Goals are about the
management, protection, and ultimate use of wealth.
There is a strong propensity to associate wealth or standard of living with quality of life.
Wealth is normally defined as assets owned less any outstanding debts. Standard of living
is measured in terms of annual income. For some people, wealth or standard of living may
be the correct measure of their quality of life. For many, that is not the case. First, many
people give away substantial amounts of wealth during their lifetimes (places of worship,
charities, non-profit organisations such as alma maters). People give gifts because they derive
pleasure from it or because they have a sense of obligation. Second, many people hold jobs
noted for low pay (religious professions such as priests) and earn low pay compared with
what their level of educational training could earn them in other professions. A lot of people
pass up lucrative corporate incomes in order to be self-employed. Some people seek jobs
with no pay. Full-time, stay-at-home parents are examples of people who accept unpaid jobs
based on the benefits they perceive from managing the household. Obviously, many people
regularly make choices that are not wealth- or income-maximising, and these choices are
perfectly rational and important to their lives.
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