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19 stages of wealth, investors sour on Prem Watsa

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American venture capitalist Morgan Housel provided a remarkable essay ranking every type of wealth and poverty that was equal parts enlightening, entertaining, surprising and useful for perspective.

Stage one of 19 on the wealth chain begins where readers would expect – complete dependence on others for sustenance – but quickly jumps to people who have money and assets but are impoverished in other ways.

Stage four is a cautionary tale, “Your lifestyle expectations consistently grow faster than your income and assets. Adaptive poverty.” Stage seven is too: “Your entire personality is built upon the appearance of being wealthy, attracting a predatory social group that will abandon you.”

The stages of wealth start looking attractive around number 13, where you love your job enough that it feels like a hobby and pays more than you ever expected.

I’ll let readers discover the highest stage of wealth – the psychological Forbes billionaires list – on their own by clicking the link above.

The overriding revelation in the piece is that wealth is often as much a matter of perspective as it is a sum of money. Deeply envious and insecure people are unlikely to feel wealthy no matter how big their investment account becomes while those with close family and social connections can feel content with far less.

At base, investing is the pursuit of wealth and financial security – the goal is more. But it’s important for investors to read views like Mr. Housel’s to more closely understand why we put in the hours to profit from the market, and to recognize the wealth of all types we already have.

— Scott Barlow

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