WEALTH REDEFINEDSubmitted by Reby Advisors | Certified Financial Planners | Danbury, CT on November 14th, 2013
Wealth redefined is a tag line that we use for our firm that is the culmination of many years of experience of advising people on our wealth management philosophies and belief systems within our firm. What we’ve learned is that wealth is more than money. Being wealthy also encompasses many other things in life that are not counted in dollars and cents – things like your health, relationships and family – are all components of wealth. Wealth also is quality over quantity using financial resources to increase the quality of one’s life. Living a rich life is more about raising the quality of your life rather than spending money on a lot of stuff. Wealth is also freedom. It means nothing if you don’t have the ability to spend it or it’s tied up in debts and liabilities; the ability of having the freedom to make decisions and determine what you do and when you do it.
A good example of this scenario is a hard-working executive who works 80 hours a week to earn $200,000 per year so that he can maintain his mortgage and lifestyle, but may have less freedom than the self-employed business owner who works 20 hours a week and earns $50,000 and has zero debts, minimal expenses, and more time to focus on his passions, family, friends, and interests. A component of wealth is also being happy. At the end of the day, being wealthy is about having less worry in your life, not just your current financial situation and being happy with your place in the world. It is different for each family.