Top 10 Wrong Concepts About Wealth

According to the Collins dictionary, wealth can be defined as the possession of a large amount of money, property, or other valuable things.

You can also refer to a particular person’s money or property as their wealth. Because it’s somewhat complicated, there are many wrong concepts about wealth.

Many questions have been raised about how wealth varies from money and many also have wrong concepts of wealth. Being rich and being wealthy is the same thing many have sought answers to. What does it mean to be rich? 

We will look into some of these questions in this article. Wikipedia defines wealth as the abundance of valuable financial assets or physical possession which can be converted into a form that can be used for transactions. 

Why Attain Wealth?

You can work at Macdonald’s and be getting by every day or even in higher corporations like Google, Walmart, Apple, etc.

The past year has taught you the volatile way an epidemic can disrupt your income and in face of layoffs, things can become very difficult.

The year also didn’t end badly but opened your eyes to alternatives and how it’s important to acquire wealth in a rapidly changing world.

Wikis’ definition of wealth is as simple and understandable, having much money on hand or in the bank does not literally translate to wealth.

Elon Musk is not the richest man in the world just by the cash he has but by the fact he has valuable assets things that can be converted to money.

Banks store their wealth in gold which is an asset and is more valuable than paper money which can be affected by policies by the government, just as we are getting to know of cryptocurrencies.

The values you place on dollar and gold are different. In an ever-changing world acquiring wealth can be a relief and shock absorber from news from wall street or the person sitting in the white house or congress.

Having wealth doesn’t just give you your everyday dollar but a means to live the way you want to, having a seat at the table. Having wealth gives you better opportunities to fight vices such as racism, homophobia, sexism, and abuse.

Some of the hesitancy to acquire wealth might be coming from having the wrong concepts of wealth. Wealth allows you to be involved in the fight against climate change, adds to your health, and helps you achieve equity and equality.

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READ MORE: The Geometry of Wealth: How to Shape a Life of Money and Meaning

How Money Differs from Wealth

Money and wealth are not too far from each other but there are distinctions between the two.

Money is a generally accepted unit for exchange and we have defined wealth. So you can see that having money is a form or part of wealth but it is not wealth.

Having the euros or dollars does not mean you are wealthy, but having the euros or dollars coupled with valuable possession translates to wealth. Wealth is a variety of things from information or knowledge.

Money can lose its value over time whereas wealth increases its value over time with the right investment.

Losing money due to the paper notes damaged beyond recognition by a wealthy fellow does not mean he is suddenly poor.  Wealth is assets minus liabilities.

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What is the Distribution of Wealth?

Distribution of wealth simply means the way the wealth of a nation is divided amongst its people. The distribution of wealth generates one of the wrong concepts about wealth for people.

Arguments such as wealth inequality arise in a scenario where some individuals are extremely wealthy than others which gives rise to issues like poverty.

Systems like Capitalism and socialism or even communism play a role in the distribution of the wealth of its people. Factors like war could pave way for unequal distribution of wealth between nations.

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Is Wealth A Concept? 

Noting that concepts are ideas conjured up in the mind is wealth. Wealth, as earlier defined, is the sum of your assets or valuable belongings aside from your liabilities. Aside from inheritances or giveaways, wealth can be accumulated over the years if wealth here is in material terms.

You can measure wealth in spiritual well-being, healthy relationships with friends, family, and spouse but these may not be desirable to some, valuable commodities are imperative, argument been they do not have exchangeable value.

Wealth is always expressed in terms of money. Nature has innumerable gifts accessible to all air to breathe, sunlight then these can be appropriated to wealth if the previous argument stands.

Wealth has been used to signify an outward gratification rather than inward. But you might say wealth translates to value. Then is wealth fungible or non-fungible? In conclusion, wealth is what is sacred to a person be it productive or not.

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READ MORE: Is Personal capital safe & Secure in 2022? An Expert Guide to wealth

Seven Wrong Concepts of Wealth

Wealth is what you value, your collective assets. Then the wrong concepts of wealth will help you open your eyes to the collective myths that have been debunked. Here are the seven wrong concepts of wealth-

1. God Hates The Rich 

As seen in the Holy Bible the scriptures say the love of money is the root of all evil.

There is a story of a guy Jesus told to sell his belongings and come and follow him which was met with utter disdain from the fellow and another of Jesus saying a camel can pass through the evil of a needle than for a rich fellow.

There are many of these arguments Christians would make or Muslims. You can certainly rest assured that God or Allah does not hate rich people, you can certainly read that in the scriptures that God says He will bless the works of your hands that are not evil.

We link ills of the society with been wealthy but far from it, there are a lot of atheist wealthy fellows who contribute to the welfare of the world and can’t do it if not for the resources they command.

Man is wicked and cruel and this is not because of his/her wealth, it’s just nature, and every day you can correct and try your best to contribute to this world, and some of these contributions or help you want to offer can’t come unless you are wealthy.

READ MORE: Financial Advisor vs Wealth Manager: Overview, Difference, and Similarities

2. Wealth is not freedom 

Many times you might attribute fame to being wealthy, though it’s right side by side they are not always close to each other. Your argument on not seeking wealth is wealthy people are not free, they are restricted.

On the contrary, wealth opens freedoms you might not experience if you are not wealthy.

Wealth creates opportunities for you to be more of yourself, it offers an opportunity to be adventurous and creative which you might not get if you are having the wrong concept about wealth. If being yourself is not freedom then what is.

3. Wealth Creates Inequalities 

Very far from the truth, wealth outlines the problems of inequality, be it racial or women inequality, and solves these problems.

You might look at Hollywood and point at the underrepresentation of the LGBTQ+ community or Blacks or even Asian Americans.

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This was because of the power that wealth has to address these issues. Wealth gives you the chance to work hand in hand with these various communities and seek ways to promote inclusiveness and equality. 

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4. Wealth Accumulation is Competitive

You can say wealth is what valuables you have or have acquired an unhealthy competition is not what wealth is.

If the purpose of the competition is not to be the best and to bring out your best, then your wealth struggle is nothing more than strangling you. Wealth is not competing with anyone, but it’s seeking freedom to be you. Jealousy is not the goal.

5. Resenting Wealthy People

You cant hate whom you aspire to be like one day, valuable lessons are learned from listening to those who have made the top or are getting to the top.

Having people who are privileged in life shouldn’t prick you or envy them. You can too be at the top and enjoy the view with everyone else.

Bill and Warren are very good friends not out of what they own but they challenge each other intellectually and are out for progress. So there are no self-made people as Forbes might claim, you need people since they need you.

READ MORE: How To Build Wealth: 10 Simple Ways To Build Your Fortune

6. Wealth is Linked With Shadiness

You turn on the screen and it’s another wealthy brat hooked up on drugs or dealing in some shading business underage girls or something like that.

You conclude that not only is wealth linked to addiction but is addicting as you see some brokers gaining more and more and you ask to what end.

A section of people doing something should be a time to generalize them with others. Aboard, people say Americans are this and that but that’s not who you are.

7. Wealthy Children Are Troubled 

Because the media try to discredit wealth in either, you should take some time off and focus. Wealthy children are not troubled – Jay Z and Beyonce have a lovely home, the Obamas are an inspiration to millions of Black families. So often it’s not what it is.

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