At Staff Australia, we are determined to offer our employees more than a source of financial income.
As the future of work continues to evolve, we recognise the substantial value of having balance, freedom, and health in one’s life, which often extends beyond the walls of financial stability.
What does “Wealth” mean to you?
For most people, when we hear the term “wealth” the first thing that comes to mind is in the realm of financial affluence. Whether you envision a woman wearing a fur coat and pearls or, a successful businessman driving his Lamborghini to the office, the overall conclusion is that being financially rich is the same as being wealthy.
However, recent studies have found that wealth extends far beyond money. There are in fact 4 types of wealth that are essential to building a balanced life. These are: time, financial, physical, and social wealth.
Let’s dive into the 4 ways you can obtain wealth:
1. Time Wealth:
To put simply, being time wealthy, means having the freedom to pursue passions and spend moments with loved ones.
Australians are known to be hard workers, with 70% of professionals working beyond their scheduled hours, many of us often put work before anything else in our lives. It isn’t surprising that this negatively impacts both our physical and mental health.
Feeling time sensitive is especially relevant for Australia’s casual workforce, especially those in the industrial sector. Casual employees make up 22% of the workforce, which equates to 2.7 million workers. These working arrangements often lead to unpredictable and irregular work schedules, which continues to be a challenge for workers who desire a work-life balance.
To achieve time wealth, it is important for employees to manage their off-time efficiently and set clear boundaries. If you are a casual employee, it’s important to advocate for fair work practices, such as predictable scheduling and reasonable working hours. The team at Staff Australia understands the value of maintaining a personal life. Employees who can separate their personal-lives from work-lives often feel lower levels of burnout and a greater sense of satisfaction and productivity.
2. Social Wealth
Alongside time wealth, social wealth is built through relationships and community, offers support and a sense of belonging. 1 in 4 Australians report feeling lonely at least once week, indicating that social isolation is a growing concern for those who work full-time or live alone.
To obtain social wealth, the hard work hinders on a person’s ability to nurture friendships, start new relationships, and actively participate in social activities. When at work, it is important for employers and supervisors to generate a positive environment aimed to create a team culture that encourages social integration by supporting the social needs of employees.
3. Physical Wealth
Next, we have Physical wealth, which is rooted in one’s overall health and vitality. Being physically wealthy hinders on one’s ability to maintain a healthy lifestyle by looking after their body, mind, and emotional wellbeing. Physical wealth allows you to enjoy life to the fullest. Findings from the The Australian Bureau of Statistics indicate that physical health is a growing concern amongst Australians, as 67% of us are overweight or obese, often resulting from mental illness, social stress, time sensitivity or a lack in financial stability.
To enhance physical wealth, incorporating regular exercise, a balanced diet, and sufficient sleep into your routine is essential. Regardless of the industry you work in, it is essential for you to feel healthy and supported.
4. Financial Wealth
Finally, there is financial wealth, which is seen as the most tangible, providing us with safety, security, and the ability to afford the basic necessities. As you would expect, financial wealth is the most understood form of wealth.
While money cannot buy happiness, achieving financial wealth can make a difference to achieving time, social and physical wealth. Additionally, seeking financial guidance from a wealth expert can help individuals make informed decisions about how to spend and save their monetary income.
Achieve Balance: Secure all 4 types of wealth:
Acquiring all four types of wealth gives you the ability to cultivate a richer and more fulfilling life. Here are some steps to consider:
- Set Priorities: Identify what matters most to you in each area of wealth and allocate your time and resources accordingly.
- Plan and Reflect: Regularly assess your progress and adjust your plans to stay on track with your goals.
- Seek Support: Utilise resources such as financial advisors, health professionals, and community groups to aid in your journey to finding wealth.
- Embrace Flexibility: Adapt to changes in your personal and professional life to create a work-life structure that supports all four types of wealth.
True wealth extends beyond finances to include time, physical health, and social connections. By striving for balance in these areas of life, you can achieve a richer, more fulfilling life. It is only when you are living life to your full potential and by your rules, that you will feel self-accomplished and satisfied.
