Do We Work To Be Happy Or Rich?

Have we got our approach to work the wrong way round? I know I did.

When my parents and teachers asked me what degree I wanted to study at university, I had no idea.

The next question was ‘What are you good at?’ My Dad pushed me towards accountancy, because all the accountants he knew were wealthy. We compromised on Economics. I absolutely hated it.

At no point when trying to decide what I was going to spend the rest of my life doing in the working day did anyone ask me: ‘What do you enjoy?’

I was reminded of this recently when I saw the following tweet from American marketeer Prof Scott Galloway:

“If you’re going to ‘follow your passion,’ you’re likely to end up in an overcrowded field & have less ROI. Follow not your passion but your talent.”

I was struck by this tweet, the message of which is that you should go for a career that will make you the most money, irrespective of whether or not you will be happy in your work.

What Is Your Job Worth?

How much should we be paid? Let’s start by assuming that there is a minimum amount that everyone should be paid simply for their time. This is called a minimum wage, and, for adults over 23 in the UK, is currently £10.42 ph (equal to an annual salary of around £18,000).

Wage increases beyond this level are then influenced by a number of factors, based on the rules of supply and demand. This will include issues such as qualifications, risk, and unpleasantness.

If a job offers great meaning and purpose, more people will want to do it. Therefore, the pay goes down.

This is why nurses are so badly paid compared to investment bankers. It’s why nurses are so reluctant to strike (because they care so much about their jobs) and why investment bankers don’t need to (Check out David Graeber’s book Bullshit Jobs for more on this.)

Happy Or Rich, or Happy And Rich?

Now let’s look at the other side of the equation. Professor Galloway’s tweet is built on the assumption that we should all try and earn as much money as we can, sacrificing enjoyment and meaning along the way.

Research (and religion, and psychology) tells us that a person who sees money as an objective will be less happy than they would otherwise have been. I have worked with many wealthy people who have achieved their financial goals, only to realise that they haven’t stopped to consider what their wealth is actually for.

Absolute Advice

And this is why Professor Galloway’s assertion is, I believe, not only wrong, but dangerous. His tweet may well resonate for some people for whom it is entirely correct. It may also resonate for some people for whom it is entirely incorrect, yet they might still follow his ‘advice’.

As the saying goes, free advice is worth every penny you pay for it.

What people should do, in my view, is to seek advice from a financial adviser who will base their financial plan around what makes them happy, not just what makes them rich. It means an adviser who will advise the person, not just the money.

Financial Wellbeing For The Adviser

This is financial wellbeing in practice. It is about taking the time to understand the four cornerstones of the relationship between money and happiness:

• What brings everyone wellbeing
• What brings each individual wellbeing
• The barriers to wellbeing affecting everyone
• The barriers to wellbeing unique to each individual

By taking time to understand how these interplay for each client, advisers can ensure that they have their relationship between work and money the right way round. But there’s a bonus – advisers I know who have taken the time to understand financial wellbeing are far more happy and fulfilled in their own jobs.

Chris Budd’s new book, The Four Cornerstones Of Financial Wellbeing, is out now. If you’d like to learn more about financial wellbeing, join the Institute for Financial Wellbeing, and maybe take the Financial Wellbeing Certificate.