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What does wealth mean to you?
For many, wealth is simply about money – what’s in the bank, the value of assets, the ability to accumulate more. But true wealth is more personal. It’s about what brings you happiness, security and fulfillment.
Early in a career, wealth might mean building a stable life: a home, a steady income, financial security. But as that security grows, new possibilities open up. Wealth can buy time with loved ones or provide the means to give back. The challenge is figuring out what truly matters to you.
Yet, how often do we stop to ask ourselves: What kind of wealth do I really want?
This newsletter series, Reimagining Wealth, is designed to help you explore that question. This week, we set the stage by sharing stories of people who redefined their own wealth – whether by changing careers, pursuing long-held dreams or reshaping their priorities. Then, use our worksheet to reflect on your own path.
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New beginnings
For some people, a radical life event can change their perspective about wealth in a heartbeat. That’s what happened to Tom Ormsby from Hammonds Plains, N.S. in July 2021 after he fell ill and ended up in hospital for nearly three months due to congestive heart failure and pneumonia.
When he finally recovered, Mr. Ormsby decided it was time to take a risk and start his own consulting business. “For years, people told me I should hang out my own shingle and I thought, ‘There’s no better time than now,’” he recalls.
Financial freedom can also allow you to downshift your career and leave a high-stress job behind for a role that’s more meaningful. Laura Sousa went from a high-profile bank position to being a part-time florist. She even bought into a flower shop with a business partner.
“I sleep a lot better these days – more hours and better-quality sleep. When I was working at the bank, it felt like there was always more to do. But now, I can fully enjoy my free time, which I have more of,” she says. “My friends say that they can see a difference in me, that I’m in a better, happier place.”
On the other hand, wealth can provide the opportunity to lean out from work and focus on contributing to your community through volunteerism. Stay-at-home mom Viji Nataraj always thought she would have a long, rewarding career in educational psychology, but now she uses her skills to co-run a mentorship program at her children’s school.
“I find it really fulfilling because I can still help people and use my skills, even without getting paid,” she says. “In staying at home, it’s given me time to work on my psychological health, my spiritual health, all these things that I never did when I was really, really busy.”
Financial security can also provide the freedom to pursue your passion projects. Paul Bingham from Mount Uniacke, N.S. was a busy entrepreneur, but when he retired, he decided to try his hand at glass blowing, something he had always wanted to do.
Video producer Jonathan Thiang has committed to travelling 1-2 months out of every year, visiting destinations that are off the beaten path. “When you have a destination [that is] a challenge, the ‘trip’ begins beforehand. You have this goal that you are working toward, and [it’s] very fulfilling because you arrive with a real purpose.”
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Ask yourself the deep questions
So, after reading these examples, how would you define wealth for yourself? Timothy Butler, a senior faculty advisor at the Harvard Business School, says you need to look at four vital life elements to find your way forward through a career impasse or pivot: identity, community, necessity and horizon. He suggests taking an open, meditative approach versus an analytical one.
Asking yourself some deep questions, and giving yourself time to contemplate the answers, can help you evaluate where you are now and sketch out where you want to be in the future – what will make you feel fulfilled or ‘wealthy’ in your own mind.
Work through the worksheet below to determine your personal definition of wealth. The insights you get could help you figure out your next move.
1. Work and professional life
Questions to consider:
Are you happy in your current role?
Is there any part of your current work that you hate doing? Is there any part you love doing?
Which of your skills do you feel are being used well at work? What skills would you like to be using?
Think about times when you were deeply engaged at work. Can you describe that activity in one sentence?
Is there another type of work that you have always wanted to do? Can you be financially secure in that role? What would it take to make a change?
Is there a particular impact you want your work to have?
Look at your answers. Consider whether there is another line of work or role that would make you more fulfilled than you are now.
2. Community
Questions to consider:
Do you enjoy the people you see every day at work?
Do you like where you live, and the people you spend time with outside of work? Do you feel connected?
Is there another community that you think you might want to be in? What draws you to that community?
Are there reasons you aren’t in that community now?
Check your answers. Think about whether a change in environment and community would add to your fulfillment.
3. Necessities
Questions to consider:
Are you making enough money to live on in your current role? Could you be financially secure with less?
Have you saved enough for a secure retirement?
Could you afford to make a big change in your role and feel that your finances will adequately fund your daily expenses?
What specific obligations do you need to consider (such as health, caregiving or other family responsibilities)?
How would those obligations impact your ability to make a change in your role or living situation?
Check your answers. Consider whether you are financially secure enough to make changes in your professional life or your community, and how changing your situation could impact your responsibilities.
4. Horizons and long-term desires
Questions to consider:
Do you have a long-term goal you want to reach or desire you want to fulfill?
What do you see for your future? What are you working towards?
Are you happy with your work and life choices? Would you change anything?
What does wealth mean to you now? What would you like it to mean?
Review your answers from parts one through four. While it may not prompt you to take a leap right now, we hope it sparked some ideas for how you might find more fulfillment in your future.
Stay tuned for next week’s newsletter: Budgeting for your values.