Last month we established there are two types of economics – Financial and Behavioral. There are also 12 silos of wealth - one that deals with financial economics and 11 that deal with behavioral economics. Each of these silos of wealth is important in their own respect. We discussed the first four silos last month – Financial, Health, Family, and Moral Wealth. These describe who we are as people. Take some time to review them before we discuss the next four silos.
These four silos deal with how we interact with society.
5. Leadership Wealth
6. Mentorship Wealth
7. Empathy Wealth
8. Hospitality Wealth
5. Leadership Wealth: Will people follow you anywhere? One of the most interesting stories of leadership played out in the movie "Hacksaw Ridge." It is based on the true story of Desmond Doss and how he led 75 men in one of the bloodiest battles in Okinawa – without ever touching a gun. From day one in boot camp he made it clear he would not touch a gun. His compatriots ridiculed him and tried to drum him out of the service. He stuck to his principles that he would serve – not as a fighting soldier but as a medical soldier. His fellow soldiers admired his faith and bravery so much they would not launch their next attack until he could join them. People choose to follow you because you maintain your integrity even in the face of adversity. Simon Sinek said “Authorities have control. Leaders have legacies.”
6. Mentorship Wealth: I am 65 years old and in my lifetime, I have had many mentors who have contributed my own wealth silos. My best memory of mentoring goes back to high school. I was not good in math. In high school, I had a math teacher that would not accept that. He would say, "You are smart, we just have to convince you of it." He worked with me after school – not so much on my math skills, but on my confidence. Now my entire day revolves around math, so he must have done something right. I have been in this business for 42 years and I have learned a lot – now I must “pay it forward.” Be a teacher to someone coming up behind you. At Ohio State’s recent graduation ceremony, there was a young lady receiving her bachelor’s degree. She was a 4th generation OSU graduate. Her mother, grandmother, and great grandmother all earned their degrees at Ohio State. Mentors teach (and lead) by example. They pave the way for those coming up behind them and point out the potholes.
7. Empathy Wealth: This is understanding and being aware of other people’s feelings. Many people think they are good at this – but only empathize with people through their own filter. Where I see great empathy is in the volunteers that work at the homeless shelters. When I first started volunteering at our local homeless shelter I thought I could fix everyone’s problems. I can’t – not even close. What I can do is listen – most people just want to be heard. The more you listen, the more perspective you gain. This gives us insight into people’s feelings and thought processes. We have one mouth and two ears, so listen twice as much as you talk.
8. Hospitality Wealth: This is not only how welcoming you are to those who come to your home, but also your space. If there’s one person who’s taught me about hospitality it’s my wife. She will stop at nothing to have people gather at our house to just gather. When our children were growing up she was always there to make sure our children and their friends had a safe, fun place to meet. Even now that our children have left home I can still see her talent shine through at our Church Bible Studies, neighborhood parties, our class reunion (we graduated from high school together), weddings and baby showers, and even casual family gatherings.
Each of these wealth silos can help determine your value in society. Next month we will discuss the last four silos. They define your passion, or your "unique ability." Subscribe to our newsletter below to get updates on the 12 Silos of Wealth series.
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