The Only Definition Of Wealth...

JP Morgan is running an add where the tag line is "the only definition of wealth that matters is yours." The commercial then goes on to include different ideas like retiring early, or trading off a smaller house for a larger nest egg and other monetary ideas. 

Of course having some number in the bank you believe to be sufficient does meet a definition of wealth but I think the commercial misses the most important aspects of wealth. Once you get past the point of being able to pay for your shelter, to fill your refrigerator and other basic needs I would argue that just as important as monetary goals for wealth are health, time and optionality. They might be more important than monetary goals.

Whatever it is you want to do will be better if you (still) have your health. If all you want to do is be there for your grandkids, cool but no grandparent wants said of them "oh no, Grandpa can't do that anymore." For that person, wealth is being all in for time with grandchildren. If your hand is forced in retirement by having to work at a job you'd generally prefer not having to do, it will be easier if you're healthier and here I probably mean that you don't have the aches and pains that someone that age could otherwise have. And no matter what anyone wants to do or has to do, they certainly don't want to spend more than half a day a year in the doctor's office getting checked out. 

Time is another form of wealth. Setting your own schedule while you're still working is very empowering. Not punching a clock or answering to some sort of boss are also very empowering. When you set your own schedule it might make you less likely to want to retire. If someone spends years dreading some aspect of being an employee somewhere, even if the only thing they dread is their commute, then they are probably going to want to retire sooner than later. It's not that I am against retiring but sticking with work that you love does all sorts of things to promote successful aging in terms of social engagement, being challenged and having a sense of purpose. It also gives more room for error financially. 

I write about optionality all the time, it is a very important form of wealth. Optionality is something that most of us need to cultivate over a long period of time, I feel that way about myself anyway. I've played a very long game with the fire department and believe I have optionality to pursue some of the financial opportunities I've written about in the past. I don't think I will ever pursue them but they are there for me, it is optionality and it is empowering. I want to underscore that this has been a very long game for me. When I talk about monetizing a hobby I always say to figure out how to do it, if it can even be monetized long before you need to start to monetize it. 

The path here, if you've been an adult for a couple of decades is simple even if it is not easy. Live below your means (you'll save more), take care of yourself (cut carbs and lift weights) and stay curious enough to learn new things or get involved with new things. You never know where future optionality can come from. I've said all that before so I will add to that list to always do more than is expected, more than the minimum. I figured this out in college and that mind set has always led to experiences I would have never otherwise had or financial opportunities that although never led to millions, did help me build up a bigger cushion.

For younger readers, 45 or 50 or 60 or any age can be young allowing you to do all sorts of things you want to do or need to do. It comes down to a few good decisions early on and then sticking with those decisions to maintain your health, owning your time and your optionality.