What Is Real Wealth?

I recently saw a Chris Rock comedy special during which he explained the difference between being rich and being wealthy.  He said that a rich person can lose everything while the wealthy will always be rich as will all their descendants.  He said that while Oprah, worth a few billion, was rich, Bill Gates, at $50 billion, was wealthy. 

I think that most of us would say that anyone worth more than $50 million is wealthy, but that is in a materialistic sense.  What is true wealth?

If wealth is that which provides for freedom and happiness, why are so many financially wealthy people slaves to their lifestyles which include making sure that their vast fortunes make money and don’t lose their value?  Unlike modestly rich people, the wealthy cannot put all their assets in a savings account or even CDs.  They have to diversify their massive portfolios hedging their bets by also investing in possible, or probable, failures.  If the stocks do well, the bonds might lose their value.  If real estate is up, gold might be down. If there is an inflation, foreign currencies might be the answer.

Financial wealth not only affords the finer things in life without fear of poverty, it also attracts people to its possessors.  People are attracted by the luxury, beauty and power of the wealthy. They want to be invited to the mansion for the galas and sip champagne on the lovely veranda. They know that the wealthy can afford to be generous to their friends and providers. But this same magnet attracts those who are interested only in the outer trappings. Their feelings and loyalties are more to the money and what it provides than to the person with the wealth.

The wealthy sense this. They know that many of the kind words and uncontrolled laughter are more affect than effect.  At some point many must realize that their relationships are not necessarily heartfelt.  They begin to distrust people and feel alienated from them.

J.Paul Getty, who was the richest man in the world at the time, was asked if he was happy.  He responded by asking how anyone worth billions could be. We read so many stories of wealthy families split apart over money and power.  Howard Hughes, one of the richest men of his day, became so obsessed that he was unable to function.

The seriously rich seem always to be very busy and terribly involved in the ups and downs of their estates. They have to manage the people hired to invest their wealth.  Then there are the real assets like homes, businesses and luxury transportation vehicles. They must not only be purchased, they must also be maintained.  The economically advantaged must also manage the people who maintain them.  

Now many of the wealthiest are giving much of their money away in order, perhaps, to lighten their loads as well as to help the beneficiaries of their generosity.

So what do I think is wealth, real wealth?

Real wealth is having what you want and wanting what you have.  And “having” need not mean owning or controlling.  And wanting does not have to be more for its own sake.  So, a 15,000 square foot mansion worth $20 million is not necessarily better than a 2,000 square foot home with a nice view for a family of four.  Why do they need a grand ballroom or six bedrooms and seven baths? Why should they have to be responsible for its maintenance? The same with second, third and fourth homes. Who needs the aggravation even if the extra real estate appreciates in value? 

Real wealth is loving your environment.  Living here in San Francisco, it is hard to go far without being overwhelmed by the city’s natural beauty.  We have eye-caressing views, voluptuous hills, a sparkling blue sky, and mild weather almost every day.  Having all this is to me the best kind of wealth because we are not individually responsible for its maintenance.  We don’t pay insurance for the beautiful hills and we don’t pay rent for the crystal blue sky or for the bright shining sun that caresses our skin. We can enjoy the beautiful natural and cultural surroundings every day without having to worry that each jewel is being properly maintained at our expense.

Real wealth is enjoying good health.  I have come to realize through experience how many things can go wrong with the human body, marvelous as it may be.  As though an answer to a prayer for greater compassion and patience, I have had the strange fate of experiencing almost every medical malady at one time or another.  I have usually recovered quickly allowing my body to experience the next physical breakdown with undivided attention. When I feel fine, which somehow is most of the time, I feel blessed with a wealth money can’t buy.  I know because I’ve spent so much of mine trying.

Real wealth is having time to smell the roses of life without worrying about being late.  I have come to the conclusion that the key to a happy, successful life is the ability to treat every person and activity as an end in itself as well as a means to an end.  In order to maintain this balanced approach, I think that it is essential to have time.  Many who pursue financial wealth as though it were the Messiah seem to never have enough time and therefore treat people and their “work” only as means to more important ends like wealth, social status and self-image.  Then they wonder why they can never make enough money or gain enough recognition.

Real wealth is being able to love and be loved in return. It is finding people among family and friends who are much more ends in themselves than means to our ends. And failing that, or in addition to it, loving and being loved by an ever-faithful dog.

And, most of all, real wealth is feeling truly blessed for just being alive. For life itself is the greatest treasure of all.