Defining wealth: is money happiness?

Graeme PegmanFinancial Planning


According to the Oxford Dictionary, wealth is defined as ‘a plentiful supply of a particularly desirable thing.’ The truth is, wealth means different things to different people – and there’s a big difference between having wealth in your life and simply being financially sound.

Can money buy happiness?

Having long been a topic of hot debate, the relationship between financial prosperity and happiness is a controversial one. While many may share the common belief that money isn’t everything, there’s no denying the fact that both the tangible goods and experiences we crave come at a cost. And although money doesn’t guarantee happiness, financial security can go a long way to giving you peace of mind – especially when looking to the future.

Identifying what makes you wealthy

Much of the debate highlights choice as playing a key role in our path to happiness. And while the size of your savings will always play a part, it’s what you spend them on which is the key to a happy future. The two, however, are directly connected – and without the money to spend, the choice of what to spend it on becomes much more limited.

Whether it’s ensuring your children are set up with a lump sum, or buying yourself a sports car and a villa in Marbella, the choice is down to you – and being wealthy is all about having options. This is especially true when it comes to retirement planning – maximising your income in later life will give the choice to do what makes you happy.

How to achieve wealth

Through proper financial planning and by starting to save as early as possible, you’d be surprised how much your piggy bank can grow. And if you take the right actions, you’ll be left with the luxury of choosing what makes you happy when it comes time to take a hammer to it.

At Vital Wealth Management, we take a different approach to managing money – focusing on helping you achieve the things you really want in life and working backwards to figure out exactly what you need in order to reach your goals. So whether you want to build a financial safety net or buy a house, with our expertise in financial planning, your dreams of wealth can become a reality.