The 5 Forms of Wealth

The main categories everyone should work on to become successful

Let me preface by saying I’m a 19 year old college student. I am far from wise, and have not experienced enough in life to give sound life advice. However, I’ve come to realize that all successful people in my world are wealthy in 5 main categories of their lives. These riches present themselves in many different ways, however all must be present for us to reach the person we desire to be.

Financially

Starting in my wheelhouse, financial riches are what we all first consider when thinking about success. While they are not the most important type of success one can gain, achieving financial freedom allows us to unlock the scarcest resource in the universe, time. Taking care of our finances and becoming wealthy gives us the opportunities to do whatever we want, whenever, wherever, and with whoever we want.

Everyone wants this type of money, however most fail to take the steps they need to get to this point. My main topic on all platforms is finance, and specifically long term investing. I highly suggest you read my prior articles because I provide quality content in an easy way to digest, but as long as you start educating yourself on how to put your money to work for you, that’s all that matters.

If you think that it’s too late in the game for you to begin investing and building wealth, you are straight up wrong. While having a late start wont help compared to someone starting in their late teens or early 20’s, by simply investing you will automatically be doing more than the 40% of the population who have no money in the game. Don’t view a late start in regret of not becoming filthy rich, instead see it as a way to retire on time, and hopefully pass down to your kin to start building generational wealth.

Spiritually

I want to start this section by making it clear that spirituality is not religion, or at least not in my eyes. Instead, I view religion as a supplemental practice to building my spirituality and making me feel closer with the world. For millennium, humans have performed different rituals, activities, and practices to grow closer to their ‘spirit’, whatever you think that may be. I think that this has become an incredibly underrated section of our lives that lacks growth.

If you look at most of the greatest athletes, you’ll find that many believe that they are meant to be great and have worked for the position they’re in. Whether they believe in a greater being, practice meditation, or simply believe they are meant to do great things in their lives, they all have an incredible belief that things will work out if they put their heads down and work. Life is hard for everyone and has plenty of both great times and not so good ones too. It’s my personal belief that reaching spiritual strength is a vital step in doing all the great things we wish to achieve. If you are religious, pray often and practice your beliefs. If you aren’t, I definitely suggest trying meditation and practicing mindful thinking. There are plenty of great instructors for this on YouTube and podcasts, so check them out!

Physically

Maybe my favorite category. I believe anyone striving to be the best version of themselves should start climbing the mountain of physical fitness. I’m all for body positivity and think that everyone should see themselves in a positive light. However, at least for myself, this only came once I began really putting the work in at the gym and cleaning my diet up big time.

Even without seeing physical fitness as purely visual, it’s a matter of being healthy and gaining confidence in yourself. We all (I hope) want to live long, happy lives. In order to ensure this is our reality, conquering our physical bodies is a must. As an athlete, I can honestly say that every aspect of my life was changed for the better after I started focusing on eating healthy, drinking plenty of water, and hitting the gym. If I hadn’t started this grind when I did, I don’t think I would’ve been nearly confident enough to start writing, nor be as social and outgoing as I am now. When you feel good about yourself physically, everything else in life seems to become much easier.

Mentally

I’ve said it once and I will continue to say it, you begin to fail in life once you stop learning. As investors, we must be constantly researching and developing new perspectives based off of new information. Getting rich can sometimes be easy for stupid people, however only the smart stay rich.

Shout out to you for reading this! You’re attempting to learn more and become mentally rich, that’s awesome. A lot of people stop education after college if they go, and sometimes high school if they choose a different route. This is a big reason why people are left living mediocre lives, they don’t strive to gain more knowledge and gain a better understanding of the world. The world’s greatest investor of all time, Warren Buffett, attributes much of his success to a book he read when he was 19, The Intelligent Investor. Imagine if the man never picked this book up! He would never have achieved the legendary status he has now. We probably will not be Warren Buffet as bad as we may try, however let’s realize that his success is clearly a result of trying to elevate his intelligence. Listen to more podcasts, read more books, surround yourself with quality information. This is how successful people become mentally rich.

Socially

As humans, we have a need for other human contact and love, it’s a fact of life. It’s important that for us to live a fulfilling life, we surround ourselves with people who make life fun. In order to do this, step outside of your comfort zone. This was a very hard step for me, and I’m still working on it. It’s extremely easy to get comfortable and settle with the life you live, however to become socially wealthy takes a certain amount of being uncomfortable. Like it or not, this is a step we have to take to live our most ideal lives.

Learn to surround yourself with people who have the same goals as you. More importantly, make sure they’re good people who you enjoy being with. As I said earlier, time is the most finite resource in the universe, so we have to make sure we spend our time with people worth spending it on. In business, your success depends on who you network with. While us business minded people should keep this in mind when trying to become socially rich, those who aren’t in business should also have this mindset for their lives in general. No matter where you’re trying to go, surround yourself with quality people, and quality is what you will receive.

Balance

Life is about balance. I have an article talking about this in regards to optimism and pessimism in the stock market, and I will continue to stress it here. All of these sections are crucial to becoming the person you want to become, and none are more significant than another. Ask yourself at the end of everyday, ‘What did I do today to grow in the 5 categories?’ Maintain steady growth in each, because the most successful people come to master them all. I hope this article helped to inspire you to work harder for the life you deserve.