Five Kinds of Wealth
“The most precious things in life are not those you get for money." — Albert Einstein
“What is your definition of wealth?” is a question wealth management consultant Jerry Foster sometimes asks people. They often respond with financial and material values.
But when he asks them to complete the sentence, “Wealthy is the person who. . .” most people respond with more contemplative and altruistic values. And this response is richer and truer.
Foster was in Pella in September to help Vermeer Corporation kick off its training series Equipped for Life. Vermeer created the series for team members approaching retirement. Series coordinators Dale and Mary Andringa graciously allowed me to attend as a writer.
Foster and the Andringas prefer the term “third season of life” over the term “retirement.” Foster said, “The word ‘retirement’ implies that we are finishing something and winding down, when in reality we should see it as refocusing and living into a new beginning.”
He added, “We go through different seasons of life, all of which have different challenges and opportunities, but all of which are equally important, stimulating, and satisfying.”
In the September seminar, Foster listed five dimensions of wealth:
-Financial capital: your money, assets, and material possessions—your net worth.
-Relational capital: all the people in your life—relatives, friends, and acquaintances
-Physical capital: your health, fitness, and recreation.
-Intellectual capital: your IQ, education, aptitudes, and skills
-Spiritual capital: the place God and your faith fill in your life.
Foster said these are not separate plates we try to keep spinning atop a stick, running frantically from one to the next. They are more like a collection of balls we juggle, focusing one at a time on just the ball that is in our hand.
Foster said we manage wealth in each of these five dimensions throughout our lives. In his book “Small Changes, Big Results,” he says when we make wise choices in responding to both bad and good life experiences, we can accumulate relational, physical, intellectual, and spiritual capital. If we apologize to a spouse or friend for an action of ours that hurt them, we make a deposit in relational capital. If we choose to sacrifice some time and money to achieve an educational degree, we are generating intellectual capital. When we sit at a funeral, if we ask ourselves about our purpose in life and our destiny after death, we can move toward enriching our spiritual capital.
Foster divides life into thirds: foundation (0-25 years of age), framework (25-60), and finish (60-100). He maintains that the third season can be the most enjoyable phase. We have greater control of our time and are under less pressure. We have a full range of life experiences from which to draw.
According to Foster, already in the second season of life, we begin to set a primary trajectory for our third phase. The trajectory options are indifference, indulgence, and influence.
-The path of indifference is our most likely choice if we just let life happen to us, if we simply maintain the status quo.
-The path of indulgence is a conscious choice to live for ourselves instead of for others. Acquiring, owning, and consuming take center stage.
-The path of influence views every life experience as an opportunity to impact people in a positive way.
Foster says each kind of capital can be useful in a life of influence. We can donate money for the betterment of others. We can mentor a struggling young couple in relational skills we have mastered as a couple. Maintaining our health allows us the physical energy to contribute to the well-being of others. Teaching software skills to a fellow older adult shares intellectual capital.
In spiritual capital, the direction of the influence flows both ways. “We approach God to be influenced by him so we may positively influence others.”
Foster recommends two guardrails when walking the path of influence:
-“Don’t confuse influence with mere busyness.” We need to match our choices of activities with our gifts and talents—our capital.
-“Don’t try to measure the effectiveness of your influence by comparing yourself to others.” The size of your circle of influence is not crucial. It IS crucial to have a positive impact on people whose lives touch yours.
Adapted from Creative Aging by Carol Van Klompenburg, published 2023, available from Amazon and for Pella-area residents directly from Carol. Carol has an MA in theater arts and is available for reading performances of her writing on aging, moments in her gardens, and other topics.