Last updated: June 21, 2019
Topic: FinanceAccounting
Sample donated:

Hammond I Defining Wealth
1. A great quantity or store of money, valuable possessions, property, or other riches 2. An abundance of anything: plentiful amount
3. Economics
All things that have a monetary or exchange value
Anything that has utility and is capable of being appropriated or exchanged 4. Rich or valuable contents or produce
5. The state of being rich

When people think of wealth they usually think of the money side of it but it’s more than that. Wealth is like child toys, it comes in different “shapes and sizes”. One of those different shapes and sizes are wealth comes through financial stability. It can come in other ways such as mental state as well as happiest, self-worth, and value of intangible assets.

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First, the word wealth comes from the Old English words “weal” (well-being) and “th” (condition). In the 16th century the father of accounting, Lucci Paciolli, never defined the word “wealth” To this day accountants have no clear definition. A man named Robert Kennedy once stated that genuine wealth is the things that make life worthwhile. Genuine meaning having the qualities or value claimed. The word capital is actually similar to the word wealth. Capital mean “wealth” and wealth mean “the condition of well-being”. In some cases wealth is dependent on the income and the assets in which we accumulate, as well as the lifestyle you choose to support.

Everybody loves money. That should not be denied, but we must avoid money taking control over our lives. If one is constantly in the seventh heaven, and only enjoys prosperity, than it is impossible to see what a treasure life is. In contrast to other people, who want to become a successful entrepreneur, actor or artist because of popularity and the resulting wealth, I Hammond II dream of earning money by working at my passion, which is translating. I am not stating it is not right to achieve success, quite adversary, success should be one of our goals in life, on condition that is does not entirely depends on money. Therefore the definition of ‘successful’ in Longman Dictionary of Contemporary English, namely ‘earning a lot of money, very well-known and respected’, does not match with my view. A healthy mental state can be considered as a wealthy factor because one of the definitions of wealth is valuable possessions. On the other hand if people possessed more of an un-wealthy mental state they have no value. In saying that prisons, maximum security is filled with un-wealthy minds. The first factor that is what your brain tells you it needs to be happy. Most of the millionaires I meet are not financially content. The true meaning wealthy is not the fact of being “rich” it’s being happy and valuing life. As Benjamin Franklin says “Wealth is not his, that has it, but his that enjoys it”. Wealth is not what one has, but what one does with it. A person who has thousands of pounds, but never touches them, does not deserve this money as much as one who uses this money to make rich experiences, or give it away to a good cause.

In my closing statement, wealth cannot be translated into one word: wealth is happiness, it is health, passion, and it consists of the rich experiences of life. Wealth, unlike money and possessions, cannot be quantified, but only felt. They are a prime example of what being wealthy is all about: loving family members who will go out of their way to do anything and everything just to make sure you and everything in your life is okay.