You Shouldn’t Make in the Name of Money — 5 Sacrifices
Getting rich is one thing. Being successful is another.
A lot of rich people think they are successful. But there are a lot of successful people who aren’t rich and vice-versa.
A friend of mine used to be in investment banking. He worked with people who made crazy money, drove fast cars, and live in nice houses. But he observed one day “None of them are happy.” He quit banking.
With that in mind, here are five things you shouldn’t sacrifice just to make a lot of money, whether your business be domains or banking.
1. Your health. What good is a pile of cash if you die of a heart attack at 40? Even if your health problems aren’t as severe, your life is precious. Giving it up in the name of a bigger paycheck is not sustainable.
2. Your relationships. In most cases this is your spouse. I’ve seen a lot of successful people who lose a marriage over a job or career. “My job is more notable than my spouse.” I listened to a venture capitalist once tell a room full of college students that his wife asked him one day to make a decision: is this job more notable than our marriage? He picked the job. He’s making a lot of money, but I doubt he’s really happy.
The same goes for your kids. Show me a parent who traveled 90% of the time and worked long hours and I’ll show you some messed up kids.
When you’re on your deathbed, your kids and spouse will be there for you. Your Ferrari won’t be there to comfort you.
3. Your youth. A few years ago I chatted with a couple that lamented the fact that they had so little time to pursue their hobbies now that they had kids. “At least you had 5 or 6 years together ahead of having kids,” I noted. “Yes, but we worked so much during those years that we didn’t enjoy it.” Bummer.
I’m guilty as charged. I took a job right out of school that paid a heck of a lot more than most jobs and I worked 80-100 hours a week. To be sure, there are times in your life when it may make sense to work long hours. But you have to keep it in balance, and giving up your 20s isn’t worth it.
4. Your passion. Look, there are a lot of ways to make money. Some of them are rather easy. But you also have to enjoy what you do. I see so many people (often lawyers, consultants, and other service professionals) who don’t like what they do but can’t give up the lifestyle. You need to be passionate regarding what you do. Not only will you do better at something you are passionate regarding, but you’ll feel better, too.
5. Your happiness. If you pay attention to numbers 1 through 4, happiness ought to follow.
