Money isn’t everything. As Sahil Bloom found out, everything he thought he needed to succeed – a high-paying career, a job title, a house, a car – didn’t make him happy.
In his book The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life, Bloom writes, “I spent many years keeping my head down and believing that an idyllic land of success was within my reach. With every step I took along the way, I told myself I was just one more bonus, one promotion, one bottle of fine wine away from getting there.”
“One day I realized I had accomplished everything, and all I could think was: Is this the end?”
Not long after coming to this disturbing realization, he decided to ask a dozen or so 80- and 90-year-olds some questions. Questions like: “What advice would you give your younger self?” What do you regret? What has brought you lasting joy and fulfillment?
“No one mentioned money,” Bloom writes. “Your wealthy life may be about money, but ultimately it is determined by everything else.” These are “time, people, purpose, and health.”
Bloom’s debut book redefines wealth based on the wisdom of elders, his own experiences, scientific research, history, and successful people to help readers design the “dream life” that truly suits them. (His book, The 5 Type of Wealth Planner, scheduled for release in November, puts these ideas into practice.)
CNBC Make It chose The Five Types of Wealth as its October book club pick because we know our readers are striving to be happier, smarter, and more successful in whatever form they have.
If you haven’t read Bloom’s book yet, or just want a refresher, here are some key takeaways ahead of Wednesday’s discussion in our private LinkedIn group.
5 richness
Bloom divides his book into the following sections.
The wealth of time: Another trigger for Bloom was the night a friend told him, “Based on the distance and frequency of visits, I would see my parents 15 more times before I die.” Being aware that your time is limited is the first step to investing in time wealth. The second step, Bloom writes, is to “focus on what really matters (and ignore the rest).” And finally, “Achieving control over your time: how you spend it, where you spend it, and with whom you spend it.” Social Wealth: One of the best decisions Bloom and his wife said was to move across the country to be closer to family and close friends. “Being close to the people you love is more valuable than the rewards of any job.” Social wealth refers to the small circle of most meaningful ties, the larger circle of community you feel a part of, and “the lasting respect, admiration, and trust from your peers that you receive based on status symbols earned rather than earned.” Spiritual enrichment: This type of enrichment depends on embracing children’s natural curiosity. “Through curiosity, we embark on a journey to find and live our purpose, unlock new insights and lifelong growth, and find the space we need 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. Material wealth: A friend’s 80-year-old father told Bloom: “Treat your body like the house you have to live in for the next 70 years.” Material wealth means investing in your body and health through “regular exercise, 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 teaches you some basics on how to generate income, manage your expenses, and invest for the long term. But most importantly, he urges his readers to stop chasing “more” and chase “enough.” He quoted Mark Twain and said, “What a man has does not constitute wealth. No, it is being content with what he has; that is wealth.”
We need a goal and an anti-goal.
We’re all used to setting goals. However, Bloom advises readers to set both goals and counter-goals, or “things you don’t want to happen in the process of achieving your goals.”
“For example, if your long-term goal is to become a CEO, counter-goals might be spending more than 10 days a month away from your family, jeopardizing your health from stress or travel, or relaxing your moral standards to meet profit goals,” Bloom writes. “You want to achieve your goals, but not if it means having these three negative outcomes.”
For each goal you set, consider the worst outcomes you want to avoid when pursuing it.
Design and live the life of your dreams, no one else’s.
After all, the “Five Types of Wealth” means measuring your life and making decisions based on all types of wealth, not just financial wealth. “You have priorities that you really care about, and you take action to build your life around them,” Bloom says.
For him, it was worth it. “I’ve certainly stepped away from my path and parted with money, but as far as I’m concerned, I’m the richest man on the planet,” he wrote. “Now it’s time for you to do the same,” but in your own unique way.
Ready to dive in? Start reading, request to join our LinkedIn group, and chat with Bloom at the next CNBC Make It Book Club discussion on Wednesday, October 29th at 10am ET.
Do you have any questions for the author? Post it in the comments section of this LinkedIn post (you’ll need to join the private group first; you can join here). Or, send an email in advance to askmakeit@cnbc.com with the subject line “Question for Sahil Bloom.”
Do you have suggestions for future picks? Send them to askmakeit@cnbc.com with the subject line “Make It Book Club Suggestions.”
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