When speaking to my clients about a healthy, sustainable strategy to build intergenerational wealth, it begins by going on a journey of redefining wealth.
Most of us have been conditioned to define wealth strictly in terms of financial assets—stocks, bonds, real estate, and cold hard cash. But what if this definition is missing the mark? What if a fundamental building stone in creating generational wealth isn’t just money, but time?
This is a conversation that requires us to explore how shifting our understanding of wealth to include the value of time can lay the foundation for a more meaningful legacy for ourselves and future generations.
The Old Paradigm: Wealth as financial accumulation
The conventional wisdom has always been simple: accumulate more assets, and become wealthier. But this approach often leads us down a path where the never-ending pursuit of financial gains can actually rob us of time, the one resource we can’t replenish.
One of the common questions we is this: If you’re always working to make more money, when will you have the time to enjoy it or share your life experiences with the ones you love?
Time: The overlooked asset
Time is an invaluable asset, yet its value is often overlooked. Every moment spent is a moment you won’t get back. And, as we all know, we can’t earn more time.
That’s why it’s crucial to use our time wisely, investing in meaningful experiences, and, most importantly, sharing it with the ones we love.
By adopting a balanced life-work approach, you’re not just accumulating wealth in the financial sense; you’re enriching your life and those of your loved ones with the one asset you can’t put a price on—time.
The power of intergenerational wisdom
It’s not just about valuing your own time; it’s also about passing on this wisdom to future generations. Teaching our children and grandchildren the importance of time in relation to managing wealth not only equips them to better manage the financial assets they’ll inherit but also helps them lead more fulfilling lives.
Imagine a legacy that includes financial stability, yes, but also a family culture that prioritises meaningful experiences, balanced lives, and time well spent.
The time has come to broaden our understanding of wealth. At David Hall and Associates, we challenge the traditional financial focus and invite you to consider wealth as a multi-dimensional asset that includes both money and time. By doing so, you’re not just planning for a more prosperous future; you’re setting the stage for a richer, more meaningful life for you and the generations to come.
Are you investing in assets alone, or are you investing in time with those you love?”
At the end of the day, wealth is not just about what you have in your bank account; it’s about how you spend your time and who you spend it with. And that’s a definition of wealth worth passing on.