EP19:Deep Into - The 5 Types of Wealth
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Hey everyone and welcome back for another deep dive. Always excited to be back. Today we're going to be cracking open Sahil Bloom's The Five Types of Wealth. Yes, a great read. It just came out February 4th, 2025. Very recently. You know, and when you see a title like that, you might think, oh, another book about getting rich. Exactly. But trust me, this one's different.

It's not just about the money. It's about a whole new way of looking at what it means to be wealthy. Yeah. You know, Bloom really challenges those traditional ideas we have about success and wealth, those societal scoreboards that tell us we need to be constantly chasing wealth.

you know, more money and more stuff. More, more, more. Right. Always wanting more. Exactly. And instead, he kind of lays out a much richer and, in my opinion, more fulfilling definition of wealth. I'm intrigued. So where do we even begin to unpack this idea of wealth? Well, he starts by asking a really thought-provoking question to a bunch of people in their 80s and 90s. And the question is, what advice would you give to your younger self? And you know what? Not a single one of them mentioned money. Wow.

That's really surprising. I mean, you think looking back on your life, financial security would be. Right. You'd think it would be top of mind. Top of mind. Exactly. Yeah. And it really gets to the heart of what Bloom is trying to convey. He calls this the arrival fallacy. This idea that like once we achieve a certain goal, like making X amount of dollars or reaching a certain status, you know, we'll finally be happy.

But as those interviews suggest, that's often just not the case. Yeah, I've definitely fallen into that trap myself. Right. Thinking, oh, if I just get that promotion, then I'll be happy. Or once I buy that new car, I'll feel successful. But it's like you're always chasing the next thing. It's a never-ending cycle. There's always another goal, another milestone to chase. Yeah. And that's where Bloom's five types of wealth come in.

He argues that instead of solely focusing on financial wealth, we should be cultivating these other forms of wealth that are equally important. Okay, so let's hear it. What are those five types of wealth? All right, so we've got time wealth, social wealth, mental wealth, physical wealth, and yes, financial wealth is still in the mix, but it's framed in a really interesting way. Okay, I love this.

Let's break it down one by one. Let's start with time. What exactly is that and why is it so important? Yeah. So time wealth is all about having the freedom to choose how you spend your time. OK. It's not just about having free time. It's about having agency over your schedule and being able to align your time with your values and your priorities. That makes sense. I can see how that would be so valuable. Yeah. You know.

In today's world, it feels like everyone is constantly rushing, always on, never present. Yeah. To have that freedom to choose how you spend your time and to slow down and really savor those moments. That feels like true luxury these days. I agree. It's almost like a luxury. Yeah. You know, in the book, Bloom tells this really powerful story about a man named Dave Prout. And Prout.

He was very successful in the video game industry, but he realized he was only seeing his parents like a couple times a year. And then his mother gets sick and he was faced with this really harsh reality that he might only have 20 more visits left with her. Oh, wow. That's heartbreaking. Yeah. But also such a wake up call.

call. It makes you realize how finite our time really is. Exactly. How easy it is to get caught up in all the hustle and bustle and forget about what really matters. Prout's story really highlights that importance of being intentional with your time and investing it in those relationships and experiences that bring us joy. Okay. Time wealth is about freedom intentionality. Let's move on to social wealth.

I'm guessing this isn't about having a million followers on Instagram, right? You guessed it. It's about quality, not quantity. So social wealth is about the quality of your relationships. It's about having those deep, meaningful connections that provide support, companionship, and a sense of belonging.

Makes sense. Bloom argues that these relationships are essential for our well-being and they actually can lead to a longer and healthier life. Yeah, there's research to back that up, right? Tons. I remember reading about the Harvard study of adult development.

the longest study of its kind. Wow. And they found that close relationships are actually the single biggest predictor of happiness and longevity. It's amazing how powerful those connections are. Yeah. And on the flip side, loneliness can be so detrimental to our health. Yeah, it can be very isolating. Did you know that research has shown that chronic loneliness is as harmful to your health as smoking? Really? Yeah.

That's pretty shocking. I know, it's crazy. But it makes sense when you think about how isolating and stressful it can be to feel alone. Right, you need those connections. Our social connections are so fundamental to our well-being. Absolutely. Okay, so we've got time wealth and social wealth.

What's next on the list? Mental wealth. Okay. Which focuses on our inner world, our minds. It's about having a sense of purpose, cultivating a growth mindset, and making space for reflection. I love that. It's about constantly learning and growing and staying engaged with the world around us. It reminds me of this concept I read about from Okinawa where people form these lifelong friend groups called moabites.

Moai? Oh, yes. The Moai. They're basically built in support systems that provide a sense of belonging and shared purpose. Yeah. And it's fascinating how these groups actually contribute to the Okinawans' incredible longevity and overall well-being. Wow. It makes you wonder if we could create similar structures in our own modern lives.

Imagine having a close-knit group of friends who are there for you through thick and thin challenge you to grow and just provide that unwavering support. And Bloom touches on that idea of finding your tribe. Yes. Those people who share your values and who inspire you to be your best self. Yes.

That's a crucial aspect of cultivating mental wealth. Okay, so we've got time wealth, social wealth, and mental wealth. What about our physical well-being? Where does that fit into Bloom's framework? So that's where physical wealth comes in. Okay. And this isn't about striving for some unattainable ideal of beauty or fitness. It's really about feeling strong, healthy, and energized.

having that physical capacity to Fully engage in life and pursue the things that matter most to you. I like that. Yeah, I

It's about taking care of our bodies so we can actually enjoy all those other forms of wealth we've been talking about. Exactly. You know, Bloom uses the example of Brian Johnson, this entrepreneur who's investing millions of dollars into reversing his aging process. Wow. It's obviously an extreme example. Yeah. But it highlights how important our physical well-being is.

You know, it's easy to neglect our physical health when we're caught up in the daily grind. But I think we all know how much better we feel when we're taking care of ourselves. We do. Getting enough sleep, moving our bodies, eating nourishing foods. Those things make a huge difference in our energy levels, our mood, our overall well-being. It's not about becoming a marathon runner or having six-pack abs, you know. It's about making those small, consistent choices that support our physical health and allow us to really live our lives to the fullest.

I love that. Okay, so that's four types of wealth. Time, social, mental, and physical. I'm guessing the fifth one is financial wealth, but I'm curious to hear how Bloom reframes it within this broader context. Yeah, so the fifth one is financial wealth, and Bloom doesn't shy away from the fact that money is important. Right. It provides security, freedom, and the ability to pursue our goals. However, he really reframes it as being about enough rather than this endless pursuit. Right.

That idea of enough is so interesting. It seems like we live in a culture that constantly tells us we need more, more, more. We're bombarded with advertising and social media posts

messages that make us feel like we're always falling short. It's a constant battle. It is. That's why Bloom emphasizes the importance of defining what enough means to you. It's about finding that sweet spot where you have enough to live comfortably and pursue your goals without being consumed by that relentless desire for more. So it's about being intentional with our money and making sure that our financial choices align with our values and our priorities.

recognizing that true wealth isn't measured by how much money we have in a bank. Exactly. But by how fulfilling and meaningful our lives are. He highlights this great Swedish concept called lagom,

Which basically means just the right amount. The goom. I love that. Yeah. It's like a reminder to appreciate what we already have and to focus on those things that truly matter. Yeah. And that shift in mindset can be so liberating. It allows us to break free from that comparison game and focus on creating a life that feels rich and fulfilling on our own terms. Okay. So we've unpacked Bloom's five types of wealth. Time.

social, mental, physical, and this reframed idea of financial wealth. Yes. It's definitely a more holistic and nuanced way of looking at wealth than what we're typically taught. For sure. And what I think is really great is that Bloom doesn't just lay out these five types of wealth and leave it at that. He provides a ton of practical tools and strategies to help us actually cultivate them in our own lives. That's what I want to hear about. This is where it gets really interesting. I know. I'm excited to dive into some of those practical tips and see how we can apply them to our own lives.

Me too. But first, I think we need to take a quick break. We'll be right back with more on the five types of wealth. Sounds good. All right. We're back and ready to dive into some of the practical strategies that Bloom outlines in his book.

You know, it's one thing to understand these five types of wealth conceptually, but it's another thing entirely to actually put them into practice. It's like, OK, I get it. But now what? What do I actually do? Right. Exactly. Yeah. So where do we start? What are some of those key systems that Bloom recommends? Well, let's start with time wealth, since that's where Bloom starts.

He suggests the system called the Time Wealth Hard Reset. Okay. Which is all about making you aware of just how finite your time really is. So imagine a calendar representing your entire lifespan. Okay, I'm visualizing it. Now start shading in the days you've already lived. Whoa, okay, that's... Intense, right? Yeah, it's a little intense. Yeah. I could see how that would be a real wake-up call. Yeah, it's a powerful visualization. It forces you to confront the reality that...

Our time here is limited and it can really motivate you to start making the most of every day. I can see how that would really shift your perspective and make you think twice about wasting time on things that don't really matter. Exactly. It helps you prioritize what's truly important and make those conscious choices about how you spend your time.

Another great system Bloom recommends for time wealth is the energy calendar. Have you ever heard of that? I haven't, but I'm intrigued. Tell me more. It's all about scheduling your day around your natural energy peaks and dips. So instead of just, you know, filling every slot on your calendar with back-to-back meetings or tasks, you become more aware of when you're most alert and focused and when you need to take breaks or do more low-key activities. Oh, that's interesting. I've definitely noticed that I have...

Certain times a day when I'm super productive and others when I'm just dragging. I've never really thought about structuring my day around those energy patterns, though. It can make a huge difference. For example, if you're a morning person, you might schedule your most demanding tasks for the morning when you're fresh and energized. And then you can save those less mentally taxing tasks for the afternoon when you might be feeling a bit sluggish.

That makes a lot of sense. Yeah. It's about working with your natural rhythms instead of fighting against them. Yeah, exactly. All right. So we've got some strategies for time wealth. What about social wealth? How can we actively cultivate those deep, meaningful relationships? Bloom has a few great suggestions for that. One is the system he calls the relationship map.

Which is basically a visual representation of your social network where you map out your connections based on, you know, their depth and the frequency of interaction. Oh, I like that. It's like taking inventory of your social capital and making sure you're not neglecting those important relationships.

It's a great way to kind of get a clear picture of, you know, who's in your inner circle, who you connect with regularly and who you might want to reach out to more often. And once you have that map, you can start being more intentional about nurturing those connections. So how do we actually go about

deepening those relationships? Like what kind of specific actions can we take? Bloom suggests something he calls the life dinner, which I think is such a great idea. It's basically about setting aside dedicated time, maybe once a month to have a meaningful conversation with your loved ones.

So you put away the phones, turn off the TV, and you just focus on connecting with each other on a deeper level. That sounds amazing. You know, I think we're all so busy these days and it's easy to let those quality moments slip away. Yeah, we are. Having that dedicated time for those deeper conversations would be a game changer. Totally. Yeah. It's about creating that space for vulnerability and sharing stories and really listening to each other. It doesn't have to be a formal dinner. It could be a walk in the park, a coffee date, or just hanging out at home.

You know, the key is just to be present and engaged. So important these days. Yeah. It's so easy to be physically present with someone but mentally checked out, scrolling through our phones or thinking about our to-do list. Right. It's like you're there but you're not really there. Exactly. So the life dinner is about putting those distractions aside and really focusing on the people we care about. Okay. It's about being intentional with our time and our attention. Love that.

Okay, so we've got systems for time wealth and social wealth. What about mental wealth?

What are some strategies for nurturing our minds and cultivating a growth mindset? Bloom is a big proponent of continuous learning, and he has some really interesting systems for making that learning more effective and enjoyable. One of my favorites is the Feynman technique. Feynman technique. Named after the brilliant physicist Richard Feynman, who was known for his ability to explain complex ideas in really simple terms. Oh, yeah. He was a great explainer. So the idea is to learn by teaching. Oh, wow.

I do that instinctively when I'm trying to understand a new concept. If I can explain it to someone else in a way that makes sense, then I know I've really grasped it. That's exactly the idea. It forces you to break down the information into smaller, more digestible chunks.

identify any gaps in your understanding and then simplify it so that even someone with no prior knowledge could understand it. That's brilliant. It takes the pressure off of trying to memorize a bunch of facts. Yeah. And instead focuses on really understanding the underlying concepts. And it's a great way to make learning more active and engaging.

Another powerful system for mental wealth is the think day, which is inspired by John D. Rockefeller's habit of spending dedicated time in his garden just thinking. Wow. Even tycoons need time to disconnect and recharge. That's like a mental retreat, you know. Totally. A day for brainstorming, pondering those big questions or just letting your mind wander. Exactly. And, you know, don't underestimate the power of simply disconnecting from the constant digital noise and giving your mind some space to breathe.

It's amazing how much clarity and insight can emerge when we allow ourselves that time for reflection. So it's like scheduling a date with your own mind. I love that. I do too. It's a reminder that our mental well-being is just as important as our physical health. And we need to make time for it just like we schedule time for exercise or doctor's appointments. Okay, so we've covered time wealth, social wealth, and mental wealth.

Now, what about physical wealth? I'm curious what kind of systems Bloom recommends because let's face it, sticking to a healthy lifestyle can be tough. Oh, tell me about it. You know, it's one thing to know what we should be doing, but actually putting it into practice. Yeah, it's hard. Is a whole other challenge. Yeah. That's why Bloom focuses on building sustainable habits. Okay. Rather than trying to overhaul our lives overnight. I like that approach. It's about making those small consistent changes that add up over time. Exactly.

One of his most practical systems is the 30-day challenge, which focuses on establishing healthy habits in three key areas, movement, nutrition, and recovery. And it's not about, you know, going on some crazy restrictive diet or spending hours at the gym every day. Right. It's about setting these small, achievable goals each day and gradually leveling up. That feels much more manageable than those all-or-nothing approaches that often just leave us feeling overwhelmed and defeated. Right.

Right. Bloom emphasizes that it's not about perfection. It's about consistency. Yeah. And it's about finding activities that you genuinely enjoy. Yeah. So if you hate running, don't force yourself to run. Find something that gets you moving and makes you feel good. So true. Movement should be enjoyable, not a punishment.

Oh, what about nutrition? What kind of guidance does Bloom offer in that area? He emphasizes the importance of eating whole unprocessed foods and focusing on getting a variety of nutrients. He also recommends paying attention to your body's signals.

Eating when you're hungry and stopping when you're full. Okay. It's about listening to your body's wisdom rather than following some rigid set of rules. Yeah, that makes a lot of sense. It's about tuning in to our own internal cues rather than relying on external diets or restrictions. Yeah, exactly. What about recovery? Yeah, what does Bloom have to say about recovery?

He's a big believer in the importance of sleep stress management and getting your body time to rest and repair. Yeah. He actually recommends creating a recovery calendar where you schedule in activities like yoga meditation, spending time in nature, or just taking some time for yourself to relax and recharge. I love that. It's about recognizing that recovery is just as important as the go, go, go part of life.

It's about giving our bodies and minds the downtime they need to function optimally. Exactly. It's all about balance, right? Pushing ourselves when we need to, but also knowing when to rest and recharge. Okay. We've covered some great strategies for time wealth, social wealth, mental wealth, and physical wealth. What about financial wealth? Are there any systems or tips in that area that stand out to you?

Bloom's approach to financial wealth is really interesting because he ties it back to that concept of enough that we were talking about earlier. Right. Right. He has this system called how to define your enough life, which is all about taking a step back and really clarifying what

you know, what you want your life to look like and how much money you actually need to support that vision. I think that's such an important exercise. It's so easy to get caught up in that comparison game and think we need more than we actually do. Yeah, we do. But if we can clearly define what enough means to us, then we can make more conscious financial decisions.

and avoid overspending on things that don't truly align with our values. Totally. It's about aligning our spending with our priorities and making sure that our money is working for us, not the other way around. Right. Bloom also offers some solid advice on investing, you know, emphasizing the importance of starting early, diversifying your portfolio, and understanding the power of compounding. Okay, I'll admit I'm not the most financially savvy person, so any guidance in that area is always welcome. Yeah. But here's something I'm really curious about.

How do we maintain that balance across all five types of wealth? Yeah. You know, it seems like life is always throwing curveballs our way, making it hard to stay on track. That's where Bloom's concept of the enough life comes back into play. It's about recognizing that true wealth isn't about achieving some perfect performance.

balance in every area all the time. It's about making conscious choices, prioritizing what matters most to you and recognizing that your needs and priorities will evolve over time. So it's about being adaptable and flexible and constantly checking in with ourselves to make sure we're not neglecting any one area of our well-being. Exactly. And it's about being kind to ourselves when we inevitably fall short.

Life is messy things don't always go according to plan. So true. But the key is to keep that long-term vision in mind and to gently nudge ourselves back on course when we stray.

This idea of the enough life really resonates with me. It's about finding that sense of contentment and fulfillment, knowing that you have everything you need to live a rich and meaningful life, even if it doesn't look exactly like what society tells us it should. That's so well said. It's about defining success on your own terms and creating a life that feels authentic and aligned with your values. Okay, I'm feeling super inspired. Bloom's book has given me so much to think about. Me too.

It's a powerful reminder that we have more control over our lives and our well-being than we often realize. Yeah. And it all starts with shifting our perspective and embracing a more holistic definition of wealth. All right. I think we've covered a lot of ground today. We have. But there's still one more piece of the puzzle that I'm eager to explore. Bloom ends his book with a really thought-provoking question. I'm ready. And I think it's the perfect way to wrap up our deep dive today. So he asks the reader,

What would your 10-year-old self say to you today? Whoa. That is a powerful question. It really makes you kind of pause and reflect, you know, on the path you've taken, the choices you've made. Would your 10-year-old self be proud of the life you're living? Yeah. It's a bit of a gut punch, isn't it?

I mean, think about it. Your 10-year-old self was just so full of wonder and possibility. Right. You know, untainted by all the cynicism and the self-doubt that can sometimes creep in as we get older. Yeah, for sure. It's a good reminder to reconnect with that inner spark, that sense of adventure and playfulness. Yeah.

And, you know, maybe even a little bit of mischief. Totally. It's about rediscovering that childlike curiosity and enthusiasm for life. Yeah. And asking ourselves, are we still chasing those dreams? Are we still exploring the world with those open hearts and minds? It's so easy to get bogged down in those day to day responsibilities and lose sight of that bigger picture. Yeah. But I think that question, what would your 10 year old self say?

is such a powerful tool for realigning ourselves with what truly matters. It can be a real wake-up call. If our 10-year-old selves wouldn't be proud of the lives we're living or the choices we're making, then maybe it's time to make some changes. Yeah. Maybe time to shift gears. So as we wrap up our deep dive into the five types of wealth, let's bring it back to those key areas. Time. Social, mental, physical, and financial. And I think what's important to remember is that... Yeah.

It's not about being perfect in all of them. No. It's about finding that balance that works for you, that allows you to live a life that feels truly fulfilling. Exactly. And remember, it's a journey, not a destination. Our priorities will shift over time. Our circumstances will change. But the key is to stay connected to those five core areas of well-being and to keep making choices that align with our values and our vision for the future.

It's about creating a life that feels rich and meaningful on our own terms. Yeah. You know, not chasing someone else's definition of success or getting caught up in that never-ending pursuit of more, more, more. And as you kind of embark on that journey, I want to leave you with one final thought from Bloom's book. Okay. He writes...

The world pushes us towards normal. The fight of your life is the fight to be distinct. Ooh, I love that. So embrace your uniqueness. Cultivate those five types of wealth. Keep chasing those dreams that light you up. That's all for this deep dive, folks. Until next time, keep seeking, keep learning, and keep diving deep. See you next time.