A while back, during a long overdue, post-pandemic visit to Minnesota, my 13-year-old nephew Thomas asked me an important question, one I’ll never forget.
“Auntie Dawnie, are you rich?”
I smiled at his sincerity and replied, “What’s rich, Thomas?”
He tilted his head, thinking. “Well… do you have a lot of money?”
“What’s a lot of money?” I asked.
He didn’t hesitate. “Like… a million dollars.”
It was such an honest moment, and it gave me the perfect chance to share something I’ve come to believe deeply.
I told Thomas that the home we live in, where he’d visited us —on a Caribbean island off the coast of Cancún—was indeed worth more than a million dollars. But no, I didn’t have that kind of money sitting in a bank account.
Then I leaned in and said, “There are different meanings to the word rich, Thomas.”
I explained that we have loving friends, a close-knit family, a caring community, and the freedom to live a lifestyle that makes us feel fulfilled. We have enough—enough to do the things we choose to do, with the people we care about. And by that definition, I told him, “I’m a very rich woman.”
To me, the new definition of rich is simple: it’s being able to do what you want, when you want, with whom you want, for as long as you want. Now that’s a rich life.
That conversation has stayed with me—not just because it was sweet, but because it cuts to the heart of what so many of us get wrong about retirement.
We spend decades chasing numbers. We think financial security is the goal, and joy is the reward after that. But what if we flip that? What if joy, purpose, and freedom are part of the plan—not the prize?
I left a successful legal career because I wanted more than a life of “shoulds.” I wanted freedom. Passion. Meaning. So my husband and I moved to a tiny tropical island, where we lived for six years. There I started a podcast called Life in Paradise, and now I help others redefine what’s possible in their next chapter.
Yes, money matters—but it’s not the whole story. Our time, energy, and happiness are the real assets and currency.
So if you’re over 50 and starting to ask yourself, “What’s next?”—don’t just think about your finances. Think about your freedom. Because true wealth is about the life you get to live, not just the dollars in your bank account.
And just like I told Thomas… by that measure, I’m one of the richest women I know.
Follow my YouTube Channel, Midife in Paradise, for more stories and strategies to turn your golden years into your boldest years yet.
Dawn is also the author of Claim Your Dream Life: How to Retire in Paradise on a Shoestring Budget.
Great article. I was fortunate to work for state government and receive a pension in my retirement years. I own my own home and I have a rich retirement. But, as a journalist and blogger, I still work a lot, only on different things.
This really was food for thought. I agree about those priorities and definition…. but with a bit of a caveat. I know so many my age who are really struggling. To them, just being able to survive financially would be “rich”. It’s hard to deny financial security is important. What that is differs for each family.