Money isn't everything. As Sahil Bloom discovered, the high-paying career, the job title, the house, and the car — all the things he thought he needed to be successful — didn't make him happy.
"I had spent years with my head down, embracing the long hours, believing that the idyllic land of success was well within reach. At every step along the way, I told myself that I was just one bonus, one promotion, or one fancy bottle of wine away from arriving in that land," Bloom writes in his book "The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life."
"Then, one day, I realized I had achieved all of it, and all I could think of was: Is this it?"
Not long after he had this unsettling realization, he decided to ask a dozen 80- and 90-year-olds a few questions, including: What advice would you give your younger self? What do you regret? What's brought you lasting joy and fulfillment?
"No one mentioned money," Bloom writes. "Your wealthy life may be enabled by money, but in the end, it will defined by everything else." Namely, "time, people, purpose, health."
Drawing on the wisdom of elders, his own experiences, scientific research, history, and successful people, Bloom's debut book redefines wealth and helps readers design a "dream life" that truly fits them. (His upcoming "The 5 Types of Wealth Planner," out in November, translates those ideas into practice.)
CNBC Make It chose "The 5 Types of Wealth" as our October book club pick because we know our readers are striving to be happier, smarter, and more successful — whatever that looks like to each one of them.
If you haven't read Bloom's book, or just want a refresher, here are some key takeaways ahead of Wednesday's discussion in our private LinkedIn group.
The 5 types of wealth
Bloom breaks his book down into sections about:
- Time wealth: Another catalyst for Bloom was the night a friend told him, "You're going to see your parents 15 more times before they die," given the distance between them and frequency of visits. Becoming aware of the limited time you have is the first step in "investing in your time wealth." Next is directing "your attention to the things that truly matter (and ignoring the rest)," Bloom writes. And finally, "it is achieving control over your time — how you spend it, where you spend it, and whom you spend it with."
- Social wealth: One of the best decisions Bloom says he and his wife made was to move across the country to be near their families and closest friends. "Proximity to people you love is worth more than any job will ever pay you." Social wealth is about that small circle of your most meaningful bonds, the larger circles of community you feel a part of, and "the lasting respect, admiration, and trust of your peers that you receive on the basis of earned, not acquired, status symbols."
- Mental wealth: This type of wealth is all about embracing the curiosity that comes naturally to children. "It is through curiosity that you go on the journey to uncover and live by your purpose, unlock new insights and lifelong growth, and seek out the space necessary to think, reset, wrestle with questions, and recharge," Bloom writes. It's about finding what creates meaning for you, and knowing that your purpose doesn't necessarily have to be tied to your career.
- Physical wealth: The 80-year-old father of a friend told Bloom: "Treat your body like a house you have to live in for another 70 years." Physical wealth is about investing in your body and health through "regular movement, proper nutrition, and thoughtful recovery," Bloom writes. "If you take care of it today, it will take care of you for years to come."
- Financial wealth: Money isn't everything, but it is something. Bloom covers a few basics about how to generate income, manage expenses, and invest for the long term. Most importantly, however, he urges readers to stop chasing "more" and to start pursuing "enough." He quotes Mark Twain: "It isn't what a man has that constitutes wealth. No, it is to be satisfied with what one has; that is wealth."
You need goals and anti-goals
We're all familiar with setting goals. But Bloom encourages readers to set both goals and anti-goals, "the things we don't want to happen on our journey to achieve our goals."
"For example, if your long-term goal is to become a CEO, your anti-goals might be spending more than 10 days away from your family per month, allowing your health to suffer from stress and travel, and loosening your moral standards to achieve profit targets," Bloom writes. "You want to achieve your goal, but not if it means having these three negative outcomes."
For every goal you set, consider the worst possible outcomes you want to avoid as you pursue it.
Design and live your dream life, no one else's
Ultimately, "The 5 Types of Wealth" is about measuring your life and making decisions based not just on financial wealth, but all the types of wealth. "You have it within you to go and craft the priorities you truly care about, and then go and take action to build your life around those things," Bloom says.
For him, it was worth it. "I'm sure I gave up money by leaving the track I was on, but as far as I'm concerned, I'm the wealthiest man on the face of the earth," he writes. "Now it's time for you to do the same" — but in your own way.
Ready to dive in? Start reading, request to join our LinkedIn group, and come chat with us and Bloom on Wednesday, October 29, at 10 a.m. ET, at our next CNBC Make It Book Club discussion.
Any questions for the author? Drop them in the comments of this LinkedIn post (you'll need to join our private group first, which you can do here). Or email them to us in advance at askmakeit@cnbc.com, using the subject line "Question for Sahil Bloom."
Have suggestions for future picks? Send them to us at askmakeit@cnbc.com, using the subject line "Make It book club suggestion."
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