By Alison Vaughn

There are many wealthy people in the world. Many try to create a secretive life while others flaunt their wealth.

Plainly speaking, wealth does not refer to your bank balance, it is a state of mind. There are 4 types of wealth:

Money (financial wealth)

Money is about the assets and money you have as deposits. Building this financial wealth results in pressure and it has a detrimental effect on achieving other wealth types. Building financial wealth leaves no time. Having money means you are becoming wealth. It also means you must learn to manage the money. It means learn to listen, read, and take action to keep the financial wealth such as the cash, assets, investments, and net worth safe.

The fact is you can become wealthy and to become wealthy you lead a rat race. While money cannot buy your happiness, money (financial wealth) makes life easier, yet find a balance and search for happiness.

Freedom (time wealth)

Time wealth offers you the liberty to spend your time. People are very busy that they have no freedom, as they are acquiring money, wealth. Working more robs your time and you do not spend time with friends and family, your social wealth. No time or freedom means you cannot pursue your passion or manage money, thus lose your mental wealth.

Nurture your bonds and relationships. If you stay busier, you weaken other relationships. Becoming financially independent is right, but do not trade your life to accumulate money, the passive income. Use your freedom, to build social wealth and focus on your health wealth.

Health (physical wealth)

Health wealth improves your mental and physical health. This relates to exercising, coping with anxiety and stress, healthy dieting, and other mental stressors. It increases your wellbeing. Anxiety over money is making money management harder and lack of money causes mental health.

Improving physical health is possible with a balanced lifestyle and establishing good habits such as following a proper diet, exercise, and good sleep hygiene. Also practice portion control, eat healthy foods, limit sweets, and ensure enough sleep.

Status (Social wealth)

The social wealth is apparent by the connections with people such as friends, family, and community. Surround yourself with more people and have honest intentions. If you find negativity, just step aside. Increase social connections and ensure positive influences.

Humans build status, the social wealth, try to maintain social connections. Rekindle lost connections with relatives. You will receive support in all times.


Alison Vaughn is founder of Detroit-based Jackets for Jobs, Inc., a nonprofit that provides career skills training and clothing to job seekers. Jackets for Jobs, Inc is recognized by ABC’s The View, NBC’s Today Show and NASDAQ  as a worthy organization to support. Vaughn is a sought after public speaker and community advocate. She is a Comcast Newsmaker, Goldman Sachs Scholar and honored as Crain’s Notable women in Non-Profits. She’s also been featured in Entrepreneur & Fortune Magazine.