What is Wealth?
Today the word “wealth” relates to finances. But if you look at the etymology of the word “wealth,” you will find that its Olde English ancestors before the 1400’s carried broader meanings including “well-being, wellness, welfare, happiness and prosperity.”
Perhaps we can reappropriate our modern English definition of the word and reclaim a bit of the 600 year old nuances? After all, the answer to the question, “What is wealth?” can very well be subjective. One man’s treasure is another man’s trash. For some, no number of yachts are enough. For others, wealth is simply that quiet hour of peace at sunrise.
At Wellwallet, we look at the definition of wealth in a well-rounded way. An increase in wealth may not mean an increase in the balance of your savings account. Rather, it could mean a healthier attitude towards spending. Or a plan to finally start paying down consumer debt, or investing your weekly pocket change in a sustainable investment platform.
This month we discussed a variety of ways to expand on your wealth. From mustering the courage to ask for more money from your employer to learning to forgive yourself for your past financial mistakes so that you can move on to a healthier future you. A healthier wealthier you may be a you who understands how to handle money anxiety and can protect the future of your mental health.
In this month’s Money Stories, our guest author describes having to pay her visa bill with rolled coins, and what it took to climb out of debt. She learned that the sooner we can comfortably tell our stories about crashing worlds, and being hungry, the sooner we can talk about everything else.
When we don’t talk about money — or our lack of it — we operate under the assumption that everybody is doing fine. They’re not.
Did you know?
Well Wallet Money Stories is a place where Real People share their stories of financial struggle, loss, perseverance, and triumph.
If you have a money story that needs to be told, please submit it to firstname.lastname@example.org.
We will never publish your name without your permission. You can use a pen name or choose to remain anonymous. Or you can submit photos and go fully candid. It’s up to you!
We all have money stories, and we need to talk about them. It’s through sharing our stories that we heal, grow and learn from each other.
Spend & Save
No matter how many truckers try to block Tesla owners from charging their cars, there is no stopping market economics. The market doesn’t want GM, the market wants Tesla. The reason why conservative towns in Texas are installing wind farms is because it makes economic sense. The reason why there is a run on solar roof tiles is because they are cheaper over the long term versus regular roof tiles. To make the world a better place, we must build better products. Products that people actually want.
Update: Elon releases his patents.
They have been removed, in the spirit of the open source movement, for the advancement of electric vehicle technology. – Elon Musk
Bank & Invest
The death of the Department of Labor’s Fiduciary Rule last summer means that we all need to be more diligent with our 401(k). While Wall Street and the Department of Labor go back and forth about the who/what/why of fiduciary duties – compound interest, excessive fees, and conflicts of interest in your investment portfolio could be eating away at our future. How can you know? Check it out.
Are you a freelancer or an independent contractor? Do you have a side gig?
If you made more than $400 on your side gig in 2018, you are on the hook for self employment taxes as a sole proprietor.
Check out our Solopreneur 2018 Tax Overview. It’s not all bad news in 2018. There are some changes in the tax law that could help you save a bundle! Understanding where you can save is only going to benefit you as you scale and help you plan ahead for future expenses.