In today’s world, value has taken on a new meaning. Here’s what you need know to capitalize on these changes.

Most of us work hard to accumulate riches and look for methods to add value at work, while others may discover novel ways to solve problems through their products or services.

However, the world is changing, and so is our perception of what is worthwhile. We must comprehend this new terrain in order to capitalize on these shifts and continue to build our legacies.

Historically, value has been defined by fiscal money, tangible assets (such as art, land, and property), and other components that contribute to net worth. However, in today’s world, the collective, modern mentality is redefining what the term “value” signifies.

The definition of value is changing

What people deem meaningful today is very different from what it was even 20 years ago. Today, the laptop or digital nomad lifestyle is trendy, and some of us are even investing in other opportunities, such as digital currency, to diversify our portfolios away from traditional financial assets such as equities and bonds.

On the other hand, millennials and Gen Zers are redefining the definition of what is valuable. Younger generations place a higher value on experiences than on products or things, and they use their resources to expand and enrich those life experiences.

For example, if you offer someone in their twenties $100,000 in cash or $100,000 in travel experiences, most of them will choose the travel option.

Therefore, it is vital to know what is considered valuable so you know where to put your time, energy, and resources.

What causes values to shift?

Since the dawn of time, value has evolved in the form of delivery. We used to exchange beads and rice, then fiat currency, and now block chain and digital currencies.

As technology accelerates human progress, the actual things we use to represent value are likely to change. This is because the way that we value our time, energy, and life experience is evolving beyond just survival.

Old systems of earning value, investing value, and collecting value are failing, resulting in a new definition of value. Instead of homes, cars and belongings, people are finding more value in freedom. Freedom of experience. Freedom of time. Freedom of expression.

Times have changed and things are different now

There is a significant distinction between materialism and lived experience. For prior generations, materialism was the equal of prosperity. Their net worth was linked to their possessions, which was consistent with their personal value system. However, today’s generations value living experience above all else. Travel is highly coveted because it allows you to enrich your life and delight your senses.

The key to assets being considered high-value today is, in part, tied to their ability to be easily mobilized to create more lived experiences, liquidate to convert, transfer or serve other immediate personal or business needs. Therefore, the more flexible and mobile your assets are, the higher their perceived value.

Questions you should ask about your assets

Some people are asking various questions regarding their valued hard assets as a result of the current state of the housing market, stock market, and other traditional investment opportunities.

Here are some questions to ask to choose the best asset for your diversification needs:

• Will I still want this in three years?
• Is this an asset that fits my current lifestyle or the lifestyle that I want?
• Is this asset something that is tradable for something else?
• How quickly can I divest this if I don’t want it anymore or need cash for a business or personal need?
• Does this asset expand my time freedom, or does it rob me of the time that I have that I want to invest in other experiences?
• Does this asset pull from other assets such as money, stocks, or other things?
• Does this asset continue to accumulate value on its own accord?

In Summary

What each person considers valuable is unique to them. So, before you buy or acquire an asset, consider what it will do for you, how it will retain its value, whether it will cash flow or give you more time or location freedom, how quickly you can liquidate for cash to meet any other business or personal needs, and what its value is in your life.