Living a Truly Wealthy Life

“Money, as money, is power in repose.
Set in motion, it may fall like dew or rush like a whirlwind;
it may be light to irradiate, or lightning to destroy…
The conditions of stewardship are not the terms of bargain and hire,
but of promise and grace.”

– Rev Thomas Binney
Money: A Popular Exposition (1865)

Financial success and capital availability are essential parts of a wealthy life, but insufficient by themselves in creating meaningful and fulfilling lives for individuals and families aspiring to pursue a broader, and deeper, life agenda.

If one aspect of a family’s purpose is to create something greater together than that which can be created alone, then the role of each individual family member needs to be considered by itself and as a part of a nuclear family, and as a piece of a branch or
generation of a greater family.

“True family wealth is about far more than money.”

True family wealth transcends business and financial assets.

In fact, the words for wealth in different language, at their origins, all reflect a concept that can contain, but also goes beyond pure material or financial wealth. The English Old and Middle English words which lie at the base of the modern word wealth, ‘weal’ and ‘wela’, carry a sense akin to welfare and wellbeing.

Similarly, the Sanskrit word ‘artha’ conveys a sense of home and protection. The Chinese character for the word for family wealth, pronounced as ‘fu’, also contain an element of something greater than just money.

For each civilization, culture, family and individual, their own definition will vary, but always benefits from clarity of definition in order to focus on achieving the value and promise it contains.

The book Strategy for the Wealthy Family describes the seven elements of true family wealth as varying from family to family, but often including

• – family unity, harmony and happiness
• – mental and physical health and fitness
• – knowledge, wisdom and spiritual growth
• – shared family purpose, vision and values
• – financial wealth and business success
• – financial wealth and business success
• – family and individual accomplishment
• – enduring love and sustaining family relationships

Defining what true family wealth means for yourself can help you to set the right objectives for yourself focus on the things that matter most – and avoid costly distractions – in the pursuit of your own life purpose, personal objectives and individual family.

Identifying your priorities is an important first step to help you set goals and achieve your sense of purpose.

One useful framework to unbundle the elements of our individual lives may help to understand both where you are, and where you want to go, along your own pathway to fulfilment as a whole person. That framework looks as follows and is made up of three separate categories of life:

Through an understanding of these individual elements and their combination over time into an evolving integrated life – past, present and future – that can help to understand and address individual purpose, values (‘character is destiny’), beliefs, attitudes, behaviours, personality, capabilities, likes and dislikes, choices, risks and opportunities in a constantly changing world.

‘No man (or woman) is an island unto himself or herself’

Individual and also at the epicenter of our own individual ecosystem: ’: At the same time that we are autonomous individuals, we also stand at the center of our own interconnecting ecosystems of family, friends, acquaintances, colleagues advisors, role models, workplaces, churches, schools, clubs, groups and institutions, which will have both direct and gravitational influence on who we are and what we do in following our own life pathways. To have the full life to which we aspire, we need to understand, consider, create and manage over time the best possible personal ecosystem possible to suit our own purposes and objectives in life.

Objectives and Approach

Given the broad personal nature of the objectives and deliverables for this course, as described above, the approach taken here is different from other courses. There may be fewer defined examples and templates than in other courses.

We will offer more examples, questions and insights from other like-minded families and individuals designed to provide ideas and examples which can inform and guide you along the way to your own truly wealthy life.

Instructors

Mark Haynes Daniell
Hon Prof Robert Batt
Prof Heinrich Liechtenstein