This week we are focusing on family values, purpose, and how the definition of wealth has evolved over time. This focus is in anticipation of our Friday Live Discussion, May 22nd at 1PM MST/3PM EST, with Tina Lovejoy from Entrusted Planning (invitation attached). At Park City Family Office, we believe that the education of the next generation is just as important as the wealth creation itself.
Thus, we thought you’d find it interested to see how the definition of wealth in our society has changed in just the last 63 years:
In today’s society when we think about wealth, we think of it in monetary terms. One of our goals with PCFO is to bring wealth back to its roots and begin to view it from its origins, as the transfer of knowledge, skills, and ability:
WEALTH (WELTH) – as described by WEBSTER’S DICTIONARY COPYRIGHT 1956
- 1. PROSPERITY; external happiness.
- II. RICHES; large possessions or money, goods, or land; that the abundance of worldly goods which exceeds the possessions of the greater part of the community; affluence; opulence; profusion; abundance.
WEALTH (WELTH) – as described by MERRIAM- WEBSTER COPYRIGHT 2019
- 1. abundance of valuable material possessions or resources
- 2. abundant supply : PROFUSION
- 3 a: all property that has a money value or an exchangeable value
- 3 b: all material objects that have economic utility. especially : the stock of useful goods having economic value in existence at any one time
Check out Tina Lovejoy’s business partner and valued partner of Park City Family Office, as he discusses this concept of wealth further in his Ted Talk: https://youtu.be/v_qN4JcVCQ4