not want.

The second part of this wealth definition deals with the concept of valuable possessions and/or resources. A valuable possession or resource is one in which the owner places great importance. This value can be derived from personal affinity, sentimental importance, aesthetic characteristics, item scarcity or a host of other factors. Value is truly determined by each individual. It has been said that one man's trash is another man's treasure.

Though money is not mentioned by name, it is referred to in this definition. I believe that money is a valuable resource that can help you obtain "valuable possessions and other valuable resources." In my opinion money is not the goal, but rather a tool to help you get to your goal.

In Lewis Carroll's classic, "Alice in Wonderland", Alice asks the Cheshire Cat which way she should go when at a fork in the road. The Cat tells Alice that it depends on where she wants to go. She replies that she doesn't care where she's going and the cat answers, "Then it doesn't matter which way you go." This is a very powerful concept. If we don't know our desired destination, we won't know where to go or even if we've arrived. Instead, we'll wander aimlessly always getting somewhere but not necessarily where we want to be.

Our first task is to determine our destination. What is it you want? Answer this question outside the limitations of money. In other words, if you're tempted to say "I want two million dollars," think about why you want the money. What is it you are looking for?

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Scott Swenson is a financial trainer who has taught thousands how to build personal wealth. Want to learn more about how to build wealth fast? Claim Scott's popular free ecourse, available at: => www.TheWealthQuadrants.com

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