April 26, 2019

W is for Wealth: For richer, for poorer

by admin in Uncategorised
“Wealthy. If you have riches you are ‘wealthy’. Don’t be misled into thinking ‘riches’ means only money — to many people, to have a healthy family and to be surrounded by love is to be abundantly wealthy.”

What’s better? To be wealthy or to be rich? How does wealth affect us currently and does quantity ensure quality?

We associate the two words with the same adjective, “to possess material wealth“, i.e. money, and lots of it!

So how is wealth established? How was it established?

Let’s take a look at wealth throughout history…

The history of wealth and its economic transition

 

The first stage:

A poorer kingdom makes a wealthier king

 

 

 

 

The king and his family controlled all the wealth in their kingdom.

In 550 BC, King Croesus had invented gold coins as an official store of value. Whoever had access and control over this, had control over the entire economy. Kings were the sole controller of the community’s economy.

 

The second stage:

The lords of the lands

 

 

 

 

 

“The more land you owned, the wealthier you were.”

Lords owned everything on their land, including the residents that lived there. As a result of this, much of the king’s economic powers over the kingdom had transferred to the lords and in order to maintain rule, kings had signed treaties with lords.

The third phase:

Agriculture economies to market merchandise

 

 

 

 

 

Commercial trading had now become a source of wealth.

“As agricultural economies developed, commercial trading became necessary”

Trading of goods occurred between kingdoms and in order to provide credit and liquidity to such markets, banks had evolved.

 

The fourth phase:

Industrial Revolution

 

 

 

 

“The source of wealth had moved towards the industrial and manufacturing industries”

The era of mass manufacturing had begun. Factories were built and plenty of people had moved from the villages to the cities. Trains were built to effectively transfer merchandises.

The fifth phase:

The technological revolution

 

 

 

 

 

 

” The source of wealth had moved to the ones with knowledge, innovation, and the courage to exercise their dreams.  ”

The sixth phase:

Today’s shared economies

 

 

 

 

 

“Shared economies aim to divide wealth more equally among the economy’s small service providers. ”

You can read about the history of wealth in more detail here.

What is important to you?

So we now know how wealth and economies were established. But going back to the old meaning of wealth, ” to have a healthy family and to be surrounded by love is to be abundantly wealthy.” Do we value quality over quantity more or is it quantity that ensures quality?

Do we care more or less about wealth now?

Well, we know what happens when we stop caring about money, according to an article in huffpost, “redefining success and thinking about what is important to you”

Supposedly, this is similar in genealogical research. Researching yours and others family trees adds quality to your life, especially if you have a zest for it!

Which meaning of wealth is important to you?

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