Money and Wealth are Different
People focus so much on money, when wealth may bring them more happiness and be more achievable. While money is more quantitative, a thousand dollars is more than one dollar, wealth is more qualitative. One dictionary definition for wealth is “the state of being rich; prosperity; affluence”. Here at Dorothy Dollar, when talking of wealth, we will focus on personal prosperity, which can loosely be interpreted as personal happiness. Money is needed to put yourself in the proper position for happiness to happen and to be achieved.
Money is not an infinite resource, but a world shaping tool. To get money one has to sell at least one of goods, their time, or expertise. Funds can also be gather through ownership of an income producing asset (rental property, websites, stock with dividends, etc). The pursuit of money does not always lead to the same place as a pursuit of happiness. For instance, every day billions of people leave their families to go pursue money, which is then used to provide happiness for their family. But after necessities, did all those people just swap time with family for something that brings happiness for money so that they could buy happiness for their family? And does any amount of iPads really replace an absentee parent? Travel? Hockey? Cash? That is why focusing on money above personal happiness can lead to unhappiness, and an empty bank account, if the money is spent chasing happiness.
However, if money is treated like a tool, one can shape the world to provide happiness. For instance, a gay couple could not have children in the same way as a straight couple, however, the gay couple could adopt for several thousand dollars or could get a surrogate for even more money in order to change their world by growing their family. The addition of a child will surly bring joy and headaches. Another example, with enough money someone can quit their day job and pursue their passion of teaching English in a foreign country.
Like any tool, money can be used ineffectively and for bad as well. Ineffectively, money can buy something that creates a greater need. For example, money could be used to buy the latest electronic gizmo, which then creates a need for the latest software and accessories. Then in a couple years the popular gizmo changes and to keep up with friends, upgrading is required. All of this costs money and the latest gizmo may only add small instrumental happiness than a more cost effective happiness-per-dollar out of date gizmo. As for bad, money could be used to commit a crime.
Wealth is an infinite resource in that a small thing can bring immeasurable joy. A spouse coming back from a long trip, a new baby, or a successful accomplishment can make someone very wealthy. Most things that bring about true happiness are not material goods but are connections and accomplishments that are hard to value in money. To get the thing that causes joy, money may be required, such as a degree costs a lot of money. But graduating is a culmination of a bunch of hard work and the thought of knowing no one may ever take away that accomplishment brings great joy and pride.
Somethings money cannot buy and sometimes that is a wealth of happiness.
What can money not buy for you?
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