Our demanding medical careers often lead us to focus primarily on financial success. However, true wealth encompasses far more than just monetary gains. Understanding and cultivating different types of wealth is essential to thriving both professionally and personally.

In this blog, Fritz Gilbert with the Retirement Manifesto will share about the five types of wealth: Financial, Social, Time, Physical, and Eternal. By broadening our perspective on what it means to be wealthy, I believe we can achieve a more balanced and fulfilling life.

Here is my summary of his message and some action points for you.

The Five Types of Wealth Summary

1. Financial Wealth

Often our primary focus, financial wealth involves money, assets, and material possessions. While crucial, it should not overshadow other aspects of wealth that contribute to our overall well-being.

2. Social Wealth

The Harvard Study of Adult Development underscores the importance of relationships for long-term happiness and health. Strong social connections are vital for our mental and emotional well-being.

Action Plan:

• Invest in relationships.

• Spend quality time with family and friends.

• Engage in community activities and social groups.

3. Time Wealth

Time is our most precious resource. Prioritizing how we spend our time, especially on meaningful activities and relationships, is crucial.

Action Plan:

• Be present in the moment.

• Allocate time to activities that matter most to you.

• Avoid wasting time on unproductive habits.

4. Physical Wealth

Our physical health directly impacts our quality of life. Investing in our health ensures that we can enjoy our other forms of wealth.

Action Plan:

• Maintain a regular exercise routine.

• Focus on a balanced diet and sufficient rest.

• Combine social activities with physical ones, like walking with friends.

5. Eternal Wealth

Eternal wealth involves spiritual well-being and preparing for the life beyond. It calls for introspection and alignment with our deeper values.

Action Plan:

• Spend time in prayer or meditation.

• Reflect on your spiritual beliefs and practices.

• Invest in activities that bring peace and spiritual fulfillment.

Engaging with SimpliMD Products

At SimpliMD, I offer resources and support to help you achieve a holistic approach to wealth. Our products and services are designed to empower you to thrive financially, socially, physically, and spiritually.

Why Engage with SimpliMD?

• Courses and Coaching: Learn to manage your finances and build your micro-corporation.

• Community Support at private FB group “Every Doctor Is A Business”: Connect with like-minded physicians to share experiences and advice.

• Holistic Well-being: Access tools and strategies to enhance your physical and mental health.

How to Get Started:

• Join Our Community: Become a member of SimpliMD to receive exclusive content and support.

• Enroll in Our Programs: Participate in courses tailored to your professional and personal growth.

• Utilize Our Resources: Take advantage of articles, webinars, and 1 on 1 consultation sessions available to you.

By embracing the five types of wealth and leveraging SimpliMD’s resources, you can cultivate a richer, more fulfilling life. Remember, wealth is not just about financial success; it's about achieving balance and thriving in all aspects of life.

Here’s to your continued success and holistic well-being!

Now, take it away Fritz…..

The Five Types of Wealth

Posted on June 20, 2024 by Frizt Gilbert [email protected]

When you think of “Wealth,” what comes to mind?

If you’re like most people, your first thought is of financial wealth.  Money, houses, possessions, “stuff.”

If that was your first thought, today’s post is for you.

Yes, Financial Wealth is one of the five types of wealth.  And yet, in our quest to live our best possible lives, is it the most important type of wealth? What are the other types of wealth, and what can we do to become truly “wealthy” in the broader sense of the word?

Today, I’m challenging you to become rich, in ways you’ve probably never imagined.

The Five Types of Wealth

I enjoy reading James Clear’s 3-2-1 Thursday newsletter, and a recent edition featured the following quote, which inspired today’s post.  Here’s the quote:

I love Clear’s warning to be wary of jobs that lure you with money and status, but rob you of freedom and health. That’s exactly the type of writing he’s famous for, and why I’m a fan. However, as catchy as that warning is, I thought the broader message was more important.   The message?

There is more to wealth than money.

Look more closely at the quote and you’ll notice the words “at least” in the opening sentence. As I thought about the definition, I realized James missed one, which I would argue is the most important.  So, I’ve taken some editorial liberty with the concept and added a 5th type of wealth.  Below is my updated list:

The Five Types of Wealth

1. Financial Wealth

2. Social Wealth

3. Time Wealth

4. Physical Wealth

5. Eternal Wealth

Let’s look at each one in turn, and consider steps we can take to become truly wealthy.

1. Financial Wealth

We focus too much on this one, so I’m intentionally giving it only one sentence in this article.

2. Social Wealth

I suspect you’ve heard about the Harvard Study of Adult Development, an 85-year study cited as “the world’s longest scientific study of happiness”.  The TEDTalk above, given by Robert Walldinger, the director of the study, has gone viral for good reason.  Trust me, it’s worth your time. 

One of my favorite writers, Ben Carlson, mentioned the study in a recent article titled “How to Be Happier at Work”, citing this as the major takeaway:

“In fact, good relationships are significant enough that if we had to take all eighty-four years of the Harvard Study and boil it down to a single principle for living, one life investment that is supported by similar findings across a wide variety of other studies, it would be this: Good relationships keep us healthier and happier. Period.”

Action Plan:  Invest in relationships and make them a priority in your life. Invite a friend to lunch.  Get involved in a local charity. Stop looking at your phone and use it instead to call a friend you haven’t talked to in a while. Join a Meetup group with people of similar interests.  Take your spouse on a date.  Invest in your Social Wealth.

Relationships matter. 

3. Time Wealth

Perhaps it’s because I’m retired, but when I think of the types of wealth, Time Wealth is the second one I think of after Financial Wealth.  It’s what retirement is all about, and I’ve written about the value of time freedom numerous times.  My favorite article on the topic was The 3-Legged Stool of Retirement, where I included Time as one of the three legs of retirement.  As I mentioned in the article, your finances will likely last longer than your Time and Health, so prioritize accordingly – they’re both more scarce than your money.

You don’t have to be retired to prioritize your time, however.  Regardless of where you are in life, you can decide what’s important to you.  Spend time prioritizing, and invest in those things that matter the most.  When you’re at your kid’s soccer game, quit looking at your phone.  Be present in the moment.  Savor every minute with the ones you love, while you still can.

Action Plan:  Recognize the scarcity of time, and treat it accordingly.  Don’t waste away precious hours of your life “Doom Scrolling” on social media.  Rather, invest that time in things that matter most (relationships, health, spirituality).  Treat every minute of your life like the rare commodity that it is.  

4. Physical Wealth

I want to live as long as possible, but I want my years to be healthy.  The idea of wasting away in a wheelchair in a nursing home scares me, so I’m doing everything I can to invest in my Physical Wealth.  In his book Outlive – The Science & Art of Longevity, Dr. Attia refers to “Healthspan” vs. “Lifespan,” and I love the concept.  Focus on investing in building your Physical Wealth to achieve your longest possible Healthspan.  Your future self will thank you.

The moment we stop focusing on our physical wealth is the moment we start losing it.  Investing in your fitness now will reduce your odds of facing that unattractive future in a wheelchair.

Action Plan:  Stop procrastinating, and start working on your fitness now.  Read “How To Get In Shape For Retirement” for some tips. If you do nothing else, go for a 30-minute walk this afternoon.  Tomorrow, make it 40-minutes.  Combine Social Wealth with Physical Wealth and invite a friend to walk with you.

5. Eternal Wealth

According to Google, the average retirement lasts 20 years.  Interestingly, we spend 30+ years investing and preparing for a retirement that will last only 2 decades.

Compare that to eternity, which (by definition) lasts infinitely longer than retirement. How much time have you spent investing and preparing for eternity?

“A wise person thinks a lot about death…”   (Ecclesiastes 7:4)

Be wise, and invest in your eternal wealth.  You’ve been diligent investing for your retirement, and you’ve done well.  Have you spent as much time investing in a period that will last far, far, far longer than retirement?

“But store up for yourselves treasures in heaven, where neither moth nor rust destroys, and where thieves do not break in or steal …” (Matthew 6:20)

What does it mean to store up treasures in heaven?  THOSE are the investments you should be making, for the payback is far greater than any of the financial investments you’ve been focused on for decades.  Spend time in prayer, and ask God to show you his plans for your life (and eternity).  He speaks in whispers, but if you listen, you’ll learn to hear his voice.

Focus on this one.  In the end, Eternal Wealth will be the only one that matters. 

Action Plan:  Find a quiet place where you can be alone, close your eyes, and try talking to God.  If it’s been a while since you’ve prayed, be patient.  Learn to focus on Him, and shut down the distractions that keep interrupting your mind.  He’s there, and he’s listening.  Take 5 minutes to talk.  More importantly, learn to listen to his whisper. Then, take that first step, wherever you feel he’s leading.  Store up for yourself treasures in heaven.