When approaching financial planning, it is easy to think about wealth just in terms of financial numbers and benchmarks. While these are important for financial security, we have found that real wealth goes beyond the numbers in your portfolio.

Recently, I heard author and investor Sahil Bloom speak about his book, “The Five Types of Wealth.” In his book, he challenges readers to expand their definition of wealth beyond just money. While there is nothing groundbreaking in the book, I found it helpful to step back and re-examine these areas of life to ensure focus stays on what truly matters. He outlines five distinct categories of wealth that together create a rich and meaningful life.

Here’s a look at this framework, along with some practical tips I found useful from his talk.

1. Financial Wealth

Money, investments, income, assets — this is the traditional definition of wealth.

It is important to remember that while financial wealth is a powerful tool, it is not the ultimate goal. Financial wealth provides freedom, security, and flexibility, but it cannot, in and of itself, provide true life fulfillment.

One of the most valuable concepts in this section is the exercise to define your “enough” number. Once you reach that level of “enough”, recognize that more isn’t always better – especially if it comes at the expense of the other forms of wealth.

It is important to ensure your financial plan aligns with your values and to evaluate how your financial wealth can help you reach your life goals. While financial independence is important, it matters most when it helps you build a meaningful life alongside the other four types of wealth.

2. Time Wealth

Time Wealth is control over your schedule and the freedom to decide how you spend your time.

For a busy parent with a full-time job, this area of wealth can be hard to navigate during the child rearing phase of life. While it can be a challenge, the book examines how you spend your time to ensure it aligns with your values. Bloom says Time Wealth is our most precious asset. As such, it is important to be intentional with your time. In the context of financial planning, evaluate trade-offs between income and flexibility; consider whether career decisions enhance or restrict your time freedom.

3. Social Wealth

This is the strength and quality of relationships with family, friends, and community.

Having strong relationships is one of the best predictors of long-term happiness and health. Still, these connections are often overlooked during busy career years.

Some key takeaways:

• Make time for important relationships now, not just “someday.”
• Be intentional about nurturing friendships beyond work.
• As you approach retirement, consider how your social network will evolve.

Planning for retirement isn’t only about money. It’s also about staying connected and having a sense of purpose. I recently read “Theo of Golden” (a novel) for book club – it is a powerful story of connecting with others and challenged me to be more intentional in my relationships.

4. Physical Wealth

Physical Wealth is your health, energy, and overall well-being.

Without good health, money loses much of its value. Living longer isn’t the goal if you don’t feel well—quality of life is what really matters.

Some key takeaways:

• Invest in preventative care and wellness just as consistently as you invest financially.
• Remember that too much stress and overwork can harm your health in the long run.
• As you plan for retirement, factor in not just lifespan, but healthspan.

5. Mental (or Emotional) Wealth

This covers your sense of purpose, fulfillment, resilience, and peace of mind.

Financial or business success doesn’t always lead to happiness. Taking time to reflect and making sure your actions match your values is key.

Some key takeaways:

• Clarify what truly matters to you before pursuing the next financial milestone.
• Give yourself time and space in your life to think, reflect, and grow.
• Approach major transitions (like retirement) with purpose, not just relief.

Many retirees find that being financially prepared isn’t enough for true satisfaction. Having a sense of purpose and identity is just as important.

How This Framework Enhances Financial Planning

The real strength of “The 5 Types of Wealth” is how they work together. Financial wealth can help you gain more time. Having more time can improve your relationships and mental well-being. Good health lets you enjoy all these areas more.

True wealth has many parts, and we are honored to help our clients integrate their values into financial planning. As always, we are here for you. Please email or call if you’d like to set up a Zoom video conference or a phone call.

Mary McCraw, CFP®

Vice President

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