When we hear the word “wealth,” it’s easy to picture overflowing bank accounts, impressive stock portfolios, or luxury items. But as Tim Regan and Katie Umland explore in Episode 75 of The Retirement Readiness Podcast, wealth isn’t just about money. In fact, focusing solely on dollars and cents can distract us from the other vital aspects of a truly abundant life. This week’s conversation invites us to see wealth from a holistic perspective—one that encompasses health, relationships, time, and personal fulfillment.

What Does Rethinking Wealth Really Mean?

At the outset, Tim and Katie challenge listeners to broaden their definition of wealth. While money is certainly part of the equation, they remind us that the term “wealth” too often conjures images of material excess or intimidating financial jargon. Instead, they suggest we think of wealth as an all-encompassing concept—one that includes our physical health, mental well-being, relationships, environment, and how we spend our time.

As Tim notes, “Nobody wants a bunch of money that they can’t spend because they’re unhealthy.” Katie expands on this idea, pointing out that the stress of having little or too much money can be equally harmful. Real wealth, then, is about balance: having enough resources to support a meaningful life while protecting your health and happiness.

The Wealth Curve: More Is Not Always Better

A fascinating insight from the podcast is the concept of the “wealth curve.” Research shows that increasing income dramatically improves happiness and health—until a certain point. After basic needs are met and a comfortable lifestyle is established, additional financial gains contribute less and less to overall satisfaction. Sometimes, more money even brings more stress, not more peace.

So, what should you aim for? Tim suggests examining all areas of your life:

1. Health
2. Personal relationships
3. Living environment
4. Use of time
5. Financial freedom

If one area is thriving but the others are neglected, your sense of wealth may still feel lacking. The happiest people, Katie notes, are not always the richest—they’re often those with a strong sense of community, health, and purpose.

Intentional Spending: Aligning Money with What Matters

Both hosts share personal stories about intentional, values-based spending. For Tim and his wife, regular dinners out are not just about indulgence—they’re opportunities to reconnect and maintain a strong marriage as empty-nesters. Katie, in the midst of the chaos of potty training and preparing for twins, finds that splurging on takeout or lawn service can relieve stress and create space for family.

These choices reflect a broader view of wealth: using money to buy time, peace, or shared experiences, rather than just accumulating possessions. As Tim puts it, “Some of that money is going to food. Some is going to mental health. It’s a split cost.”

Seasons of Life: Shifting Definitions of Wealth

Tim and Katie emphasize that your idea of wealth—and your financial priorities—should evolve as your life changes. A young family might value babysitting or home services, while empty nesters might prefer travel or wellness. However, core values like close family relationships, good health, and personal growth often remain anchors throughout.

They also touch on the importance of tracking your “overall wealth trajectory.” Whether it’s health, relationships, or investments, perfection isn’t required. Instead, look for steady improvement over years, not days. Small, consistent efforts can lead to significant growth in all facets of your life.

The Power of Defining Your Own Wealth

One of the most powerful takeaways from the episode is the importance of actually sitting down and defining what wealth means to you. Most of us drift through life reacting to immediate pressures—rarely taking time to articulate what really matters in the long run. Setting goals across various areas—health, finances, relationships, even spirituality—can provide a compass for your decisions and increase your overall happiness.

As Tim shares, writing annual goals in six life categories opened up new paths—from fostering children to considering mission work. By defining wealth on your own terms, you create space for intentional living and long-term fulfillment.

Live Your True Wealth

Real wealth is so much more than numbers on a balance sheet. By focusing on what makes life rich—health, relationships, purpose, and experiences—you can build a life that feels abundant at every stage. As Tim and Katie remind us, “Live your true wealth”—and don’t forget to actually define what that means for you.

For more resources or to listen to full episodes, visit pv-wp.com. And remember, your next five years are going to pass—make sure you’re building the wealth that matters most.