51 pages • 1-hour read
The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life
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Part 4Chapter Summaries & Analyses
Part 4: “Mental Wealth”
Part 4, Chapter 17 Summary: “The Big Question: What Would Your Ten-Year-Old Self Say to You Today?”
One of Bloom’s role models is Hank Behar, a man whose wish for his 90th birthday was to visit Harvard and attend classes for a day. Bloom loves Behar’s interest in life and unfailing curiosity. The author points to research showing that curiosity is a vital aspect of mental health, even calling it “the real Fountain of Youth” (206). Bloom argues that curiosity also helps people to reach their goals, such as professional success, meeting a partner, and having fulfilling hobbies.
Studies show that curiosity tends to diminish with age as people become entrenched in routines that make them feel safe. Bloom encourages people to reconnect with their 10-year-old selves in order to reignite their own curiosity. By becoming more curious about the world and their own experiences, people can build “mental wealth,” just as Hank Behar did.
Part 4, Chapter 18 Summary: “A Tale as Old as Time”
Bloom calls the search for purpose “a tale as old as time” (213). The author explores how different cultures have interpreted people’s need for purpose and their contribution to society. Hindu teachings emphasize being true to one’s dharma, or sacred duty, and not trying to compete with others’ dharmas. Meanwhile, the ancient Greeks had the concept of arete—of fulfilling one’s potential—while Buddhists follow the Noble Eightfold Path to achieving enlightenment. In Okinawa, Japan, people consider their purpose to be their “ikigai”: a vital profession that someone loves, excels at, and earns them money.
The author encourages people to resist the pressure of subordinating themselves to social norms and thereby losing their distinctive purpose and perspective. He argues that only by maintaining and living out one’s own unique purpose can a person live a life of mental wealth.
Part 4, Chapter 19 Summary: “The Three Pillars of Mental Wealth”
The author identifies three pillars of mental wealth: purpose, growth, and space. He cites Dan Buettner’s work on centenarians around the world, focusing on Buettner’s discovery that most centenarians had a clear life purpose. Bloom feels that the possession of a purpose adds to people’s mental wealth, connecting them to others and making them consider how their actions impact the world. This mindset in turn makes their lives longer and more fulfilling. Gerontologist Robert Butler found that elders with a clear sense of purpose lived about seven years longer than those who did not, and enjoyed life more. Many people find their life’s purpose outside of their work in pursuits like parenting, activism, charity, or passion projects.
The second pillar of mental wealth is growth. Bloom argues that everyone should be a lifelong learner, pushing themselves to grow and learn new things in order to keep life interesting and maintain a mindset of adaptability. Dr. Carol Dewck’s research shows that people with “growth mindsets” are more likely to be successful than those with more negative “fixed mindsets”; this finding means that the willingness to grow and learn boosts people’s mental health, productivity, and happiness.
The next mental wealth pillar is “space,” which Bloom defines as breaks from work and obligations in order to let one’s thoughts flow freely. This aspect of mental wealth could include taking walks, journaling, meditating, or exercising. According to Bloom, taking space for oneself is something that successful people often do in order to recharge or access creative ideas.
Part 4, Chapter 20 Summary: “The Mental Wealth Guide: Systems for Success”
Bloom summarizes his 10 systems for maximizing his mental wealth. He begins with a list of tips that encourage positive habit formation, and he recommends transforming personal pain into creative works. Next, he suggests that people use the Japanese concept of ikigai to find their purpose by considering what they love and are good at doing, as well as what the world needs. Bloom illustrates his “pursuit map” tool, which shows four quadrants; in this model, energy-creating and energy-draining as are portrayed as one set of opposites, while low-competency and high competency figure as a second set of opposites. By placing their personal and professional pursuits into the map, people will have a clearer sense of the pursuits that they would like to develop.
Bloom introduces the Feynman Technique: Richard Feynman’s approach to learning new things. In this model, people are directed to consolidate their understanding by trying to explain concepts to someone else in simple terms. Bloom also supports the learning technique of repeating new information regularly over the course of several days. This repeated exposure helps to lock the information into a person’s long-term memory.
To think differently, Bloom recommends following the Socratic method: beginning with open-ended questions, exploring ideas related to them, and then questioning these ideas. This time-consuming approach is best used for consequential decisions. Following Bill Gates’s example, Bloom also suggests having a “think day” and taking advantage of solitude to consider big ideas and plans. Another powerful thinking tool is walking; research has shown that walking boosts creative thinking and intellectual performance.
Bloom argues that creating a clear boundary between work life and personal life is also essential for maintaining mental wealth. By intentionally making final to-do lists and powering down tech at the end of the day, people can set aside their work and fully engage with their personal lives. Journaling can also be helpful, and Bloom suggests recording one win, one point of anxiety, and one point of gratitude in each entry.
Part 4, Chapter 21 Summary: “Summary: Mental Wealth”
The author concludes his section on mental wealth by listing five statements for people to evaluate. This list results in a score out of 20. Bloom also encourages people to make explicit goals and anti-goals for mental wealth, and to consider how their daily habits can impact this aspect of their lives.
Part 4 Analysis
In his examination of mental wealth, the author frames social conditioning as a major barrier to discovering one’s own unique purpose in life. By discussing how to find and fulfill one’s life purpose, the author adds depth to the book’s overarching focus on Overcoming Biases and Social Conditioning. To this end, Bloom argues that when people model their lives on the priorities of others, they might lose touch with their own distinct talents and interests. He argues that such a harmful dynamic ultimately robs the world of the contributions that people could otherwise be making. To invoke a strong sense of historical and philosophical support for this argument, Bloom cites a tale from the ancient Hindu text called the Bhagavad Gita, describing how god Krishna once encouraged the warrior Arjuna to focus on his own dharma, or sacred duty. Bloom follows Krishna’s example and advises each person to follow their own dharma, even if this sacred duty is different from what they are socially pressured to pursue. He writes, “Remember the lesson from the Bhagavad Gita: ‘One’s own dharma performed imperfectly is better than another’s dharma well performed.’ Your purpose doesn’t have to be grand or important to anyone else—it must simply be yours” (220). By recasting ancient wisdom in a modern context, Bloom draws upon universal human “lessons” to enforce the logic of his own arguments. He also implicitly observes that although modern society tends to equate people’s careers with their life purpose, many people feel that their most meaningful contributions are not related to their profession at all, and he places much greater emphasis upon pursuits such as artistic endeavors to parenthood or activism.
The author’s suggestions on how to maximize creativity, intellect, and peace of mind collectively add to his focus on Living a Balanced Life. For instance, he recommends making space in life for activities that foster mental growth. He asserts that “space is personal and can take many forms” such as “free-flow journaling in the evening before bed” or a “fifteen minute technology-free walk in the morning” (226). By pointing to the fact that such rituals support successful people in their intellectual and creative pursuits, Bloom advises that everyone adopt similar practices. For instance, he cites the example of Bill Gates, who famously has a “think week” and takes a week away from work solely to reflect and consider new ideas. Bloom recommends emulating this approach by having an annual “think day” of intentional seclusion and reflection. He argues, “By doing this, you create the free time to zoom out, open your mind, and think creatively about the bigger picture” (248). Bloom’s approach suggests that without activities that support mental health and work-life balance, people will not fulfill their potential in different areas of life.
This approach also connects with his argument that people should develop healthy habits that explicitly separate their work obligations from other aspects of their lives. By describing his own daily “power-down” ritual, Bloom once again stresses The Link Between Habits and Goal Achievement. This daily “power-down” habit is a way of formally completing the workday. By making a to-do list for the next day and turning off work electronics, Bloom ensures that his personal time is undisturbed by work notifications. He explains, “The ritual creates a clear set of boundaries that separate professional and personal activities. We become more present on each side of the boundary” (252). Bloom’s daily habit helps him to maintain both his professional and personal long-term goals by ensuring that he engages fully in both parts of his life while preventing one focus from diminishing the other.
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