True Wealth

I've been bitched at to start blogging again, and I truly have gotten out of the habit of it, partly because of the end of semester stuff I had to do and partly because I fell in love with an online war game, lol. But as I was cruising YahooNews, I found this article, and I felt compelled to write, mainly because it seems so timely with what I'm reading right now, Simple Prosperity by David Wann, the co-author of Affluenza (a great read). The article looks at how rich people across the world measure what wealth really means.

Some of the findings are:

Respect

Asians and Latin Americans were more likely (49% and 47%) to say that wealth "allows me to get respect from friends and family." Only 28% of Europeans and 38% of Americans said respect was a byproduct of wealth.

Charity

About three-quarters of respondents in the U.S. and Latin America said wealth enabled them to give to charity. That compares with 57% in Europe and 66% in Asia.

Happiness

About two thirds of Europeans and Americans said wealth made them happy. But it had a greater happiness affect in emerging markets, with 76% of Asians and Latin Americans saying wealth made them happy.

Role Models

Less than half of Americans and Europeans say the wealthy "set an important example to others to be successful." That compares with 71% of Latin Americans and 61% of Asians.

Spending

Wealthy Europeans are far more likely to spend their dough on travel and interior decorating. Latin Americans seem to put the highest spending priority on education, while the U.S. surges above the rest in philanthropy (which the report counts as spending).

We can read several things into the differences. Most obviously, the U.S. has a more formalized and tax-favorable system of philanthropy than the rest of the world. (It is too sweeping to say Americans are the most "generous.")

What is more, the global financial crisis may have tarnished the image of the wealthy -- even among the wealthy. And finally, the longer a country has wealth, the less it craves the attention and respect wealth brings.

I think there are some interesting things to think about in terms of why people think wealth should give respect, what wealth "buys", etc. Especially since in this article, wealth itself is associated with lots of money and financial assets. Many people would probably list more money as something that would make them happier, but when you ask them what they would use the money for, you'd probably find that what people really want is security, happiness, opportunities and more education.

Houses are a good example, as they are considered most Americans' primary asset. I don't think I'd want a super expensive home, even if I could afford one. The house I'm in now, the first one I've ever owned, I got for a fantastic price. It's in a small and close-knit neighborhood, my utility bills are wa-a-ay lower than the crappy apartment I used to live in, the basement was completely redone by the friend who owned it first. That friend worked very hard to make sure the house was well insulated and kept up. The basement used to be a wet, smelly, dank and dark mess. Now it has a full bedroom, bathroom, and living space -- completely dry, bright, and wonderful. We worked hard as friends to put together a deal that benefited us both, and we largely kept lawyers and real estate agents out of it. I'm proud we were able to do that as friends. The house has character and a connection with people I love, who moved away. It's on 2 1/2 city lots, so I have a yard, a garden, and lots of trees. I can look out my kitchen window and see the tops of my neighbors houses and also the West Virginia mountains. Every window has a "view". The house is only about 1450 square feet -- 725 on both floors -- and yet because of the way it is laid out and the work my friend put into it, there are still enough bedrooms for everyone plus a guest, living and relaxing space, a space for family meals, a pantry, a bathroom for a preening almost teenage boy. It's seven blocks from the center of town, and the bus stops a few feet away. It is considered a financial asset. But it means so much more than that to me.

I consider my home a different kind of wealth, because it's where we're so happy to be at the end of the day. It's the place where said preening nearly teenaged son cooked his first meal entirely from scratch and served everyone, and was sooo proud. It is the place where we sit at the kitchen table and talk about math, pull our hair out, and talk about it some more. It's the place where we turn out the lights so said teenage-ish boy can ask about girls without being looked at. It is a breezy ceiling-fan, cat stretching in sunlight, good book on the deck kind of place.

Selling it for the $120,000 I bought it for would not buy those things.

Giving to charity is another example. I am happy that the wealthy see that as something they enjoy doing, and money makes a big difference. But so does giving time and energy and getting to know the real problems in your own neighborhood. I think watching Dante decide he was going to give the charity money he'd saved up to the group that spays and neuters animals to control the population was just as valuable as a $500,000 donation; because he was thinking about community problems, what he was interested in and that some money should be prioritized for those things. The people I've worked with in a volunteer sort of way, we've all benefited by being together and "spending" time. We all get reinforced by knowing that there are others who do care, and that spending your time makes a difference, and that small differences are just as important as big, earth shattering differences. We got to know the people who need the services we were working to provide in a way that an impersonal check does not allow. We found out that many of those people were just like us, and that the margin between safety and tragedy is often pretty slim. That sort of thing is priceless.

And would I love to slap down money and go somewhere expensive? Sure, I guess -- never tried it before! :D And I'm sure that sailing around the Greek isles in your private yacht is great. But, next year we're going to India to see BatMite!, which I'm so excited about. We'll get to eat things and see things and connect with another culture, and we're going as a group of friends to see a dear, dear friend. I cannot think of a richer experience. That winter I plan on being in Nicaragua, looking at volcanoes, trying to speak Spanish and visiting coffee plantations. I will be going for probably less than $2000, maybe even less than $1500 with pennies I've put back from the way-below-average teacher's pay I get. I'm sure it will be every bit as fulfilling and enriching.

I'm not suggesting we all hate on the rich, or that the rich should be ashamed, although I think there are cases to be made for that sort of thing in some circumstances. What I am suggesting is that it's beyond time that we as a culture reconsider what it means to be "wealthy" and what we think we want our money to really buy for us. There are ways of enriching one's life that has nothing to do with one's bank account, 401k or property holdings, and everything to do with how vital the life one has really is. How do you count your wealth?

-- DV