Why is wealth important

And of course, having wealth will also diminish the stress and anxiety associated with the lack of money when faced with the rebuilding process.

One of greatest gifts associated with acquiring wealth is the ability to give back to society. This may include helping individuals in need or supporting community groups and charitable organizations. Wealth can also give you the power to fund community events and needed public infrastructure that will help strengthen social and cultural values.

On a more personal level, for those of us that have the privilege to see our parents live out their final years, there is no greater honor in life than the financial ability to provide the best comfort, care and assisted living available.

There will come a time in our lives when we are ready to retire from our careers or business ventures. This is where all your investments and planning into your wealth, health and happiness pays off. Your retirement represents the rest of your life and the achievement of an optimum lifestyle will allow you to enjoy it the way you want without the burden of debt or financial restraint. This will allow you to live life to the fullest without any financial stress.

Wealth is a major component in achieving an optimum lifestyle. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. Skip to content Menu. How your social circle can influence your mindset. Leave a Reply Cancel reply Your email address will not be published. This website uses cookies to improve your user experience while navigating. By continuing to use our website, you accept the terms of our Updated Policies.

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That of course will indicate that you are a reasonably rich man, because not everyone is eligible to be a qualified investor who is allowed to buy those hedge funds. That is the expressive benefit — you can hint that you are a rich man without saying that.

Insurance policies give us a sense of security and make us feel safe. People buy lottery tickets because they cling to the hope of getting rich. The group that buys the most tickets or most frequently are people between the ages of 60 and 69, perhaps because this is an age where they realize that they cannot become physicians now or start the next Google, so their chance really is in winning a lottery.

Suppose you told a lottery buyer that the odds of winning are not 1 in million as he thought but 1 in million. It would make no difference to him. He would still buy the lottery. It is just that smidgen of an opportunity between no chance and some chance that is giving people that urge to buy lottery tickets. A lottery ticket has an emotional benefit hope , an expressive benefit I am a player, I'm in the game , and a utilitarian benefit you might actually win.

Answering the three questions Utilitarian, Expressive, Emotional will help you come to terms with your financial behaviour.

Meir Statman talks about a lady who had saved ample money to retire at age Her saving and spending ethos derived from a poor childhood. She was always afraid that she would end up living in a box eating cat food.

Answering those questions will also reveal why possession of wealth that makes us financially comfortable or even wealthy does not always bestow peace of mind and a sense of financial security. Membership Login My Profile Register. Equities Equities Home Stocks Quickrank. Archives Archives Videos Ask Morningstar. Site Search Membership.

Archives Videos Ask Morningstar. Why is wealth important to you? By Larissa Fernand Let me ask you a question. Dig deeper. Utilitarian: What does it do for me? Expressive: What does it say about me? Emotional: How does it make me feel? The names of the Company, product names or fund options do not indicate their quality or future guidance on returns. Funds do not offer guaranteed or assured returns. This is a unit linked insurance plan. In this policy, the investment risk in investment portfolio is borne by the Policyholder.

Unit linked Insurance products do not offer any liquidity during the first five years of the contract. On surrender after completion of five years the surrender value will be the Fund Value including Top Up Fund Value, if any. Loyalty Additions will be allocated among the funds in the same proportion as the value of total units held in each fund at the time of allocation. The allocation of Loyalty Additions is guaranteed and shall not be revoked by the Company under any circumstances.

If the premium payment is discontinued any time after 5 years, the number of years for which premiums have been paid will be considered as the premium paying term for the purpose of deciding the Loyalty Additions to be paid for the rest of the policy term. Wealth Booster will be allocated between the funds in the same proportion as the value of total units held in each fund at the time of allocation. The allocation of Wealth Booster units is guaranteed and shall not be revoked by the Company under any circumstances.

If the premium payment is discontinued any time after 5 years, the number of years for which premiums have been paid will be considered as the premium paying term for the purpose of deciding the Wealth Boosters to be paid for the rest of the policy term. Good and Service tax and cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for details, before acting on above.

All rights reserved. Customer helpline number - Timings — A. Member of the Life Insurance Council. For more details on the risk factors, term and conditions please read the product brochure carefully before concluding the sale.

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