Standard of Living

According to most economists, the standard of living of a particular region can be quantified by measuring certain key factors: income, availability of employment, healthcare, and education, poverty rates, affordability of housing, safety, environmental quality, cost of goods and services, etc.

My definition of a high standard of living differs from those of economists. Factors which I consider important in measuring the quality of my life include: living in a conflict-free environment, being able to take care of the needs of my family without outside help, having the time and energy to—cook healthy meals, clean my own home, exercise, sleep six hours every night, and spend time with loved ones. In my opinion, wealth is measured by your ability to remain content while living within your means. For example, a person who makes over a million dollars a year, but still goes into debt so as to keep up with his other millionaire neighbors, is less wealthy than a person who makes far less, but is content to live debt-free within his limited income.

If you happen to have the ability, opportunity, and inclination to take care of your physical, mental, and spiritual needs, as well as those of your loved ones, then you are experiencing the highest standard of living. Some of us are blessed with ability, but not with opportunity or inclination. Others might have opportunity, but not the ability or inclination. Some of us are able to take care of our physical needs, but not our mental or spiritual needs. Others may be able to take care of themselves, but are unable to take care of their loved ones. Seldom is one individual blessed with all of the above.