Can life be as simple as we want? Defining wealth and contentment

I was catching up with a long-lost friend a couple of days ago. During our conversation, I learned that she recently left her job and is about to start freelancing. That led to a discussion about money – the need for financial stability, financial habits, and psychology, which inevitably brought up the question: how much is enough? And will we ever be contented?

Money, wealth, happiness and contentment are usually brought up together in these kind of conversations. As we grow to have more financial stability and take on more responsibilities as adults, we realise money solves a lot of problems. However, it does not necessarily lead to happiness, nor does happiness lead to contentment. So how do we live a life that is fulfilling without chasing the cliché societal markers of success?

Money vs wealth

Money or wealth are usually key markers of success, and these words are often used interchangeably. However, there is a subtle difference between them. Money, by definition, is a medium of exchange. It allows you to trade it for anything else that you need or want. Wealth, on the other hand, focuses on abundance. Although it usually refers to money, it allows for a broader interpretation of what it means to be wealthy.

During our conversation, my friend recommended Sahil Bloom's The 5 Types of Wealth. In it, he defines wealth as time, social, mental, physical and financial. What I found interesting in his introduction is his personal recount on a mindset shift. He shifted from money used to be the only "scoreboard" to measure his life and success, to the five types of wealth that he continues on about and provide frameworks for.

Defining your kind of riches/wealth

A couple years ago, I came across Ramit Sethi's Netflix show, How to Get Rich. Sethi introduced the concept to learn how to spend money on things that truly matter to you, so that you can lead a "rich" life by your definition. Sethi outlined ten "money dials" whereby you can choose which dials to spend more on. Mine was focused on Freedom and Experience dials. With these defined, they have helped me to spend wisely – cutting back on other expenses while spending on these dials without feeling guilty.

In pursuit of Happiness or Contentment?

Upon defining what wealth means, money does lead happiness. I feel the thrill of purchasing an experience or a delicious meal without worrying about the price tag. However it is a temporary emotion. The happy hit wears away after a few days of the experience, or just when I'm about to finish the meal. Often unsustainable, it is dopamine that we continuously chase after, only to result in wanting more. If we stop chasing happiness, what else is there for us to aspire towards?

According to meditation practice and many self-help books, contentment is introduced as a superior answer. Contentment is to look within for all the answers we seek – an inner peace we can already access. Despite knowing this, it's still something I struggle to embrace. Whether it is to be mindful or keep a gratitude journal, defining what is "enough" and to be okay regardless of external situations and triggers is tough work.

As Arthur Brooks, a Harvard professor on Happiness once said:

Real satisfaction is all the things you have divded by all the things you want. You can work on wanting less.

Can life really be as simple as we want? I think understanding how you define wealth and practicing contentment will help to simplify life. If we work on wanting less, accepting things as they are, knowing what we are working towards, and defining "enough". However, like most things that are worth doing, contentment involves a lot of work and continual mindfulness of how we are evaluating our markers of happiness and contentment. It's still something I'm definitely reflecting on in hopes of a simply, contented life.

Till the next!