Could you be wealthier than Bill Gates and Warren Buffett? I think the answer is yes.
Gates has a net worth of approximately $135 Billion, and Buffett’s is approximately $126 Billion.
The definition of wealthy is “having a great deal of money, resources, or assets; rich.”
Traditionally, we think about wealth as the total of things we own. We think about money, houses, businesses and investments. But when we think more deeply about it, there is so much more to being wealthy than monetary possessions.
When I think more deeply about it, health, interpersonal relationships, and time come to mind. Think about it like this:
- If you don’t think health is an asset, you don’t know anyone who is or was really sick.
- If you don’t think interpersonal relationships are an asset, you don’t know anyone who is alone.
- If you don’t think time is an asset, you don’t know anyone filled with regret.
There are invaluable lessons to be learned from people at the end of life, when they’re looking back and reflecting. Here are some of the most common regrets:
- I wish I hadn’t worked so hard
- I wish I’d had the courage to live a life true to myself, not the life others expected of me
- I wish I had stayed in touch with my friends
- I wish I had let myself be happier
While there are certain lessons we need to learn on our own, it’s my hope you and I can take these lessons to heart so we don’t make the same mistakes.
Gates was born 10/28/55, and Bufftett on 8/30/30. You may already be wealthier than they are from a time perspective.
They both experienced failed marriages. You may already be wealthier than they are in terms of your relationships.
Neither appear to be physical specimens. You may already be wealthier than they are in terms of your health.
Everything is relative, and perspective is essential.
I’d like to explore the four regrets of the dying, and help you consider what wealth means to you:
- I wish I hadn’t worked so hard
- I wish I’d had the courage to live a life true to myself, not the life others expected of me
- I wish I had stayed in touch with my friends
- I wish I had let myself be happier
Let’s get started.
I wish I hadn’t worked so hard
As a driven and ambitious person, this is a hard one. I’m constantly striving to get better and to earn more money.
For a dose of perspective, if you’re making at least $34,000 a year, you’re in the 1% globally. Over half of Earth’s population lives on less than $5.50 a day.
Many of us work hard to afford a lifestyle that we think we want.
Our consumer-centric culture leads many of us into debt, which keeps us stuck in a vicious cycle. If you’re in debt, work hard and do everything you can to get out of it. Debt leads to stress and anxiety, which has a negative impact on every area of life.
I’m an advocate for finding the right rhythm in life. I work hard to nurture my relationships, health, and professional work. When I’m working, I go as hard as I can. When I’m with my kids, I try and give them my full and undivided attention.
How to find more time?
Interrogate your reality. Look at yourself in the mirror and think about what you’re doing right now that you’re embarrassed of. What are you doing that’s wasting time? What are you doing that is sabotaging you?
If you can be honest with yourself, and then work hard to stop doing that thing (or things), you’ll find you have additional time.
Having additional time can give you space to take better care of yourself and your health.
You need to run your own race. You need to mind your own business. Stop comparing yourself to others. Get clear on what you want your life to look like. Decide what wealth looks like for you, and get to work making it happen.
I wish I’d had the courage to live a life true to myself, not the life others expected of me
I’m not a person who will tell you to pursue your passions at all costs. I’m too pragmatic for that. But I will tell you it’s possible to do two things at once, and I’m not talking about multi-tasking.
I appreciate that we need to do what we need to do to earn a living, and you may not be in a position to do the work that you truly want to be doing. But that doesn’t mean you can’t also be pursuing what you ultimately want to be doing.
Figuring out what that might be, and then carving out time everyday (no matter how little) to do it is the first step in being able to spend more time doing it.
I also know that the better I get at things, the more I like it, and the more passionate I get about it.
Become great at everything you do.
I wish I had stayed in touch with my friends
The famous Harvard Grant study followed the lives of young people in hopes of ascertaining what makes for a happy life. It found that connection to loved ones, family, friends and community is the main driver.
All relationships need to be nurtured in order to flourish. The next time you have an extra 10 minutes because someone was late, or you’re early, reach out to an old friend instead of mindlessly scrolling social media.
You’ll find the grass is greenest where you water it the most.
I wish I had let myself be happier
What makes you happy?
Too often, we know what we don’t want, but aren’t clear on what we do want.
Figure out what makes you happy. Do that everyday. Not all day, but everyday.
A big part of making this successful is to block time into your calendar for the activity, and to arrange your life around it. Maybe you want to do yoga in the morning, so you start getting up 45 minutes earlier. Perhaps you want to spend more time outside everyday, do you start talking a walk a lunch time.
Whatever it is, find time to do it and put it into your calendar.
Closing
While Gates and Buffett may be two of the richest people on Earth, I can’t speak to how wealthy they are. And it doesn’t matter.
You and I have one opportunity at life, and there’s no value in comparing yourself to anyone else.
A wealthy life is available to you. Getting there starts with setting the intention of living one.
Resources to help
You can access our Goals, Values, and Get Out of Debt courses at no-cost.
If you’re ready to become the CEO of your financial life, check out our DIY Financial Plan workshop.
Stay up to date by getting our monthly updates here.
LifeBlood is supported by our audience. If you purchase through links on our site, we may earn an affiliate commission. Learn more.