Take a moment and think of someone who’s wealthy. If you’re like most people, the person who comes to mind may have a lot of money, a big house, or expensive assets. Traditional wealth is too often associated with material possessions.

Wanting to have fancy things or financial security is natural, but having more material wealth is certainly not the only measure of a successful career. Material wealth is often more visible and measurable, which certainly makes it more noticeable and even admirable. However, unpacking the true meaning of wealth can enable you to pursue a career that allows you acquire more of what you truly value most.

Rethink Success Metrics

When I was working in the corporate world, I was like many full-time employees I now cross paths with as a career consultant and speaker. I did my fair share of pursuing higher salaries, year-end bonuses, stock options, employee benefits … the list goes on. I liked the idea of earning enough to live comfortably in downtown San Francisco. When you’re earning a high salary and accumulating material wealth, it’s only natural to feel like you’ve “made it.”

However, I very quickly realized that material assets and earnings were only a very small component of what really mattered to my overall happiness. Especially after I got married and later became a father, my perception of wealth radically evolved. I began to realize lifestyle wealth, rather than a wealthy lifestyle, drove more happiness in my life.

Other Types of Wealth

I define lifestyle wealth as having three components.

First, freedom. When I used to work for an established corporation, the organizational stability, predictability, and a steady monthly paycheck were comforting to me. However, over time, I focused more on having the freedom to do the work I really cared about. Freedom to have a flexible work schedule. Freedom to conduct my work as I pleased instead of simply following my organization’s conventions.

Second, quality time with people I love. In the past, my priority was to be visible in the office, to have ample facetime with my manager and colleagues. I didn’t mind working long hours and weekends if it meant I could further accelerate my career progress. Now, although I’m probably more driven and focused than ever in my career, I value my time outside of work as much as my time doing work. I cherish being able to spend quality time with my wife. I love being able to pick up and drop off my daughter before and after school and to read her a bedtime story.

Finally, control of my own destiny. While I used to value the stability and steady paycheck my full-time corporate job offered, I was always acutely aware that I was at the mercy of the company. If a reorganization happened, all I could do was hope I wouldn’t be adversely affected. If one of my projects got deprioritized, I could do little about it. Now, although running my own business certainly has its fair share of volatility and unpredictability, I at least feel like I can steer myself through those challenging moments. If something’s not working, I can attempt to pivot or approach things differently.  

Balance Your Needs and Desires

I’m not saying money doesn’t matter. No amount of freedom and nurturing relationships can offset the stress that comes from struggling to make ends meet. Earning a salary that enables you to have the living standards you want is critical to your well-being, stability and sanity.

However, taking a step back to consider what you truly want to have more of in your life is critical so you can invest your energies and efforts accordingly.

Different kinds of wealth are maximized in different ways. Some, like money and respect, can be increased through education, efforts and commitment. Others like time, autonomy, freedom, and control can only be increased if you take proactive steps to reshape your career paves the way for these things.

Build Meaningful Wealth Today

Define what you personally want to have more of. Then, make one decision right now to start building more of the wealth you want for your career and life.

© Joseph Liu. All Rights Reserved.