Wealth Is More Than Just Your Money: How to Manage It All

Nowadays, people are increasingly interested in thinking about wealth in a holistic, multidimensional way – after all, wealth is more than money. Your assets also include health, knowledge, time and relationships. This view of wealth invites a comprehensive approach to wealth management, beyond your finances.

Here are five ways to manage and optimize returns on your financial and non-financial assets:

1. Money and investments

Making money is important, but it’s also important to carefully invest the excess as quickly as possible because this is where true financial growth can happen. The sooner you invest your money, the sooner you can benefit from the power of compounding. Compounding is the money you earn (over time) on both your initial investment and accrued interest. That’s why it’s recommended to contribute to your retirement plan as early and as often as possible.

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You can put this into practice by signing up for your employer’s retirement plan and company match, while opting for automatic savings so you don’t have to think about it. Additionally, contributing to a traditional IRA or Roth IRA can help you build and optimize your financial wealth.

Obviously, consulting a financial advisor who can help you with these things would be ideal.

2. Health and quality of life

You can achieve significant long-term benefits by diligently tracking, monitoring, and managing your health. In fact, you can monitor your health the same way you monitor your money – budget your calories like you budget your money.

Wearables and apps can help with this. An Apple Watch or Oura Ring, for example, can track your steps, sleep, and heart rate, and the data is available to view through the corresponding app on your phone.

Let’s take it a step further (pun intended): good health increases your productivity and decision-making ability, which directly impacts your financial wealth. This correlation is well researched and documented.

3. Knowledge, status and influence

We’ve all heard that knowledge is power. Getting ahead in your career is often based on what you know, so continually learning everything you can to benefit your career and financial well-being is key. The more you know, the more status and influence you will also have.

Many people adopt the “lifelong learning” mentality, which is particularly important these days as many changes are underway. Consistently expanding your knowledge allows you to remain relevant and valuable, for the benefit of yourself and others – both at work and in your community.

Additionally, sharing what you know with others through mentoring, volunteering, and/or serving on company boards can also increase your status and influence.

4. Time, energy and experiences

Time and energy are finite resources, which is exactly why it is important to manage these assets masterfully. Consider outsourcing onerous tasks whenever possible so you have more time and energy to spend elsewhere. For example, if you find that cleaning your house has a low return on investment, you can hire someone to do it for you. The time and energy saved can then be allocated to other things.

Consider investing your time and energy in experiences that are valuable to you. Maybe you enjoy nature walks or hosting fun dinners with family and friends. These experiences increase the richness of your life – and also improve health and relationship benefits.

5. Relationship with yourself and others

You are your greatest asset, so any investment in understanding yourself is an unequivocal victory. For example, understanding your values clarifies the “why” behind your behaviors and decisions – economic or otherwise. There are many values exercises available, including one detailed in my book (information below). Furthermore, the strength of your relationship with yourself is the foundation on which other relationships are built.

As for relationships with other people, it is beneficial to spend time with people who inspire you, who dream big and who encourage you to do the same. As the saying goes: “You are the sum of the company you keep”.

By giving and receiving resources of time, energy, and knowledge, you are able to build relationship capital. And throughout these exchanges, you can use questions as a way to unlock ideas and insights from/for others. Given the resources needed to build relationships, it’s important to consciously decide what you want to invest in and why. From there, you can intentionally seek out connections.

These are five ways to manage your financial and non-financial assets for optimal returns, through the 5 Principles of Invisible Wealth™ framework, which I explore in depth in my book Invisible Wealth: 5 Principles to Redefine Personal Wealth in the New Paradigm. Earning and investing money is important, but so is investing in your health, time, knowledge and relationships. Taking a comprehensive approach to wealth can improve the wealth of your life.

This article was written by and presents the opinions of our contributing consultant, not the Kiplinger editorial team. You can check the consultant’s records with the SEC or with FINRA.