The New Wealth Equation: The Most Valuable Commodities in Our 60s?

I grew up in a middle-class family in Fairfax County, Virginia. My father was a career military officer, and my mother was a teacher. Like many of my neighbors, we had what we needed and most of what we wanted. Fiscal conservatism was a value in our household; saving and responsibility were expectations, not options.

Looking back, I realize how fortunate I was. I never had a scarcity mindset around money. Financial stability seemed attainable—a foundation to build on rather than a daily struggle. I understand not everyone shares this experience, and my background undoubtedly shaped how I viewed wealth. Financial security was my compass for much of my life, guiding nearly every decision I made. But in my 60s, I’m reevaluating what wealth truly means.

Reimagining Wealth: Health and Time as Valuable Assets

These days, financial wealth isn’t my sole focus. I’ve come to see health and time as equally precious, if not more so.

As I look around at friends and peers, I see two paths emerging: some are grappling with chronic health issues, while others are investing in what I now think of as "physical wealth." This might include lifestyle changes, preventive care, and mental well-being. These investments pay dividends, not in dollars, but in vitality.

Value of time

What I’m cherishing most now is “time wealth.” Working part-time from home gives me flexibility, and with fewer people depending on me, I feel more control over my days than ever before. This time allows me to focus on what truly matters and live more intentionally. Shifting my mindset to value time as much as—or even more than—money has brought clarity, though not without its challenges.

Like many people my age, I still worry: Will I have enough to care for myself in the future? That fear is valid. But after we’ve done what we can—saving, planning, and consulting experts—we have to trust in the choices we’ve made. No one can predict how long we’ll live or what we’ll need. Beyond reasonable preparation, it’s about balancing prudence with living fully now.

The Opportunity Cost of Financial Focus

It’s tempting to let financial concerns dominate our decisions, even as other forms of wealth grow in importance. After decades of saving and careful spending, it can feel risky to loosen the reins. But this mindset comes at a cost.

In economics, the concept of opportunity cost reminds us that choosing one thing often means giving up another. By prioritizing money above all else, we risk overlooking opportunities to enrich our lives in non-material ways. For example, always opting for the cheapest solution might save money but cost us joy, comfort, or precious time—commodities we can’t replenish.

As I consider these trade-offs, I’m learning to ask: What’s more valuable—a little more financial security or a life rich in meaningful experiences? This shift in thinking feels liberating, even if it requires some recalibration.

Aligning Decisions with Core Values

This new perspective has inspired me to align my decisions more closely with what matters most: health, relationships, and purpose. In the past, my choices often revolved around financial outcomes, sometimes at the expense of these values. Now, I try to center my decisions on what brings the greatest overall benefit—not just what’s cheapest or easiest.

When faced with a decision, I ask myself: Does this align with my values? For instance, I might prioritize a scenic getaway over a luxury shopping spree or invest in preventive healthcare instead of postponing care to save money. These choices feel more in tune with the kind of life I want to lead.

Letting Go of Financial Guilt

Despite this clarity, I still feel guilty when I spend money on health or leisure. After years of financial caution, letting go of ingrained habits is hard. But I’ve come to see these expenditures not as indulgences but as investments in well-being.

Choosing time or health over financial savings isn’t irresponsible; it’s wise. These are commitments to a fuller, more balanced life—one that lets me enjoy the results of decades of effort. In the grand scheme, they’re small prices to pay for a life rich in peace and fulfillment.

Building a Legacy Beyond Financial Wealth

One of the greatest gifts of this new perspective is the freedom to redefine my legacy. When I think about what I want to leave behind, it’s not just about money. I want to be remembered for the relationships I nurtured, the experiences I embraced, and the health that allowed me to remain present for the people I love.

In the end, wealth isn’t just what’s in our bank accounts. It’s in the moments we create, the well-being we cultivate, and the time we spend meaningfully. Moving forward, I hope to keep building this kind of wealth—one that transcends numbers and leaves behind a legacy of love, laughter, and purpose.