Richard Branson: Money isn’t the best way to measure success

This is a snippet from the weekly CNBC Make It Work newsletter, written by Ashton Jackson.

Growing up, I often equated money to success and happiness.

As someone from a low-income background, money seemed like the only thing standing in the way of me living like the celebrities I saw on my TV screen. But according to billionaire Richard Branson, that’s a flawed viewpoint.

Nobody should view their net worth as an ultimate measure of success, and it’s “very sad” when making money is the sole focus of a person’s life, says Branson, who co-founded Virgin Group in 1970.

“Maybe in America, ‘billionaire’ is a sign of success, but that rankles me … I think that your reputation is what you create,” he says. “Paying the bills at the end of the year is important, but what entrepreneurs are doing all over the world today — and the only reason they’re succeeding — is that they’re making a difference in other people’s lives. And that’s all that really matters.”

In other words, don’t let cash be your primary motivation. Instead, seek out opportunities that you find exciting and fulfilling. Passion alone won’t guarantee success — you still need skills and perseverance, and often some luck, to help you on your career journey — but it can help you be happier longer.

“We only have one life,” says Branson. “We spend a lot of time at work and it’d be sad if we’re only doing it for our paychecks.”

If middle school-aged me heard this advice, it’d probably fall on deaf ears. “Easy for him to say — he’s already rich,” I’d likely tell myself. But today, as a 24-year-old who still isn’t rich but living out my dreams, I fully agree with Branson.

Pursuing opportunities that interest me and help other people brings me happiness, confidence and fulfillment. I rarely compare myself and my circumstances to others, and I feel more accomplished because of it.?

For details on Branson's top advice for becoming successful, check out the full story.

Want to make extra money outside of your day job, but not sure where to start?

CNBC Make It has launched a new digital course, which will teach you how to earn passive income online. In this course, you'll learn about common passive income streams, tips to get started and real-life success stories.

To help you make it in your business, we're offering a special discount to CNBC Make It readers. Sign up now and use the code CNBC40 to save 40% with a limited-time offer: https://cnb.cx/3IqKb11

More from CNBC: