What is Holistic Wealth?
Holistic wealth redefines the traditional meaning of wealth. The concept of Holistic Wealth is relatively new. There have been conversations about holistic wealth in the personal finance space over the recent years, but only as recently as 2019, has the idea of holistic wealth been made a reality, and brought to public awareness. The term was official coined by policy expert, and best-selling author Keisha Blair, founder of the Institute of Holistic Wealth, whose mission is to bring awareness about holistic wealth.
Holistic Wealth challenges us to re-evaluate what’s important in our lives
In the aftermath of the COVID-19 pandemic many people are re-evaluating what’s important to them, hence, the “Great Resignation” movement where many people in mass, resigned from their jobs for a number of reasons: limited opportunities, poor work environments, wage stagnation, lack of benefits, inflexible remote-work policies, and long-time work dissatisfaction, to name a few.
Many people who were eligible took early retirement, and employers offered packages as incentives for eligible employees to retire early. Many took this time as an opportunity to reflect and make different decisions about their lives. The COVID-19 pandemic caused us all to see life differently, and want better for our lives.
Defining Holistic Wealth
There is no one right definition for holistic wealth. Although finances are definitely a part of it, holistic wealth is about more than your money; it’s not just your net worth or net income, or your material possessions.
I’m going to share with you, the “Her Money Journey” definition and concept:
Holistic wealth is creating a lifestyle based on values that are important to you:
It is incorporating other aspects of your life that allow you to redefine wealth.
It’s living a life with meaning, purpose, balance, fulfillment, and joy – a life well-lived. A life where freedom, time, and experiences are just as important.
5 Areas that make up Holistic Wealth (in no particular order)
- Financial Capital – 5 Money Goals: I wrote an article on the 5 money goals that you can read, where I explain a bit more about the money goals; security, freedom, lifestyle, legacy, and generosity. Click on the 5 Money Goals link to read. When it comes to wealth, as much as I believe it’s important to build monetary wealth, and pass along generational wealth, I also believe it’s not the only aspect of our lives that make us wealthy.
- Physical Capital – health and wellness: fitness, medical, mental and emotional. People are realizing that “health is wealth,” as the saying goes. Just as we have to decide why money is important to us, and what we want it to do for us, I think we also have to decide why we want to be in excellent health – besides the obvious – if we can actually say it’s obvious.
For instance, I have 5 grandchildren (the Board of Directors) that I want to enjoy without limitations. I also enjoy traveling and the outdoors, that I want to continue to do with minimal pain. And I want to live independently as long as I can. Quality of life is what is most important to me. To live the kind of life I desire, I need to be healthy; prayerfully, with no major medical illness, physically fit for my age, and doing all that I can to maintain my mental and emotional well-being.
- Spiritual Capital – your faith: your relationship with God. Your relationship is personal, and each of our relationships look different. One thing I know, is that when I abide in Him, and He abides in me, I am stronger, more at peace, more grounded, and I’m much more capable of handling life and whatever it throws at me. Not saying it’s easy, but my relationship with God just makes my storms more bearable – when I have them. And doing life with Him is just better for me.
- Social Capital – Relationships: deepening your inner circle; creating community; connecting and giving; finding your people. Being passionate about something worth fighting for.
- Personal Capital – Personal development: continued personal growth, life-long learning; walking in your purpose, and doing what God created you to do. Having a healthy sense of self: self-love, self-respect, self-image, and self-worth.
I don’t believe we have to choose one over the other, but I do believe it requires balance. I will tell you that I am working in some aspect, on each area. Know that it’s okay if you haven’t perfectly achieved all 5 areas of holistic wealth. It’s a journey that we are on, and we should embrace the journey.
Your sister,