For most people, when they think of the word rich, they’re likely thinking of assets — money, real estate, etc. And while there is nothing wrong with growing your assets (I’ve even made a career out of helping people do just that), at the end of the day, no one cares about how much you’re worth and how much money you make.
Subscribe to Kiplinger’s Personal Finance
Be a smarter, better informed investor.Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of expert advice - straight to your e-mail.In Retirement, Discussion Turns to Pleasures Rather Than Worth
I recently visited my mother at her retirement community in Florida, and not once did anyone talk about their career, their worth or what they did for a living. While they all had to be some level of “rich” to be living in this particular retirement community, this wasn’t a topic of discussion.
They spent their time talking about their hobbies, their grandkids and what they enjoyed doing with their lives.That’s the difference between being rich and being wealthy — being rich means adding more zeros to your bank account. Being wealthy is about living your live with zero regrets, zero jealousy and focusing on what brings you joy and happiness.In my experience, the happiest people I know are the wealthiest, and it has nothing to do with how much is in their bank accounts.One of my favorite phrases is “money is a catalyst” because once you hit a certain income level where you are living comfortably, money is just money. If you’re a happy person living with an income of $100,000 per year, an income of $500,000 isn’t going to change your happiness level drastically. The opposite is true here, too — if you are miserable earning $100,000 per year, $500,000 isn’t going to suddenly make you a happy person.Obviously, this is only true when you’re living at a level where you’re earning enough that your needs are being met.Money Alone Won’t Make You Happy
Some of the wealthiest people I know, with the largest bank balances, are also the most miserable. Money alone won’t make you happy, and it’s likely that if you’re a happy person earning a modest amount, you’d still be a happy person if you’re rich. The same goes for someone who’s miserable — they’d be miserable if they were middle-income or rich.
When it comes down to it, happiness isn’t reliant upon how many zeros are in your bank account. It takes effort to reframe your thoughts, find what truly makes you happy, and refocus and prioritize your decision-making around that.Prioritizing what makes you happy may lead you into retirement being truly wealthy, where you can focus on the social connections that the Harvard study found so important to happiness.Diversified, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration of an investment adviser does not imply any specific level of skill or training and does not constitute an endorsement of the firm by the SEC. A copy of Diversified’s current written disclosure brochure which discusses, among other things, the firm’s business practices, services and fees, is available through the SEC’s website at: . Investments in securities involve risk, including the possible loss of principal. The information on this website is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction.
Related Content
- Are You Rich? Latest Survey Results Provide Some Clues
- Can Money Buy Happiness? New Research Settles Age-Old Debate
- Being Rich in Retirement vs. Being Happy: There’s a Difference
Disclaimer
-
Kia Recalls 427,000 Tellurides Over Rollaway Risk Kia is recalling Telluride SUVs over risks of them rolling away while in park.
By Keerthi Vedantam Published
-
Powerball Jackpot Hits $1 Billion, Fifth Largest Pot The Powerball jackpot is back up to $1 billion after 38 drawings without a winner.
By Keerthi Vedantam Published
-
How to Choose Your Power of Attorney When You’re Remarried Should you appoint your new spouse or a child from your previous marriage? It all comes down to who will make the best decisions that are right for you.
By Kelsey M. Simasko, Esq. Last updated
-
Four Signs That It’s Time to Let Your Financial Adviser Go If your calls aren’t returned and you’re getting charged fees you didn’t expect, among other issues, it’s time to consider your options.
By Heidi Ardis Published
-
Five Benefits of Slow Travel in Retirement Consider immersing yourself in the culture of a village rather than making a list of all the things you need to do and see within a short period of time.
By Robert Hoffman Published
-
Four Ways to Give Money Tax-Free to Your Kids When You Die If you’d prefer that your estate not pay more taxes than necessary, then these strategies are for you.
By Evan T. Beach, CFP®, AWMA® Published
-
Should You Pay Cash When You Downsize? Here Are Three Scenarios The proceeds from selling your current home have made it possible to pay cash for your retirement home, but should you skip the mortgage?
By Evan T. Beach, CFP®, AWMA® Published
-
Can’t Afford It? There’s No Shame in Saying So Trend of loud budgeting emphasizes being open about skipping unnecessary purchases and sticking to your budget, while older generations still struggle to talk about their finances.
By Neale Godfrey, Financial Literacy Expert Published
-
How to Plan for Retirement’s Go-Go, Slow-Go and No-Go Years When retirement planning, it’s best to expect to do the big (and more expensive) stuff early on, when you’re healthier, then slow things down as you get older.
By Scott M. Dougan, RFC, Investment Adviser Published
-
How Life Insurance Can Help You Preserve Your Wealth Life insurance not only provides liquidity for your family to cover immediate expenses after you pass, but it also can minimize estate taxes.
By Justin Stivers, Esq. Published