The worldwide spread of the novel coronavirus, heightened fear and anxiety, environmental crisis mixed with health and mental, emotional fears – has made one thing clear – our health, wealth, and emotional state is highly intertwined. This is the thesis put forward in my new book Holistic Wealth: 32 Life Lessons To Help You Find, Purpose, Prosperity and Happiness.
The effects of the coronavirus outbreak on the stock market (along with other economic events) illustrates that our collective wealth can no longer be thought of in isolation from our health, environmental and mental health considerations. On Monday, March 9th, trading at the New York Stock Exchange had to be halted after the Dow Jones Industrial Average suffered a historic 2,000 point fall. At a societal level, embracing holistic wealth means not sacrificing physical health, mental health and environmental concerns for only economic growth considerations. At a personal level, this means not sacrificing our personal health and well-being solely for monetary gain, at the expense of all other considerations.
A Renewed Concept of Wealth to Reflect the Times
We need a renewed concept and definition of wealth that is indicative of our times. One that reflects our current situation and the calling of a new generation. My new book Holistic Wealth states:
“The traditional concept of “wealth,” as defined solely by a person’s net income and material possessions, needs to be revised by a whole new generation who value not just amassing physical assets but also collecting experiences, engaging in meaningful work, and having more control over their time. It’s the hour for women to become advocates for a new concept of wealth that includes health and well-being and a life well lived.
Aristotle and The Art of Wealth-Getting
Aristotle spoke about the “art of wealth-getting” and the need for riches to be measured by more than just acquisition of money. He states, “Originating in the use of coin, the art of getting wealth is generally thought to be chiefly concerned with it, and to be the art which produces riches and wealth; having to consider how they may be accumulated . . . Hence men seek after a better notion of riches and of the art of getting wealth than the mere acquisition of the coin, and they are right.”
The Art of Holistic Wealth
I have defined holistic wealth as a broad term. It refers to wealth that comprises various elements—financial savvy and independence, a life purpose and mission, spiritual connection, and a generous demeanor—all of which lead to a greater sense of wholeness and resilience in times of difficulty, and to happiness and joy. At a basic level, holistic wealth emphasizes wealth in key aspects of life, including financial wealth; physical health, emotional and spiritual wealth; and wealth in our relationships with others as well as in our contributions to humanity. These elements are interdependent, and they are necessary building blocks. Abundance in these key areas strengthens wealth in others.
Holistic Wealth, at a basic level, is a highly inclusive concept and emphasizes access to these various elements collectively as a society. In a world so highly interconnected, failure to do so can result in crisis spurred by fear and anxiety. The coronavirus is no respecter of class, religion or race, we are all collectively affected by it and the solution to it will be a collective one.
The Holistic Wealth Development Index
The Holistic Wealth Development Index that’s presented in my book Holistic Wealth, contains a modern framework that allows people to renew themselves and to develop resilience in the face of setbacks. As a result, it encompasses a model for societal resilience that is also necessary for growth. It takes into consideration the necessary supports that are required for individuals to be able to achieve holistic wealth—even in the face of adversity, tragedy, and setbacks. Given that we all face these types of setbacks, a society or organization that is able to fully support individuals to help them bounce back quickly and still achieve their fullest potential in life will be ahead of the curve in developing its human capital to its fullest. A more resilient society is a more prosperous and successful—and holistically wealthy—society. The Holistic Wealth Development approach is the counter theory we need in a time of urgent human problems and economic and social inequality.
My approach also entails a list of holistic wealth functionalities—and the idea that societies that embrace holistic wealth for all embrace these opportunities for individuals without humiliation and loss of dignity. In times like these, where we are faced with a crisis, the choices we make now will affect the holistic wealth of generations to come. All of these choices will also have holistic wealth ripple effects on other aspects of our lives. Let’s redefine how we think of wealth today, so that we can have a holistically wealthy future tomorrow.