Most people define wealth in terms of possessions; the more you “have,” the wealthier you are. It’s about the car, the house, the clothes, etc. As a Family First Entrepreneur I define wealth in terms of how much available time you have to spend with your loved ones, as well as how much time you have to give of yourself in the pursuit of your higher purpose. So give me a small house, a couple of used cars, a Ross Dress for Less wardrobe and two full time parents who get to enjoy the more delicious side of life. That is my definition of wealth.

If assets and surplus income allow for the new car or the big house without sacrificing the things that really count, then have at them. But many entrepreneurs allow the desire for possessions to rob them of the juicy stuff; I’ve seen it happen again and again. Admittedly, I’ve also seen it happen in my own life. I made a lot of money in recent years while the economic sun was shining. While that was happening I bought a few things that are costing me time with the kids now that the economy has turned. It has been a valuable lesson that will not need to be learned again. That’s how life is, some things work, others don’t. I’m responsible to learn from both.

Be aware of what your definition of wealth is, because it may take you to a place in life where you don’t want to be. If the cost of a “house on the hill” compared to a comfy one in the valley is five or ten years less with the kids then, from my point of view, the cost is too high.