Following his wonderful debut book “Just Keep Buying“, Nick Maggiulli had a new one named “The Wealth Ladder“. If you already read his first work, the latest one is just a nice-to-have that can be skipped. It has some new interesting nuances, but the core message is pretty much the same. If you have not read “Just Beep Buying”, the new publication is going to be a great read.

There are two main takeaways for me. The first is the wealth ladder itself. It’s a neat way to know where you are and where you are likely going to end up. Personally, the Wealth Ladder is my story so far in the US. When I first came here, I was on Level 1. Every time I went to the stores to buy groceries, I had to think hard about what to leave with. I was just too poor. After a few months of internships and starting to work full-time, I managed to reach the next rung of the ladder – Level 2. I felt more freedom on every grocery run, but I did not frequent restaurants. Now that I am on Level 3, I can take my wife out pretty much whenever I want. It will take some time to advance to the next level, but I am not in a hurry to get rich.

Another takeaway from Nick is that money is a great enhancer. If you are not “wealthy” in other aspects of your life (social relationships or health), more money means just very little. My wife usually jokingly asks me how much I would trade my family for and throws some numbers at me. The truth is that I have no intention of making that trade. And if I could give away every single cent I owned and even got into debt in exchange for good health for years to come for me and my family, I’d do it in a heartbeat.

“This is why the true measure of time wealth isn’t how much free time you have, but how much of that you are spending in activities that you find valuable. You can spend that time with friends and family, on your mental and physical health, or accomplishing something in your career. Whatever you decide to do, be intentional with your time. Because it’s the only kind of wealth that you will never get more of.

There are many types of wealth that the world has to offer. Finding the right balance among them is essential for a fulfilled life. Unfortunately, you can’t maximize every kind of wealth at once. When you go to chase one type, you typically draw resources away from the others. It reminds me of that joke about college: “You can have good grades, a vibrant social life, and great sleep, but you can only pick two.”
        While we don’t actually have to pick one form of wealth over another, we do get to decide how we feel about the wealth we already have. Because there’s a big difference between being wealthy and feeling wealthy. Even if you are wealthy on paper, if you don’t believe it, then it doesn’t matter. You could have $10 million, but if you feel like you need $20 million, then you will always feel poorer than someone with $100,000 who only feels like they need $50,000. A wealthy life isn’t a number, it’s a feeling. And where you derive that feeling from is up to you.
			Ultimately, your financial wealth is a multiplier of every other kind of wealth you have. So if you don’t have any other kinds of wealth, then your money won’t make any difference. After all, any number multiplied by zero is still zero. You must be mindful of the other types of wealth in your life. That’s how you ensure that your journey up the Wealth Ladder will have been worth it.”

I’d love to be filthy rich like many others, but I am not willing to trade it all for that. I am certainly not willing to sacrifice my health for a lot more zeroes in my bank account. Could I have done more to generate more wealth? Sure. But it’s a slippery slope as likely I’d want more. Right now, I feel I have just enough. I am still blessed with good health and with a great family. It’s a consant battle to feel that I am doing well at work, improving as an individual outside work, and doing well as a husband and a father. But it’s a challenge that I enjoy.