There are different or various types of wealth that serve different purposes in our lives. In this article, Ghana Media Trend will take you through the various five (5) types of wealth that play a major role in human life as a whole.
These are the types of wealth, which include financial wealth, time wealth (freedom), social wealth such as support, and health wealth, which comes in terms of physical and mental well-being.
The five (5) types of wealth that play a major role in human life as a whole
1. Financial wealth ( Money and Possessions)
Financial wealth gives a true picture of a person's financial situation. It is calculated by adding up the value of all the assets a person owns and subtracting their debts.
2. Social wealth ( Status and Popularity)
A person's social status is their place in a social hierarchy according to their honor or prestige, along with the rights, responsibilities, and way of life that go along with it. A person's status might be given to them at birth without taking into account any intrinsic abilities or abilities that are acquired through competition and personal effort, needing unique attributes. A person's accomplished status might be determined by their accomplishments, marital status, occupation, education, or other characteristics, but their assigned status is usually determined by their s*x, age, race, family relationships, or place of birth.
3. Time wealth ( Freedom)
Time wealth is believed to play a key role in increasing life satisfaction and providing time for sustainable consumption practices. The current study provides both a full definition and measurement, as a lack of theory-based measurement tools has hindered comprehensive testing of those hypotheses.
4. Physical wealth ( Health and Vitality)
The component that binds all other forms of wealth and a person's life together is their physical health or wealth. None of the other forms of wealth are possible for us if our bodies are not in good health and physical condition, or at least not in a prudent or sustainable manner.
5. Spiritual wealth ( Peace of Mind, Self Respect)
When we seek to nurture virtues like compassion, honesty, integrity, prayerfulness, and truthfulness, among others, we reap spiritual wealth.
Peace of Mind; Simply put, peace of mind is the state in which your mind feels comfortable, at peace, and free from concern.
Self Respect; Loving and caring for yourself is the vitality of self-respect. It is the result of maintaining your moral values and resisting to allow yourself in. You'll feel more content and confident when you behave in ways that are compatible with your values and beliefs.
