Caring Enough About Money
In my keynote talk, I spend a healthy amount of time discussing the science of money and happiness. In short, once our needs are met, money won't make us much happier. I go down several roads to make this argument, concluding that more money isn't the answer.
There's a dilemma here, though. If more money, more stuff, and more status can't make us happier, should we disregard money altogether? There's an entire segment of our population who falls into this camp. These people simply don't care about money. It manifests differently in each person, but some common characteristics may include:
Burning through your bank account via spending and perpetually having little-to-no money.
Living an extremely frugal and/or minimalist lifestyle.
Periodically giving away all of their resources.
Inconsistent work patterns.
However, I want to focus on a different characteristic. It's the act of undercharging or being willfully underpaid for your work. This practice usually comes at the intersection of not caring about money and absolutely loving their work. You probably know someone in your life who fits this profile. They are incredibly passionate about their work, but don't have much in terms of resources. Our immediate response to these types of people is to think, "They are following their passion, so of course they don't make much money."
I've done lots of business with these types of people. They are amazing people doing amazing work, but grossly undercharging. In fact, I used to be one of them! When I started my company in 2019, I charged about 1/4 of what I currently charge for my coaching services. This was a combination of not caring about money, loving my work so much, and perhaps a lack of confidence in some regard.
As I was digging more into the science of money and happiness, coaching families and businesses, and trying to navigate my own business journey, I had an epiphany. I still held firm that money isn't all that important, but with one caveat. While we shouldn't dwell on the money, we need to care enough about money to continue our journey.
Put another way, we need to financially earn the right to serve those who we wish to serve. When we do, we get to serve them again next time. If we don't, we may lose the right. This is one of the biggest pitfalls people can fall into. If they care too little about money, they may face financial pressures that will prevent them from living out their mission.
I've seen too many brilliant people get knocked out of the game because they disregarded their finances. There's a bit of sad irony in there. They cared so little about money that they found themselves in a place where they dwelled on the money (out of the need to survive).
No, don't obsess about money. But spend some time getting it right. Earn your right to keep serving those who you wish to serve. You deserve it, and the world deserves you!