Why making money should never be your end goal

Money is important. Really important. Right? 

Most entrepreneurs know at least one person who has had too little focus on actually making money for their company, and for that same reason, the company no longer exists. We also know people who spend more than they've got, and who get caught in a vicious circle. We also know people who are rich and who should be happy, but who aren't! So, what is the purpose of money?

Growth and capital - we know. It is the basis of any company. No money – shut it down!

As a single parent, entrepreneur and boss - a stable turnover and growth are central areas of focus for me. I have actually seen friends go bankrupt and their homes being foreclosed. My own parents went bankrupt twice. Therefore, I am good at controlling my own personal finances as well as those of a company.

The accounts and the finances must be in order. But I value the freedom of my soul more than I value money. Nobody can buy me and own me. I am not for sale. That is how I feel (and that makes it virtually impossible to hire me – I can't be put in a cage (not even a golden one).

Money as the end goal?

The other day, I was talking to a CEO whose purpose in life (so he told me) was to earn as much as possible…He was obsessed with money:

• Lots of money
• More money
• Increasing and growing wealth

- was proof, in his own eyes, that he was somebody, that he was important and relevant - that he was important and relevant...

On my way home, I thought about my own goals in life.

Psychologists and economists have done some research into how much money it takes to trigger satisfaction and personal happiness [1]. And yes, money does make us happy. But we just don't get happier by having a lot of money.

Enough is enough - but what is enough? What is enough for you? 

Money has a positive effect on your happiness. Especially when you're moving up from poverty to middle class.

I've been there! But scientists say that you don't get happier if you're moving from middle class to upper class – actually the increase in your joy of life will be significantly smaller. Frankly, it doesn't pay off to be stinky rich.

At least, it isn't the money that makes us happy, as the scientists point out. This means that money as a goal in itself does not make us happy.

I know people who has taken on a job/said yes to an order, only because of the salary/the prospect of an invoice. And they have ignored all warnings that in any way suggested, that it might be a bad idea to take on the job/work with the client (for many reasons). They have sold themselves – and it has made them unhappy.

I've even done it!

There is a term, which I use when talking about my work. If (which I try to avoid) I say Yes to a job, I don't really want, where I don't really like the client, or if it doesn't inspire me - every time I do something just for the money, I brand myself ”for sale”. It is an ugly expression, I know, but I use it to remind me that that is exactly what I am, when I only think about the money. And I must try to avoid that.

I have cleaned up my work life to the extent that I mostly do things that I like to do – it wasn't like that just 5 years ago. I wasn't as clear cut about things back then as I am today. And I allowed myself to get carried away by things that other people thought were fun, cool, status etc. Today, I've got my own agenda.

When I do something ONLY because of the money, so that I don't listen to all the other things that are important to me in order to have a balanced and inspiring work life, I feel it like some sort of soul rape, when I do something, I do not feel like doing. The discomfort even spreads to my body.

Some people can do things just because of the money involved. 

I know that if I do things like that, I pay too high a price. Unfortunately, this also means, that I am extremely picky about what I spend my time on doing, who I meet with, which boards I sit on, etc. 

What is life about? 

When Brian (my husband for 22 years) and I talk about what we want to do in life, we are not necessarily talking about a sort of life, where we have to own things. We can leave our apartment in just 10 minutes, we have no special attachment to our physical possessions. Instead, we would do a lot more travelling in order to see the world. And if I can just continue spending more time on inspiring people who needs it, then we'll be happy.

It isn't interesting in itself to live in a big house or to own a lot of things. I just can't sell my soul. My soul is already spoken for. Every time I make a choice, which is necessary because I have to pay my bills, I have given that particular decision a name in order to remind me, that it may be something that I do, but it is not the path that I should follow. It is not a part of my values or my drive to do something just because of the money.

Are you inspired? I'm not saying that life can be lived without money - but how much money do you want to go after? When will you be happy? Have you set an amount/goal in your mind, or are you just running mindlessly after every penny? How much is your freedom worth? How much do you value your peace of mind? what brings you peace of mind - if it is money - then put down the amount you'd like to make each year here; ______

(and how do you feel, seeing the amount?)  

So, when you think about your life and your career, you might well think about the following:

1. Base your career on more than just money: Do what you're good at – something you're passionate about and for which there is a demand in your market. Think clients, contracts and cash (in other words, learn how to succeed at business) – learn yourself the basics of marketing, branding, customer service and production/manufacturing.

2. Understand your financial situation; how much money will you need to earn - when will it be enough? Are you chasing a career, or are you "just" going for a lifestyle career (so that you make enough money to be able to finance your lifestyle such as a hobby, but you won't get rich from it?). Everybody has a NUMBER inside their head. The number is almost like a lid. Some people's mental lid is 40,000 DKR a month, while for other's it's 40M DKR a month. We all have a number which we would be happy and even satisfied from earning.

3. Save. Make sure can never know if 5 months or even 2 years of savings are enough to secure you. But it gives a sort of mental freedom to know that you won't have to sell your house and leave everything the month after you've lost a job.

The best thing is, however, to leave the ordinary job market altogether – i.e. to understand that you work on your own premises, when and with who you choose to work with. Few people have the fantasy to imagine how the job market will evolve over the next 10 years. But it is a sure fact that if will affect the way that YOU work and make your money.

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