What is True Wealth?

What is True Wealth?

I guess a better question to ask is, how do you define true wealth?  It seems to me that modern day society tells us that wealth is having a lot of something, and that something seems to be: big bank accounts, an oversized house, luxury cars, vacation homes, etc.  If we sit back and really think about all of these things - we begin to realize that they are in fact just that - THINGS.

I’ll admit that I am tempted just as much as the next person.  I’m really into technology and struggle with the temptations of buying the latest and greatest.  I am a car fanatic and always marvel at beautiful, exotic vehicles as I drive by them in my aging mini van.  I wonder what it would be like to live in a multimillion dollar home with more rooms than I could ever use.  I’m not saying that my wife and I don’t buy nice things and enjoy splurges here and there - we do. But we also make sure to do our best to keep our values in check and have a financial plan that incorporates three equally important areas - giving to those in need, saving for our future needs, and spending.  It’s really helped us put our financial life into perspective.

Just recently, our church held a volunteer event that worked with the Kids Against Hunger organization. If you haven’t heard of them, it’s an incredible charity that provides meals to children in need, both worldwide and locally (yes, there are kids in Rochester that would go hungry without programs such as this). Our particular event purchased the materials and packed 10,000 meals for a total cost of about $3,000 - about 33 cents a meal. 

My number crunching nature got me thinking.  One of those exotic cars that always catches my eye, is a Bentley. A meticulously hand crafted vehicle with all the bells and whistles that make it the standard for which all luxury cars are made.  By the way, the Mulsanne model also comes with a sticker price of $285,000 - with taxes let’s call it $300K.  With some simple math, I was able to come up with this formula:

1 Bentley Mulsanne  =  1,000,000 meals for children in need

That’s right, ONE MILLION meals could be provided to children who are going hungry,have no control over their circumstances, and are truly in need.  Or you could have a car that looks nice and probably impresses some people.  When you look at it that way, it seems silly to own something so excessive. 

Now, I fully understand that very few people are in a position to give up purchasing a Bentley and donate that money instead - that's not the point.  However, it’s the concept that we need to focus on: let’s really think about our NEEDS and our WANTS.  Many of us in south eastern Michigan are blessed to be able to have an above average income and save more than adequate amounts for ourselves. We have no idea what it’s like to really struggle, even though sometimes we tell ourselves that we are. For those people, I issue this challenge:

•Put your financial life into perspective and have it reflect your values

•Revamp your financial plan to include giving more to those in need

•Limit the excess/unnecessary purchases

•Give. Not out of obligation, but with the joy of helping others

That’s True Wealth, and the kind of wealth that I am striving to achieve. Join me in taking this challenge to heart.  I’d love to hear your stories over the course of this year. What sacrifices will you make to live out a financial life with real purpose.