What does it mean to be wealthy?

Financial planning is often seen as a path to wealth. But wealth can mean very different things to different people. According to financial writer and educator BRIAN PORTNOY, true wealth has less to do with how much money you have  and more to do with how well your money supports the life you value.

Portnoy describes wealth as “funded contentment”, the ability to live a life of meaning, backed by a sense of security. While being rich is about chasing more, being wealthy is about knowing what matters and feeling confident in your ability to sustain it. For most people, that includes connection, purpose and peace of mind.

A strong financial plan supports more than just goals and numbers. It helps provide stability in times of uncertainty and creates space to focus on deeper questions. With that foundation in place, money becomes a tool not for indulgence, but for building a life that feels genuinely fulfilling.

Key takeaways

Wealth isn’t the same as being rich — it’s about having the resources to live a life that feels meaningful and secure.

Contentment comes from purpose, strong relationships, and a sense of connection to something beyond ourselves, not from material possessions.

A good financial plan helps answer the question “Am I going to be OK?” and lays the groundwork for a life built on confidence, not just accumulation.

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Looking for a reliable guide to financial planning?

The award-winning book How to Fund the Life You Want by Second Life Financial Planning founder Robin Powell and Jonathan Hollow offers valuable insights into building a secure financial future.

Transcript

Robin Powell: One of the main objectives of financial planning is to build wealth. But what exactly do we mean by wealth? Brian Portnoy, a best-selling author and financial planning advocate, defines wealth as funded contentment. The key thing to realise, he says, is that being wealthy is not the same as being rich.

Brian Portnoy: Rich is a number, rich is a search for more, it’s something that is quantifiable. So, if you have a million dollars and then you have two million dollars, you’ve become richer but you haven’t necessarily become wealthier. So, this idea of funded contentment is true wealth – or, I define it as the ability to underwrite a life that is meaningful to you. And so it basically takes deep thinking about a life well lived and then introduces the money piece to it.

That is wealthy to me. And I think that, for most of us – who thankfully have a roof over our heads and food on the table and who live safely – that search for wealth is ever present and ongoing.

RP: We can probably all agree there are several different aspects to contentment. But, for Brian Portnoy, one aspect stands out above all the rest. Contentment, he says, is mostly about living a life of purpose and meaning.

BP: People who have a connection to something bigger than themselves tend to lead more meaningful lives. Secondly, people who have deep important relationships tend to lead much more meaningful lives. I just want to make the distinction between a happy life and a meaningful life. We’re talking about a meaningful life. The day-to-day happiness, the good mood, the bad mood. You did something that made you giddy and gleeful – that comes and goes. It’s, by definition, ephemeral. What I write about is that connection between money life and these deeper sources of a meaningful life. What Aristotle 2400 years ago referred to as eudaimonia.

RP: Helping you identify what a life of meaning and purpose looks like for you is a very good reason for hiring a financial planner. Another one is that a robust financial plan will give you a sense of security — and that’s something all of us need if we’re to feel contented.

BP: Job one. Absolutely job one is make sure that you’re OK. I’ve met tens of thousands of end investors over the years; the number one question you get, one way or another, is not how do I afford the next Ferrari or go on the next luxury vacation or anything like that. Deep down, we are wired to constantly ask the question: am I going to be OK?

It is making sure we have a little bit of extra cash in the bank in the event of emergencies. It makes sure that we have thought about insurance in general and constructive ways. And any number of planning tactics that make sure that we feel safe and, once you feel good about that – and it’s not like you need to work on that every single day from a financial planning point of view – then you’re in a good position to thrive. To reach. To go for more.

RP: Of course, there’s nothing wrong with wanting a Ferrari. The problem with material possessions though is that the excitement soon fades and, before long, we’re dreaming of our next big purchase. Ultimately, it’s all about what really matters to us; and that’s why having a financial plan is so important.