When we hear the word “wealth,” our minds often jump straight to our investment accounts. While financial security is undoubtedly important, it’s just one piece of a larger puzzle. This idea is explored in the book “Die With Zero,” by Bill Perkins, which emphasizes the importance of spending down your financial wealth to maximize life experiences. He argues that there’s no reason to forsake making memories while you’re still healthy and active for having money left over once you’re gone. 

Whether you agree with Mr. Perkins or not, in life and perhaps especially in retirement, our overall wealth does encompass so much more than our net worth.

Drawing from Sahil Bloom’s insightful concept of “The 5 Types of Wealth,” I’d like to explore how we might redefine our wealth and live a more fulfilling, balanced life. 

The first concept is that of Time Wealth.

This one is key since time is a precious resource, and it is not renewable (see Mr. Perkins’s book above).  Once it’s gone, it’s gone. In retirement you have much more freedom in allocating your time and determining how to spend it. You could spend your time on an adventure or creating a new business. Or, it might be as simple as a bike ride, reading a book during the afternoon, or even a nap. Reflect on what truly matters to you and make the most of your newfound freedom.

Next is the value of strong, meaningful relationships. Our Social Wealth is built on the depth and quality of our connections with family, friends, and our community. As you transition into retirement, nurture these relationships and seek out new ones. Those around you will help you to define your post-career identity.  Recognize though that your newfound time freedom might not be available to all your friends, former colleagues and family.  Not everyone will be able to “come out and play.”

Attending to your Mental Wealth involves maintaining a positive mindset, and a focus on your mental and emotional well-being. Prioritize self-care practices like mindfulness and meditation to nurture your mental health. Even when we’ve had careers that we’ve really enjoyed, there were still some things we had to do or challenging people we’ve worked with that can cause us stress or negatively impact our mental health. Going forward, embrace the option of choosing those activities and people that lift you up.

When it comes to Physical Wealth I think this old saying sums it up nicely; “When you have your health, you have everything. When you do not have your health, nothing else matters.” Maintaining or improving your health through movement, diet and adequate sleep will better allow you to pursue your passions and enjoy your life more fully.

Finally, while Financial Wealth is just one aspect of overall wealth, it remains an important one. Having sufficient financial resources allows you to support your desired lifestyle and achieve your goals. However, remember that financial wealth alone does not define your overall wealth or happiness.

Take some time to reflect on your own definitions of success and wealth. What truly matters to you? By focusing on cultivating (and appreciating) each type of wealth, you can lead a more meaningful and joyful life.