What is true wealth?

By Judith McGee The Daily Record Newswire People have their own concepts and opinions about money, riches and wealth. Early perceptions come from observations of parents' relationships to money. In school years, folks learn to mentally separate the "rich kids" from the "not-so-rich," all while measuring where they fit into the picture. The media continues to feed our concepts of wealth and money by endlessly focusing on that which divides our society, whether in terms of politics or economics. Being too wealthy equates to being out of touch; being too poor equates to wanting a free handout. Both camps are missing the point. The terms money and wealth may appear to mean the same thing. But while many people emphasize the importance of having an abundance of money, few understand the meaning of true wealth. Someone once asked Warren Buffett how he would describe the difference between getting rich and being wealthy?" His answer was short and to the point: "People seeking riches never have enough. Wealth is a state of mind. Wealthy people always have enough." So, what is a "wealthy state of mind?" It begins with the understanding that true wealth is having a sense of abundance - one that we experience rather than possess. Obviously, having enough money to provide a roof over our heads, secure sufficient food and clothing and other basic essentials, and raise healthy and happy families frees us from a lot of anxiety. But what most enlightened people consider as wealth has nothing to do with money. Seeking true wealth may mean seeking deeper relationships, more personal growth, or ways to create more meaning in life. Achieving true wealth means possessing the ability to enjoy the small, ordinary pleasures of life. Each precious, present moment can be enjoyed. To be wealthy is to be in life and to appreciate all aspects of it. It's to be self-aware, live with purpose, and be committed not only to one's own happiness but to helping others find theirs. True wealth is an inner condition of being. A list of true wealth assets would likely include family, friends, education, talents, experience, connection to community, self-esteem, the ability to help others, and good health (with some luck and good sense). All of these wealth assets contribute to an overall personal sense of well-being. It also includes the ability to earn more money. People who strive to simply accumulate more money than they could ever spend are caught in a perpetually fearful "poverty state of mind." Sadly, they will never have enough because their entire identity is tied to what they have, not to who they truly are in each present moment -- a realization they have not discovered. To them, accumulating more money is simply gaining power to accumulate more things. But for people like Buffett, wealth can be used to better the commonwealth and make a real difference in the world. Sometimes it might take a serious, life-threatening situation or a personal economic collapse to make them stop and ask, "How many cars can I drive at the same time? How many roofs can I sleep under at once? How many bottles of expensive wine can I consume in one sitting? Do I really need all this? How much is enough?" For years I've been planning with people and helping them achieve their goals and manage their finances. My life has been dedicated to making their lives richer experiences. I strive to help people make wise choices to invest and preserve their assets. Yes, it's about money, but it's also about mentoring families, supporting the community and embracing the tenets of true wealth. I believe that the phrase "count your blessings" is more than just an empty platitude. It's a philosophy to live by. ---------- Judith McGee is the chairwoman and CEO of McGee Wealth Management Inc., an independent registered investment adviser. She is a co-branch manager of, and offers securities through, Raymond James Financial Services Inc. in Portland. Contact her at 503-597-2222 or judith@mcgeenet.com. Published: Thu, Jul 5, 2012