Episode summary introduction:

The principal focus of this podcast episode revolves around the exploration of the multifaceted nature of wealth, as articulated by Sahil Bloom in his enlightening work, "The Five Types of Wealth." We delve into the essential premise that wealth transcends mere financial accumulation, encompassing dimensions such as time wealth, social wealth, mental wealth, and physical wealth. Through our discussion, we emphasize the importance of striking a harmonious balance among these various types of wealth, as neglecting one can lead to overall dissatisfaction, irrespective of success in others. Our intent is to encourage listeners to engage in a reflective journey, assessing their own wealth across these categories to cultivate a holistic sense of fulfillment and happiness. Join us as we navigate these complex yet integral aspects of life and strive to illuminate the path toward a more enriched existence.

Topics discussed in this episode:

The podcast episode presents an enlightening exploration into the multifaceted concept of wealth, as articulated in Sahel Bloom's insightful work, "The Five Types of Wealth." At the heart of this episode lies the assertion that wealth transcends mere financial accumulation; it encapsulates the richness of time, social connections, mental clarity, physical well-being, and financial resources. The hosts engage in a profound dialogue, emphasizing that each type of wealth plays a pivotal role in an individual's overall happiness and fulfillment. They contend that prioritizing time wealth, for instance, is paramount, as the finite nature of time necessitates its judicious management in pursuit of a balanced life. This episode urges listeners to embark on a personal journey of introspection, assessing their own wealth across these categories, thereby fostering a more holistic understanding of what it means to lead a prosperous life.

Walkabout takeaways:

1. Listeners are encouraged to explore the multifaceted nature of wealth, which includes time wealth, social wealth, mental wealth, physical wealth, and financial wealth.
2. Throughout our lives, we must consistently evaluate and prioritize the different types of wealth to achieve a balanced and fulfilling existence.
3. The discussion reveals that financial wealth should be viewed as a tool to enhance other forms of wealth rather than as an ultimate goal.
4. Mental wealth is highlighted as a critical component for navigating life's challenges, underscoring the necessity of self-care and continuous learning.
5. The podcast concludes with a reminder that the most valuable asset we possess is our time, which we must manage wisely to cultivate happiness.

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Mad Dog, there are so many how to books and tons of motivational books intended to give us better lives. Good.

The question or quest is which one is best for me, you or the listeners for that matter. During this journey, we're going to look at one book in particular, the Five Types of Wealth by Sahel Bloom.

The book really is a guide to teach us what our focus should be in life and how to balance the different types of wealth. 5 types of wealth are time wealth, social wealth, mental wealth, physical wealth, and of course, financial wealth.

To join us this journey as we go deeper into each type of wealth with the hopes of you taking your own inventory of your wealth on the road to happiness in your life.

I'm looking forward to this. I'm going to learn a thing or two.

Well, I'm still going to learn a thing or two, but when I started looking at this topic, I mean, many, many years ago, while I was going to Simon Fraser, had a little fair going on and there's this poster I saw, and you're probably familiar with it too. Whoever has the most toys when they die wins.

Is it true, though?

I don't know. And that's, that's kind of what happened in the case of this book where, you know, the. I'll just say that the gentleman was living the dream.

He went to university, had the exec job bringing in the money, and then there's always a TSN turning point where I need to take two steps back and say to myself, what is life truly about? And that's what the catalyst was for the book. And he decided to share it with people.

And I hope people get something out of it and decide where they should focus their wealth on.

Chris Stapleton even sang a song about it. He did now he did about being a millionaire, but it had nothing to do with money. It's just about the love that he had with his woman.

Well, that's, that's perfect because we're going to talk a little bit about that, that kind of wealth as well. But first is always a thought for the day. Nothing quite like the zest for life. The challenge is finding the zester.

I was waiting for the shoe to drop them.

Well, what do you think about that weather out there. Before we get into it too, too much.

I'm surprised I survived getting in here. I'm just light and dainty and I thought I was going to blow away with good things to have a couple pounds. And I made it through.

But I've never seen a. I can't say I've seen a wind like that here ever.

Safety first. And of course they, they call them atmospheric rivers now. And I keep saying I'm waiting for the fish to fall out of the sky.

It's almost at that point.

Yeah.

So, Mad Dog, before we get into each type, I just want to get your perspective what wealth is to you and, and maybe the steps you took to meet your goals in some kind of comfortable wealth. I could put it that way.

You know, to be honest, I've never really chased financial wealth. I've always, to me, wealth was happiness of family and relationship. That was to me what was more important.

Sure, I always have had jobs and really tried to succeed in jobs, but it wasn't chasing $, it was more sustaining home life. But that wasn't the end all be all been unemployed and like a lot of people have. And it's just to me the, the wealth matters in, in family.

Well, so that's, that's the social wealth. We'll talk more about more.

But the, the consideration here is that, okay, obviously there is one type of wealth that, if you want to put it this way, that's more important than the other.

And the, the funny thing about it, you know, just based on that post again, is that the financial wealth is actually, I'll just say at the bottom of the totem pole. That's. And as far as I'm concerned, that's where it should be. Yeah.

If you don't have people to share it with or you know, loved ones to, to take care of or spoil or whatever, what is the purpose?

So time wealth, arguably the most important. But when we think about time, it seems so precious and we only have so much time today. So how do we even get a sense of what time wealth is? I wonder?

I don't know.

You know, it goes back to something we talked about previously about the whole work life balance that if you're working 12, 14 hours a day, are you really wealthy with time outside of work because you got to sleep and you got to eat and you got a grocery shop and stuff like that.

Um, I think that's kind of where those quote unquote work life balance comes from, is ensuring that you have, you know, work Stays work, and then you can take the rest of your time to enjoy life.

And, and that makes perfect sense.

Like, and I guess the crazy thing about balance in the context of these five types of wealth is really the challenge of how that balance works and knowing very well that if you manage your time properly, you can point to one kind of wealth at any given day, depending on. I'll just say when you're a little low on one wealth or the other.

Sure, yeah.

Like, if you can work and to achieve the financial wealth, but still have parameters where you're spending a lot of time with your family and loved ones, it's a social wealth. So, yeah, you're right. You can, you can balance quite a few of those in there.

So the focus and most importantly is to. To figure out how to prioritize what truly matters.

We're spending time, whether it be spending time with loved ones, pursuing passions, or simply enjoying life. And Bloom emphasizes that time is finite and irreplaceable, making it essential to design your life in a way that maximizes your time.

Well, that makes complete sense.

And I guess you would like to.

Think most people have some sort of life strategy or life or some sort of life blueprint that they're following to identify the things that are important to them. And then I'm sure, again to your point, they fall within one of those buckets of wealth.

And then you are working towards that on a daily basis and you have to.

And I think, for example, if I'm going to train for a marathon, I'm not going to be able to train for the marathon in a week. It's a process that happens over months and it's no different than when we're trying to, let's say, make ourselves wealthy.

I'll just put it this way, across the board with all the types of wealth, and that the key, and we've said it before, is consistency. Knowing very well that I have to continually work on it by making sure that I use. I'll put it this way, but it sounds kind of weird.

Effective time management, right? Yes, absolutely. So the second type of wealth, wealth is social wealth. And you've kind of already spoken to this.

It seems to me that social wealth seems to be more important to you than anything.

Yes.

Okay. So we can never underestimate the importance of social connections. And it's in business, of course, we call it networking.

But more importantly, it rests on our ability to meet people and share our lives with them. Making memories in our lives, putting it simply that way.

Yep.

Yeah, I Agree.

And that's.Yeah, that's.

You know, when I look at pictures of our family and stuff like that, you know, I remember where we were and what we did, and that always gives me a sense of pride in the fact that we've been able to maintain that as a family. So, yeah, just for me personally, that's where most of my eggs are, in that basket.

So if I were to ask this because, I mean, Christmas is coming so quickly right now, typically what would happen in some families, that families get together and I'll just put it this way to be diplomatic, and they don't gel so well. So except for an interesting Christmas and I'll leave it at that, not to mention add a little liquor, just like fire going right.

It's karate water.

But I mean, the thing about it is that what Bloom says is that this is a critical component of overall happiness. So just think about that for a second. That's where we're going to find our happiness. We're not going to find it in financial wealth.

There's no question about that.

No, like I, when, when the ship is right with social wealth, when you're connecting with your children and your spouse, that empowers you and enables you to do the other ones because your home, quote unquote, is fixed. So me personally, I need that to be going well in my life and then I can conquer everything as long as that is the base.

If the poem isn't right for me, I have difficulty focusing on anything else. So. But again, it all shifts to one's priorities.

It sounds to me that maybe you've could have written this book just by listening to what you're saying. Sounds like you have a good sense of the different kinds of wealth.

And again, it's just a different way of kind of looking at the picture, the same picture that everybody looks at and trying to kind of figure out, well, how do I make sure that I spend the appropriate time on. On my career, my family and keep everything together and in between, find some kind of happiness in life.

I know people too. And one guy in la, and he's a single guy and he's chasing the almighty dollar. That's his thing. He's got no interest in family.

And that's fine, that that's his priorities. You know, yours or somebody else's priorities don't have to be yours. Oh, I better do that because that person's doing.

You really need to be comfortable with, you know, where you're going and you know, which direction your boat.

I agree with you, it has to be so subjective. Your.

I'll say your wealth picture is going to completely look different than mine, although I would suggest it's probably quite similar, but it's not going to be exactly the same. Bloom goes on to explain that strong relationships and a supportive community can significantly enhance one's quality of life.

Investing in a friendship. And I like the word investing in a friendship because it's, it's a life investment. That's what it is.

And social networks not only provides emotional support, but also contributes to a sense of belonging and purpose. Yeah, I agree.

One of the things that I've held fairly dear is you get out of something what you put into it, whether it's friendships, work, business, sports. The effort that you put into it is going to determine what you get out of it.

So your friends aren't just going to happen by and all of a sudden just show up at your door every other day. You have to make the effort as well to reach out. So it's. You're right, it is a conscious focus effort that to make these things and.

It has to be reciprocal or it's not a relation self serving. If not, it's self serving. Half the third type of wealth is mental wealth. No. Mad dog.

How many times have we talked about the importance of mental health on, on this podcast?

A lot. And it's, you know, you never know when you're going to need it.

You might not need a regular counselor day to day, you know, and I'm pretty solid in how I live, but I lost my dad a couple of weeks ago, so I know that I need to reach out to a counselor because it's, it's one of those things that popped up that it's like, oh, it's important to me to make sure I'm right, which then affects everything else, the relationships, the work and all that sort of stuff. So yes, I don't think enough focus is put on mental wealth.

Yeah. And there's no question it's been neglected in the past and still needs more attention.

It's almost like it has to be stimulus response like breathing. It's just as important.

And the good thing about the way he's put it together is that he doesn't say that aside from the financial and time being important, but in between you can have the time, but if you don't have good mental health, the time will mean nothing as well.

Yep. It's funny how these are all different buckets, but they are all connected.

They have to be connected.

Yeah.

Because you Can I'll say you. Well, that's not true. If we took financial wealth out of the equation, I think you could still have some of the other wealth.

I agree.

Yeah. You might be living off the grid.

I'd be in a van down by the river.

But you'll be living whatever makes you happy.

So what he says, for practices that promote mental clarity, such as mindfulness meditation and continuous learning, he argues that the healthy mind is essential for navigating life's challenges and achieving long term satisfaction.

He uses the word satisfaction, not success, which is I find very interesting because thinking, think in mind that, you know, the whole dream is I'm going to make a ton of money and money's going to buy me happiness. And some people equate that to success. But he uses the word satisfaction here.

I like it. And it's an interesting way of looking at it.

How about this one? And we all live in glass houses within this one. Physical wealth.

Yeah, yeah. Some are. Yeah, yeah. That's. Actually, I never even thought about that as a, a wealth factor.

How many times have we heard that if we don't have our health, we have nothing? And just think about that, Zach. Okay.

And I know, I know myself, I'm trying to make up for lost time because literally a 30 year career where I've really neglected myself and there's some of the, some of the damage I've done because I haven't looked after myself. Then I, when I wake up in the morning, I'm worried. Really? Nurse. Yeah. Nice. And reminders.

And you, you, you can't get back what you lost, but you can still look after yourself. And, and I'll say live a life with as little physical pain as possible. Yep.

The running joke is if you, at our age, if you don't get out of bed with something that hurts. Have you gotten out of bed?

Yes. At the end of the day, we really do have to care for ourselves.

And what Bloom says, the importance of maintaining good health through regular exercise, proper nutrition and adequate rest. And I have trouble with that rest.

When I was a leader, he, he posits that physical well being is foundational for enjoying other types of wealth as it directly impacts energy levels, mood and overall quality of life. Agree. So I'm, I'm sitting here and I'm thinking, okay, we just talked about 4. We have one more 4 type of wealth to go through.

But I feel a little bit overwhelmed. How in God's name do I manage all these?

Yeah, it's like this is important. No, this one's really important. Know this one. And they are all, I think, equally.

Yes, it's, it's because if, if it's scored out of 100 and there's five of them, they should each rank about 20 points in your life.

They should. So I, I, I think it's a matter of that whole balance thing and what's important at any given day.

But again, time being the, the important one because that allows you to focus on the other wealth, depending on what, like I say, the priority is.

I wonder if there's a formula or test or not even a test, but just a grid where you have those five. I like, call them the buckets because they're all individual.

But yeah, I like the way you've done that. That makes it easier to kind of conceptually understand.

But out of 20, where does it sit in your fulfillment factor? Right.

If you're working, you know, a hundred hours a week, maybe that score of 20, maybe you're scoring 30 out of 20 because you're spending too much time there, but maybe on the social wealth, you're sitting at 5 out of 20 because you have no time. So if there's something that, like that, that can show you, you know, where maybe you're imbalanced insofar as these scores are or something.

Yeah, I think, I think there has to be a lot of introspection. But I mean, from my understanding, our previous podcast, you have the best gauge living with you. That keeps you on track.

And if, and I'm talking about your wife for sure. And it's, it's always nice to lean on someone and hear that sound. Sage. And somet advice we don't want to hear, but it's important to hear.

So, yeah, and it's yes, once again, I feel a little bit of a lottery winner when it comes to that part of my life, for sure.

Okay, so financial wealth and it's, and it's funny.

And before I get into it, too, too much because, because when you're growing up and you're looking at that fancy sports car, that, that vacation, that sunny vacation, you're thinking, that's what I want to do. And I just want to get up and go anytime I want, but I realize it's going to take money, so that's what I'm going to do.

Yeah, I can imagine it's probably worse nowadays with all the social media and every fancy thing and everyone's pictures are about the best of the best and all this sort of stuff, it's, it almost seems unattainable. It's a certain point with the amount or else everybody's rich and we're not.

Well, as we've already talked about, we're probably rich in a lot of other ways here and talk about those different types of wealth. But let's put it in perspective. Money. And a good friend of mine, he used to say it all the time, he said, he said, you know, all money is, is a tool.

So you figure out that tool is going to help you get one place or another, help you with one kind of wealth or another. But that's, that's all it is. And if you get stuck focusing on that wealth, you're missing that social wealth.

You're messing with your mental wealth, you're messy with your physical wealth because it doesn't happen overnight. And you talk about, let's say, billionaires who would easily put in 20 hour days just to build that wealth.

And at what point do they stop and say that's enough?

I'm sure most don't.

So Bloom obviously sees it the same way. He encourages readers to view it as a tool rather than an end goal. And that's the key.

They say money doesn't buy happiness, but I'm like pretty happy with my life, so I dare you. I will take that dare.

And his argument is that financial resources should be used to support and enhance the other types of wealth.

This perspective helps to alleviate pressure often associated with financial success, allowing individuals to focus on what truly brings them joy and fulfillment.

Share the wealth.

Share the wealth. That's right. And of course, if, if making money makes you happy, we can't help. Yeah, W.P.

Your lost soul.

Unfortunately, that music is telling us that.

And don't get me wrong, because we're going to continue to think about wealth, we're going to continue to encourage the listeners to say how well they are from each type of wealth perspective. And like I suggested in the introduction, perhaps do that inventory not once, not twice, but continually do it.

Check the levels of your wealth buckets.

Check the levels of your wealth buckets. This, this is certainly a fresh perspective about wealth. And it's so important, goes well beyond money.

Wealth is a multifaceted thing and you have to figure out how to balance that in the context of your own life. And like I said before, that's so subjective. So measure it beyond money. Take that money out of the equation.

When you're looking at, I'll say wealth globally, freedom over status. Focus on security and autonomy, not comparison and status. Invest in social wealth.

Relationships can compound, just like money When I read that, I thought, well, that is true.

It absolutely is true.

So the more more you invest in that relationship, the more you're going to get at it. And like I say, it's reciprocal. So it's, it's going to go both ways. Yeah, it's. You talk about a win win. That's the biggest win win I've ever heard.

Strive for balance, regularly check. Guard your time well, keeping in mind it's the most important one. Right. Your ability to choose how to spend your time is the highest form of wealth.

It allows you to tend together well. Protect mental wealth. This means managing stress, practicing self awareness and continually learning to nourish your mind.

That's interesting. I appreciate how those are all looked at differently. I've never, never thought of it that way before with different wealth.

I'll ask you this question. Have you ever really stopped developing as you. I'll just say as the years kind of added up, new.

Not at all. I find that I'm learning more now than I did before because the ego's been put in check and I'm a lot more receptive to things.

And that's key. You have to always learn something different. It keeps you going. It really does. What Blue is really saying, the overarching less is.

Is the necessity of balance among all types of five types of wealth. Next, neglecting one area can lead to. Here's that word again. The opposite way to dissatisfaction. Even if you excel in others.

He encourages readers to regularly assess their wealth at each category and make conscious efforts to nurture all aspects of their lives. This balanced approach fosters a more holistic sense of fulfillment and happiness.

Challenges it.

So the funny thing about it. Can we teach our kids this? Is it something that.

Yes, absolutely.

I think, I think he needs to, let's put it this way, write that book in the context of a. I'll say a 12 year old might look. Sure. And in simple terms. Yeah.

How those levels of wealth or areas of wealth become more important through the years.

Yeah, they will change because they will change. Just because life has a habit of throwing you curveballs.

Not to mention, yes, you do have a career, you have a family, but you think about it like when you put it in the context of the buckets of wealth as you mentioned, it really helps you to move things along in life and find that, I'll say, grains of happiness in between. So anything else you want to add to that? No, no.

I'm gonna stew on this one for a while. And what was the book called again?

The book is called the Five Types of Wealth by Sahil Bloom. Pick that up for a read at transformative guide to design your dream life.

Remember to take advantage of the moment before the moment takes advantage of you. To learn more about eWalkabout, please visit us at eWalkabout.ca.