18 November, 2020 Total Client Experience

How Do You View Wealth & Poverty?

Wealth

It is interesting how different people look at wealth and poverty in different ways. I have had several clients who have an income well above average, some are in fact in the top 1% of all income earners. Despite their substantial income, some don’t feel their earnings are much above average and struggle putting money away. Others of much more modest means live a full life and feel they have everything they need.

Wealth and poverty can be very subjective and our views on them are often based on comparisons with others. A family with an income of $500,000 per year may feel poor compared to Oprah, while one with a much lower income may feel quite content.

Wealth can also be looked in terms of quality of life. It is said that people in poor countries, on average, are happier than those from wealthier nations because they compare themselves to the other poor people who surround them. They do not have the obvious signs of wealth that continually surround those in wealthier nations.

The Spectrum of Wealth looks at 19 different non-monetary definitions of both wealth and poverty. They allow us to relate wealth to our everyday lives, how we think and feel vs. numbers and data on a spreadsheet. It provides interesting and alternative perspectives on this controversial subject and helps us all better understand our own financial situation better.

 
I hope you enjoy and thanks for reading.

Paul