“Man …..sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present; the result being that he does not live in the present or the future; he lives as if he is never going to die, and then dies having never really lived.” Dalai Lama
What do people trade to make more money than they need?
The above Dalai Lama quote is strikingly insightful when you consider the large number of important things you see people compromise to make more money than they need (or ever could need) and how such compromises push them into unsustainable and draining life patterns, collectively and colloquially known as ‘the rat race’. This race can, at its worst:
diminish your daily quality of life as your values, passions, hobbies, independence of thought and integrity are put to the back of your mind due to other pressures;
regularly erode your free time and hence your capacity to nourish your relationships with friends, family, community and the natural environment or to explore new things;
cause you to neglect your sleep and physical activity, thereby increasing your stress and diminishing your energy.
bombard your thoughts and attention through invasive relationships with technology and work commitments.
diminish your opportunities for reflection, for getting in touch with your internal voice and for feeling ownership over your life, and/or
diminish your ability to make healthy choices and changes can leave you with an overbearing feeling of being dominated by external influences (employer, schools, organisations, society, family, etc) and less capable of making healthy choices or changes.
Money is really important...
Money is an essential foundation for surviving, thriving and contributing in the modern world. It is not asking too much to want to afford food to eat and a roof above your head and to be able to invest financially in your aspirations and in supporting those you love. At this level money is a very positive contributor to your well-being and your relationships.
It is also easy to rationalise that being deeply in debt or having no money has serious and immediate consequences. Without money in the modern world your life is likely to be severely limited. So understandably, as Adam Smith said:
“No complaint…is more common than that of a scarcity of money.”
…..and it’s so tangible, measurable and comparable
With relative ease you can value your assets and keep track of their growth. Consequently it’s easy to compare your financial success with those around you (siblings, neighbours, colleagues, others in the ‘Rich 200’ list, partners, etc), to compare you wealth with 12 months ago or to track a financial goal you have set to reach over time. Money can easily become your personal measuring stick or, in the extreme, core to your self-worth. This begs the question:
But how much is enough money?
This question is too rarely asked. It’s easy to assume that if you continue to earn more money your happiness and satisfaction will increase at a similar rate to your money.
Research shows that this is not the case. The relationship between your Financial Capital and your happiness is hazy at best, with increases moving in parallel up to the point where life’s necessities can be met (food, shelter, education, etc). Thereafter there is little definitive correlation between happiness and income.
The tangibility of financial assets and their perceived association with success and happiness can create an unwarranted willingness to compromise on other priorities – whether by active choice or on autopilot.
And what riches might you find yourself compromising?
Trading off other riches for money is an obvious and common example but there are lots of major trade-offs we make without money being involved.
Some of your other riches you might be trading off (and not necessarily for money) include:
time with those you love and those who inspire you
time for yourself, your passions and your hobbies
your sleep or your physical or mental health
your values and independence
your feeling of ownership of your own life
an intellectually, emotionally or professionally rewarding opportunity
your preferred place to live
your community engagement
Ask yourself:
Do I think deeply before making major trade-offs of my riches in life?
Which things mean most to me among those I am currently compromising? Did I make those compromises consciously or on autopilot?
Are some of these compromises costing me much more than I expected? Can I reverse some of them? Should I?
Covid-19 Addendum
The rat race has suddenly temporarily disappeared for most of us.
We are more than ever seeing the importance of having a financial buffer and regular income. We are in a time where there may be a much greater correlation than in recent years between happiness and income. For the foreseeable future we are in a new world and we are all out of our comfort zones.
Does the current situation give you an opportunity to reflect on things you have previously traded off? Does it even prompt you to reverse some of those trade-offs?
