What Type of Wealth Has Nothing to do with Money?
How do you define wealth? A person’s wealth is often defined solely by the amount of money in their bank account or their net worth. While wealth does measure the value of one’s assets, you can be wealthy in ways that do not include money – wealth comes in many forms.
In this article, we explore one way, other than financial status, in which wealth can be measured.
Philanthropy is charitable giving by individuals or organizations to a worthy cause. The types of giving can include donating your money or your time, or other acts of selflessness to benefit your community. Being able to give back to society and to the community around you is one of the highest signs of non-monetary wealth. A survey conducted a few years back by the U.S. Trust found that 86% of wealthy individuals believe that giving back to society is an important, if not an essential, part of their life.
With your wealth of time and money, there are many ways in which you can give back to the community. Here are four examples of how you can give back:
- Financial philanthropy: This includes using your monetary wealth to make a cash donation of any value to a charity or cause of your choice – whether that is a recurrent or one-time donation.
- Donations: If you have an abundance of items in your home or if you are able to buy items for an individual or family in need, you can make an immediate difference in someone’s life. A donation could include items like clothes, toys, or food.
- Fundraising: Utilizing your time and your connections, you can bring the community together by organizing a fundraising event to raise money or gather non-monetary items to support a cause.
- Volunteering: Aside from monetary value, another sign of wealth is time. Being able to give your time to a cause you believe in is a great sign of wealth. This can include volunteering at a food bank, an animal shelter, your child’s school, your community’ place of worship, or any other organization that has an importance to you.
Living wealthy is more than living rich. Giving back to your community and to those that are less fortunate than you can help provide you with a life full of wealth. Not only wealth, but an increase in your well-being, social interaction and leaving behind a philanthropic legacy which Bloom Investment Counsel, Inc. can help you build.
Established in 1985, Bloom Investment Counsel, Inc. is a Toronto-based independent, privately-owned boutique investment management firm with experience in managing more than $2.5B in assets over the years.
We provide actively managed, customized Canadian and U.S. dividend-paying portfolios for wealthy individuals, family offices, foundations, corporations, institutions and trusts.
For over 25 years, we have specialized in one thing and strive to be the best at it—investing in income-producing investments, specifically dividend-paying stocks, which can help you generate income, if needed, and growth from investing in the stock market.
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This content is provided for general informational purposes only and does not constitute financial, investment, tax, legal or accounting advice nor does it constitute an offer or solicitation to buy or sell any securities referred to. Individual circumstances and current events are critical to sound investment planning; anyone wishing to act on this content should consult with his or her financial partner or advisor.