When talking about possession, a person unconsciously refers to wealth. But depending upon its use, wealth can be defined in different ways. Basically, it can be classified into financial and non-financial.
Financial Wealth
In the economic world, wealth is defined owning items which have economic values. Example of having financial wealth is the accumulation of things like real estate, money and jewelries. There are reasons why people try to have financial wealth. The most common reason is security.
People with financial wealth also believe that having them brings power, respect and recognition. Depending on where you live, the amount of financial wealth you have accumulated will be relative. Wealthy individuals living in third world countries would be considered average in countries like the United Kingdom and United States.
Non-financial Wealth
While other people are occupied with the accumulation of material wealth, other people believe that true wealth is not something that has economic value. Faith, love and peace of mind are just some of the examples of non-financial wealth that some people strive hard to have in their life. The reasoning behind is simple. Even with all the material wealth in the world, a person would never feel truly complete or secured without non-financial wealth.
In recent years, society has finally looked at non-financial wealth as equally important as financial wealth. Ironically, some people need to spend money just to obtain non-financial wealth. They enroll in yoga or meditation classes to have peace of mind, donate huge amounts of money to participate in religious activities and even buy their loved ones expensive gifts to show their love and appreciation.
It is therefore obvious that people have integrated these two types of wealth to define the true meaning of the word. To achieve or create financial and non-financial wealth, here are some of the most common practices.
To achieve financial wealth, you can harvest natural resources and/or develop or change a material thing thru skills and knowledge application. Another way to create wealth is by improving methods in production, effectively creating wealth faster. You can decide to set a limit to your accumulation of financial wealth depending on your need for security. On the other hand, non-financial wealth can be achieved or created by analyzing your needs and priorities.
You can only achieve peace of mind if you know what you want in life. Since non-financial wealth is not quantifiable, it is difficult to realize whether or not you have enough of it in your life.
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By: Jonathan | 31-05-2008
Hi. Very good article. But I want to ask you if you can give us heplful insights about the better strategies available that you refer in this article with the use of options without an existing portfolio. Thank you, Jonathan "Investors should not buy stocks simply to implement this strategy for one simple reason...there are better strategies available to you" "However, as I stated at the beginning the covered call strategy may not be the best option strategy to implement if you do not have an existing portfolio. That is not because it does not work, but because there are simply better strategies."
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