What is Wealth?

What Is Wealth?

We Americans know the wealthy when we see them:  They are the financial giants, the technology wizards, the sports and movie stars, and a smaller number who just inherit wealth. However, we seem to be less clear about the largest group of the “wealthy”: and it is us. OK, now don’t stop reading; I will explain what wealth really is. Wealth is everything you possess that allows you to live beyond the bare essentials of existence. I know that this definition is hard to accept, but it provides the only guide to understanding what is happening in our country today. If you are reading this blog, you are at least some extent wealthy.

Wealth does not occur, it is created. Before wealth can be shared, someone must put forth the effort to produce it. In most of the world, individuals can’t personally grow or manufacture everything they need, so we use money to swap for our needs.  The industrial revolution, the agricultural revolution and the technical revolution have all increased the total amount of wealth in the world, and that wealth has generally been spread among most countries, making individuals and families wealthier. Partially through our own efforts, and partially due to historical reasons, the United States has become especially wealthy. 

But times change, and our national wealth is seriously threatened. What can be done to protect and grow our wealth?