The term wealth, which means an abundance of resources and goods, has gradually lost its popularity in everyday life and in scientific language as well. A study of Google Books (a database storing digitized copies of all English-language books), shows that two hundred years ago, the term “wealth” enjoyed higher popularity in English than the term “income.” Since the industrial revolution and the development of capital markets, this popularity factor has changed dramatically. Beginning in the 1920s and continuing to today, the focus has shifted away from wealth and onto income and salary.
Today, most people just want to earn more money. Interest in becoming wealthy has somehow been lost – as if it were a privilege most could never qualify to receive.
A look at Google Trends shows a similar pattern. People search the internet for the term “income” far more often than they search for “wealth.” Tax season, which runs from February to April, adds volatility to the term “income.”
I personally believe that it is quite important to understand the subject of wealth. Becoming wealthy (not just rich), increases your opportunities to do the important things in life – things that often don’t have a high initial return on investment (like friends, traveling the world, reading, physical activities and so on) that you hear everyone talking about.
Even though vague, I use the word “wealthy” to describe a person who has a purpose in life, has enough money and possessions to satisfy his needs, considers himself successful, and ultimately is able to “make a difference” in other people’s lives.
A rich person can also be wealthy, but that is not always the case. On the other hand, a wealthy person is most probably rich, as money is a sign of recognition.
Consider reading through this site as planting the seeds of knowledge: the knowledge you need to navigate your journey to wealth.
As you’ll see, wealthoz.com gives you a collection of short, stand-alone articles, each on some aspect of wealth: material and non-material assets that improve conditions in our lives.
What will you find in this site?
Over the past decade or so, I have searched for a simple method of measuring one’s material wealth. This site explores that research. Here you’ll learn what I’ve learned – my findings, summarizations, my experiments and their results. It also covers questions for which I haven’t found answers (yet).
You’ll also find methods of recording financial transactions, for the purpose of calculating your own wealth. In other words, yes – these are accounting articles, at least in part. That may not seem very exciting. After all, everyone knows what their own wealth adds up to, right?
Another vital thing you’ll learn here is how any single financial transaction affects your wealth.
Oh, you’re sure you already know that. Wanna bet?
Finally, all the accounting stuff is mixed with tips on personal development, simple mathematics, ethics and philosophy – all for the noble purpose of pointing out things of great value outside the realm of finance and money.
Things covered only briefly
- Motivational tidbits and common wisdom (things like “buy low and sell high”)
- A fast and easy way to get rich
- Where and how to invest (we should share these profits of ours!)
- How to live a happy, healthy and purposeful life (you, dear reader, may be better informed than I about such things, but you might still benefit from hearing my own narrow perspective).
The economic and accounting facts and ideas you’ll read here are taken from my twenty years of education and experience as an accountant, financial analyst, auditor and business consultant.
The ethical, philosophical and psychological concepts presented were profoundly influenced by the great Nassim Taleb, Daniel Kahneman, Yogi Berra, and ultimately…master Yoda.