John Erik M
Entrepreneur, Millennial - Passionate about eliminating inequality with empathy and technology
How much has money contributed to your happiness?
I'm curious because, as a soon-to-be college graduate turning full time entrepreneur, I feel like I have several options. Do I go for the money now so I can follow my passions later. Do I follow passion now and hope that money follows. Is money even going to make me happy...
I've heard two things: "Money does not make happiness" and "Money is not happiness, but money is freedom and freedom is happiness." ??
Thanks everyone!
Good Answers (1)
Klaudia A. C
Vice President - Investments, Financial Advisor
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John,
Having been in your place when I finished school, my choice was simple - go for what I loved. The money eventually followed, and I must admit, having it all is the way to go - but it takes time if the passion is something where the financial reward is not there to begin with. I realize this is a bit old-fashioned, but I must also admit, I've never appreciated money and success the way I do now, mainly because it did come through the proverbial blood, sweat and tears.
For me now, in my mid 30s, I feel so lucky to be in a position where I CAN and DO make a difference in the community, in the world, by my financial and volunteering contributions. Could I do the same without money - to a point perhaps, but no, not really. The other beautiful thing that comes with money is indeed the gift of time - time to give back, time to mentor, time to reach higher up the needs pyramid.
In short - only YOU can determine which will give you fulfillment and joy ;-)
Best to you!
Warmly,
Klaudia-
More Answers (20)
Money has contributed more to my happiness then i'd like to admit. But that's not what counts:
Chasing my passions and ambitions has made me far more happier then money would ever have made me. The good thing is: While going for your passions, you will make some money in the process.
Say, you make $1000 doing the thing you love most.
Or you make $2000 for something highly proffitable, but without any real joy... Which money will make you happier?
I say: always go for your passion. Doing something you likje is real freedom.
Good luck with your decision and happy holidays! :)
Money and happiness do go slightly hand-in-hand, but not as most people suspect.
There was a very interesting study that showed that as the level of income went up, happiness went down. And that is certainly true for some people that I've worked for over the years. This is primarily due to the pursuit of money to have things that people think will make them happy like a big house or fancy car. If you want to learn more about the underlying drivers then look for the work of Thorstein Veblen from 1902.
I'm including a link to a free copy of my book "The Pursuit of Happiness and Wealth" for everyone to download as well. The book speaks a lot about the underlying issues that drive money and happiness. It also has some case studies to show these issues in actual client lives.
In a simple summary here is what I have found over the years of working with people in the pursuit of money and happiness.
1. Those that are the happiest can be happy at almost any level of income. Happiness is an internal trait that has to do more with gratitude and appreciation than most other things.
2. Money is nothing more than a tool. Money does not equal happiness. Money can temporarily mask pain but does not create a lasting change by itself.
3. The ultimate utilization of money is that money buys you time and time allows you to follow your passion. Money is gained either through the hard pursuit of the currency by hard work and sacrifice or through debt, which is nothing more than future labor pledged for repayment.
4. The best way to pursue happiness through business is to follow your passion, make your passion your business and then work is not the pursuit of money, but the pursuit of happiness every single day.
5. Only from my personal experience, my life has always been the best when I do what is right, pursue my happiness and have gratitude for what results. I might not be as rich as many people but I'm richer than most in the world. Happiness has been very, very good to me.
Be brave, go for happiness. Live for today but plan for tomorrow. You never know when this ride will be over.
Steve
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Ali A
MBA Yr 3 (of 3) & 2009 CFA Level II candidate
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John,
Let me repeat a very wonderful analogy about money.
Money is like the water and life is like a boat. You need water for the boat to go on. However, you should never let this water enter the boat, or it will drown you.
So view money as a necessity. Have little regard for it. Be sure that at any one time you only need enough money to feed you for the day - cos you never know whether you will survive the next.
Having said that, having millions is not bad - it depends on how you use them. Do you use money conspicuously just to show off? Or do you give a part of that to the those in need?
Just do not let the water enter the boat - thats it.
-Ali (never denied a request to connect)
Using money to contribute to solving problems such as world hunger makes me incredibly happy. We all need to help make poverty history...
Links:
Money and Happiness:
Two thoughts.
Money does not buy happiness, but allows to be miserable in comfort!
Money does not buy happiness, unhappiness is free!
Let's look at the real question here: is it better to follow a passion now or make money and follow it later? I think the answer is definitely to follow your passion today. Otherwise, before you know, life will intervene and you will have to work your life away. Very few people have the opportunity to pursue their dreams, and the likelihood of having the time or inclination to do so decreases as you age. Look at people who were successful at doing what they love and you will see that most of them started young and didn't quit. Hope this helps.
Joseph G
Owner/Sr. IT Consultant- EvolutionaryIT.com Systems, Networks, Security, Dental Systems, Project Manager, BC/DR
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Thankfully there has been some scientific inquiry into this subject to clear the nebulous air of conjecture.
Follow your bliss and passion as it will bring you to a place where you will be fundamentally happy. I am sure it will intersect with material wealth as well. Material wealth certainly helps but there is a marginal utility to money that cannot be denied. As an entrepreneur myself I think its a balance between passion for my work, my life and the people who are important to me.
Have an amazing holidays,
Joseph
Links:
there is a saying in the Bible that says "Where your treasure is, there your heart will be also." Most Christians read that in a way to condemn themselves when they spend their money on "foolish" things.
I personally take it to mean that your heart will lead you to treasure - monetarily, relationally, and spiritually. Always do what your heart leads you to do, because that is what you were created to be here for and the reason you're on this planet. All the rest will fall into place because you will be alive, ambitious, and excited, and therefore have the means to gain income from your emotional core, even when its difficult. This really is the epitome of the difference between joy and happiness. Happiness is a huge income and living the life of luxury. Joy is being rooted and secure in yourself, whether you are living at the pinnacle of luxury or on the hard, cold, windy mountain toward that height.
Best of luck to you!
Walt S
Sr. Systems Engineer and Designer
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Money doesn't buy happiness, but some say it beats whatever comes second.
I've found that there are two competing goals: time and money. Whenever you've got enough of one, you usually don't have enough of the other. So the trick is to find balance.
This balance may be more driven by personality type than anything else.
I know of one person who came into a lump sum of cash and decided to spend it going on trips and world experiences. This may seem foolish, but his reasoning was sound: he wanted to experience all these things while he was young and able to do them in good health. He could take more risks. Yes, he realized he'd have to work until the day he died, but he'd always have those memories. It was a well-planned live for the moment kind of decision, rather than wasteful frivolousness.
My personal take is that it's always better to save, no... no save... invest (there's a difference), for the future. That future will catch up with you sooner than you think. And, by investing early, you'll have the funds to be able to do all the things you want while young -and- cover the unexpected later on.
Build your money slowly and steadily, build your passions likewise.
Often, happiness is being able to do something, not having done it.
Considering that I'm an extreme idealist and someone who isn't quite as far along his career track as you are (considering I'm still in school), I've always found that it's very possible to make money doing something that you are passionate about. In the truest sense, doing something that you love or enjoy will make you happy, and through that, you will perform in that job you choose.
The life that I've always wanted to live involves me not having to worry about money. For me, money is more of a burden than a blessing, as it is one more thing to worry about. I believe it is possible for anyone to make a decent living while pursing something they enjoy. But, this is me. If I remember correctly, your standards are probably a little higher than mine, as your tastes would overwhelm me. This also begs to ask what you mean by "go for the money". Is this big money? Money to live comfortably? Money for a Lexus? Money for a Hyundai?
Maybe I'm just lucky, but I've always had the luxury of making money while doing something I enjoy. This has built my confidence in pursuing my passions and dreams and not even thinking about how much money I'll make. I plan on graduating in '08 and then heading into graduate school (which is clearly not an immediate money-making process) because it's necessary for me to do what I want to do for a career. On a related note, there are people who have asked a similar question when considering graduate school - some wanted to go to work for a year or two and go to graduate school (non-MBA) later to follow their passion. The consensus on this is that it doesn't happen; people go to work and never come back. Relating this to your case, if you find a job that pays and think that you be able to pursue what you want later, you might be out of luck. But, you can always save enough to do what you want when you're 50 or retired!
But, there is a way to do both, where you find a job related to your passion, but not exactly your passion...or use your job (if it doesn't take much time) to fund your passion. My brother graduated from UT and was very much into software development and algorithms. He loved solving problems and wanted to get into the theory and algorithm design, etc..stuff that usually requires graduate work to do. He talked this over with a few people and ended up chasing the money by working at Microsoft, making quite a lot of money. But, he started off as a tester (not his prime choice). A few years passed and now he's a dev, but his job doesn't quite tickle his passions. He tried interviewing for other positions where he could do what he wanted, but they are looking for masters and Ph.D.s. He's making too much to drop it all to go back to school, so he's kinda stuck. But, he has a ton of great ideas and startups that he is working on that are getting more and more popular. In his current situation, Microsoft pays the bills to let him pursue what he really wants to do, but he can only do this because his real job is too easy for him.
Sanjeev H
HR Professional, Researcher, Motivator, Thinker, Career Coach and Human Relations Counsellor
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Well, money has helped me to buy few comforts. Those comforts has facilitated people around me in many ways. Those things has brought smile on the face of those people. Which in turn has made me happy. So, money has contributed around 80% in my happiness.
Thanks for asking this.
Ajay M
Founder and CEO
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When and if making money was a by product of a passion.. Then.. the answer is obvious.
Cheers
ajay mishra
http://blog.nomolisa.com
www.nomolisa.com
James M. K
Registered Professional Architect at James Koenig Architecture LLC
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John,
Money can't buy happiness but you sure can rent it.
Jamie
John, follow your passion and make money doing what you love or at least figure out how to do it. Now is the time for you to take the risk. Pour your energy into your passion, make meaning and the money will follow. You might follow Guy Kawaski - http://blog.guykawasaki.com/ - as he has a few books you might read. If I can help further let me know...always for supplying advice and lending some listening ears. BTW, I am looking for a dedicated designer and developer that can help me with my projects in case your interested to learn more give me a call 210.259.3242.
Cheers,
Jason
Links:
Peter N
Wealth Creation Innovator (omnidigitalbrain@yahoo.com)
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My happiness has contributed greatly to my wealth, and I think that's because "money follow those who follow their bliss."
I would not advise young people to "go for the money" because even when a person does not know what his "bliss" is, he can use the time to explore and acquire life experiences SO THAT he can eventually find out what he really loves to do.
Many people make the mistake of "going for the money" and then end up stuck in a job for years and years (due to their being "locked in" by debts such as a house or car or the fear of losing job security).
Good luck!
Peter Nguyen
Editor in Chief
CareerKnowledge.net
Gary C
Innovation | Leadership | Emerging Markets
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Zero. I went hrough the bigger, better, faster stage and then one-day decided it was BS.
I am actually happier with less of it because helps me focus on what matters and that is time and how you use it. Money I can recover, but time never.
This is not to say I strive for poverty. I still require a cash flow - but to associate it with happiness... I have no need of that hypothesis.
Madhu S
Associate Clinical Social Worker in Private Practice
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Paradoxically, money always brought misery in its wake...at leasts for me.
Personally, I consider capitalism like a video game. There are a set of rules you must play the game by, there are weaknesses in the system you can exploit, and you generally have to practice to beat the difficult parts.
For me money doesn't necessarily equate to happiness, but (like collecting wood, gold, and ore in an RTS) it's a resources I must have to sustain and grow my venture. If I have an abundance of resources to grow my venture, I coincidentally, find myself happy. :)
You should always follow your dreams. That will make you happy. It won't necessarily make you money though. And you usually need money to follow your dreams. This conundrum is the game we're all playing. But, as long as you have enough money to feed yourself, your family, and your business, you can keep playing the game. If you run out of cash you'll be forced to find a new racket.
The long and short of my advice is you *must* have cash flow. How you obtain it is part of the game. One other piece of advice, there's never a "good-time" to set out on your own venture. It will always be risky, it will always be hard, and there will always be nay-sayers in your life. You just have to do it.
★ Maria M
Strategic Business Advisor helping high-achieving business women to expand their business while working smarter.
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I went for the money and totally enjoyed it. I had no idea that I'd like what I was doing as much as I did.
Having said that, why not go for both?
George A
Principal Consultant at Anderson & Anderson Organizational Anger Management
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John,
While I have achieved financial success, money has never been a driving force in my work or life. My wife and become millionares without really trying.
Now that I have money, I can say that it has provided me with considerable freedom to do whatever I want without worrying about the cost.
At this point in my life, I am doing what I can to make certain that our children and theirs will be able to enjoy what we have achieved.
In perhaps a suprise for many, money blurs the distinction between groups. I don't think of myself as African-American first, instead, I think of myself as wealthy, free, independent and successful.
George Anderson, MSW, BCD, CAMF
anders3101@aol.com
