Wikipedia says “at the most general level, economists may define wealth as anything of value which captures both the subjective nature of the idea and the idea that it is not a fixed or static concept”.
If one adopts the “anything of value” concept, one’s balance sheet as a measure of wealth should include more than just financial assets like investments, real estate and businesses. One’s intellectual assets like education, experience, skills, interests, passions and reputations are valuable and therefore should be part of the total wealth equation. Similarly, personal assets like values, relationships, community/civic involvement and physical, mental and spiritual health should also be captured. Balancing these asset categories can be tricky as adding in one category can drain the assets of another (e.g., career vs. family, etc).
[read more >>]