the one thing you should know about money
In an ethics class I took at Georgetown my professor ran an interesting poll. The question given to our class was something along the lines of, “What is your primary motivator?” We were given a list of choices, among them things like helping people, money, fame, status, power etc. Afterward we were asked the same question with the same choices, but this time the object of the question was our peers. For the first question, the vast majority of us answered a variety of options, choices like happiness, helping our family, helping people, or furthering causes we cared about. For the latter, there was one overwhelming clear winner, money.
I found this to be very fascinating, most students in the class considered making more money to be the motivator or goal for most of their peers. The ethics and psychology of this scenario were quite engaging but I was more so interested in why they considered making money a goal at all?
As a business student, I am looking to enter the corporate world, land a well-paying job and work my way up the ladder. It’s a simple framework, get the best salary possible, the highest title available, and work at the best firm there is. These objectives all revolve around the idea of money, the amount you make signifies a lot of things. It elevates your social status, gives you power, and it buys you the objects of your dreams. The overall goal is to make money.
A common trope heard in business schools everywhere is the investment banker who makes millions but despises their everyday life and has no time for anything but work. Everyone says that they don’t want to chase that lifestyle, but thousands of university students do it anyway. Why chase a lifestyle they know is undesirable? Because money calls and it is nigh impossible to not pick up. I myself have fallen victim to this phenomenon. Because a large part of status and success is predicated on the money you have and how much you will make. Thus, money becomes deeply intertwined in our lives. But what if this doesn’t have to be the case?
Money is a lot of things, a medium of exchange, a tool, a means to an end, but it is not a goal. Money is also an indicator of goals and objectives like having power or being happy. Goodhart’s Law tells us when an indicator becomes the target, it is no longer a good indicator. This realization has allowed me to be much more purposeful in my work and joyful throughout my life.
You can likely accomplish what you wanted in the first place without making millions. Happiness can be found at a job that pays half the salary as the jobs business students pursue. The opportunity to impact lives can be found at jobs that give one-tenth of the bonuses. These goals and objectives that we set for ourselves can most often be achieved without an immense salary. I have worked myself dry ever since I arrived at university, working jobs, fulfilling contracts, and running businesses just to make a little more money. I’ve missed out on so many opportunities to connect with my peers and classmates and to explore new experiences.
So, I’ve resolved to set more sustainable goals and to keep money as just an indicator of my success.
When people pursue money like it is the final objective, they will optimize their life for it regardless of most consequences. When they arrive, I believe that they will realize that what they had originally wanted was what they gave up along the way.
