Money Isn’t the Only Measure of Wealth
In the classic Irving Berlin musical, Annie Get Your Gun (based on real-life stunt shooter Annie Oakley), the title character performs one of the most memorable songs about feeling rich while being financially poor.1
Annie has just had to sell all her assets to pay off a business debt. But instead of feeling sorry for herself, she expresses gratitude for the things she has that money can’t buy. She sings, “Got no mansion, got no yacht. Still, I’m happy with what I’ve got. I’ve got the sun in the morning and the moon at night.”2
The song came out just after the anxiety and deprivation of WWII (which had followed closely on the heels of the Great Depression) and was a huge hit. People who had lived through a decade and half of tough times knew from experience that the best things in life can’t be obtained with money.
Today, people still feel the same way.
A recent survey by Charles Schwab, which studied current attitudes toward wealth, found that the amount of money someone has ranks way down the list of attributes that make people feel wealthy.3
According to the survey, the top-ranking measure of wealth was “strong relationships with family, friends or partners.” The was followed closely by “emotional satisfaction with life” and then “having free time.” Physical and mental health were ranked highly, as were professional achievements and life experiences.
Even though we’ve lived through an era of unprecedented economic growth—where the average house is roomier, the average car more luxurious, and the average person much better educated—people still feel that true wealth can’t be measured by your bank balance.
However, being financially healthy greatly supports these things that money can’t buy.
For example, while being poor means possibly having to rely more on family and friends, not being able to meet your obligations places greater strain on these close relationships. Wouldn’t it be better to be in a position to help those in need?
The other markers of true wealth in Schwab’s survey, from good health to varied life experiences, are also greatly aided by having adequate financial resources. Money alone can’t buy happiness. But it is a useful tool you can use to foster those things that make life truly meaningful.
As your trusted advisor, our role isn’t just to help you accumulate and preserve wealth. We’re here to help you think through your plan for a well-balanced life. One that’s fulfilling as you save for retirement as well as in your post-work years.
Sources:
1. http://go.pardot.com/e/91522/iki-Annie-Get-Your-Gun-musical/972rys/2989147922/h/X0ZGyZmym1USDkKcdXRuvMNr2xHkB9SdmeYnEC4xD7s)
2. http://go.pardot.com/e/91522/-the-sun-in-the-morning-lyrics/972ryw/2989147922/h/X0ZGyZmym1USDkKcdXRuvMNr2xHkB9SdmeYnEC4xD7s
3. http://go.pardot.com/e/91522/experience-according-new-study/972ryz/2989147922/h/X0ZGyZmym1USDkKcdXRuvMNr2xHkB9SdmeYnEC4xD7s
