What is your Money to Memories Ratio?

Recent events have caused me to evaluate how I spend my time, specifically the tradeoff between time spent pursuing my professional passions versus creating new memories with loved ones. 

Life is precious and the amount of time we have on this earth is finite. How we choose to spend our precious hours is a decision we each need to make for ourselves. For some, resounding financial success excites and invigorates us and we’ll work tirelessly towards the pursuit of wealth accumulation. For others, money is less meaningful and is perhaps a means to an end - putting food on the table, paying for school or making sure our children are cared and provided for. 

Regardless of where you land on this spectrum, we’re constantly trading off time spent working and creating memories with loved ones. 

I call this the Money to Memories ratio. How much money is one forgone memory worth? 

I look at my father, one of the people I admire most in this world, as a prime example. You see, he grew up with very little and starting at age 14, he worked tirelessly towards his goal of owning his own automotive business. Nearly 60 years later, he sold his business and helped his employees (who he treated as extended members of his family) transition into great roles at the acquiring company. And yet despite achieving an outcome for himself that allows him to now live comfortably, he continues to work endlessly towards new business goals. 

With a wonderful wife, a great network of friends, two kids who adore him and two grandchildren who hope to make many memories with him, he continues to invest a substantial share of his time in his business pursuits. He does so out of a desire to continue providing for his family, friends and community. I wish I could reason with him and make him realize that his loved ones care far more about making memories with him than they do being a little more financially comfortable. 

Many of us can relate. 

My personal struggle has always been my profound enjoyment of building a big business with the propensity to drive lasting and meaningful change in the world. I love my work so much that I’ve realized that my personal satisfaction is enmeshed with the successes of my business pursuits. That’s not always healthy and I’ve seen how long hours at the office means fewer memories with my wife, our daughter and our infant son. 

The acorn doesn’t fall far from the tree and I see much of my father in myself. And yet, with fewer years under my belt, I’m willing to sacrifice a few memories in the pursuit of business success that will ultimately benefit my family. In effect, my Money to Memories ratio is lower. 

His should be higher. He’s “already made it” - thus, he should require substantially higher earnings in order to justify a lost memory with his granddaughter. 

Ultimately, how we choose to spend our time throughout our careers will differ and ebb and flow over time.  But the key is at least recognizing the tradeoff and taking stock of how we’re spending our limited and precious time on this earth. And for better or for worse, while I continue to invest the lion’s share of my time in the pursuit of my professional aspirations, I’m finally doing so cognizant of the tradeoff and with a plan in place to one day flip the switch and be a more present husband, father and friend.  

Have you ever asked yourself what your Money to Memories ratio is?